Citizens
In the past three years, one of my clients Wind Insurance policies has almost tripled.
This is the result of the state allowing providers to cancel existing policies (right before hurricane season)mid term, and the need to put together a multi tier provider policy.
Looking back, they should have gone with Citizens. The annual increase is limited to 12% (going to 15% over the next three years). This would have saved millions over five years. If you have the option, perhaps consider Citizens. They have an annual ceiling on how much they can increase your premiums, and for now they are flush with cash. While the initial year rate may be higher, after one year it will most likely be lower AND you have forward control on your increases.
|