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Clearwater Florida Home Insurance | What’s the solution?

We have a lot of debate here in Clearwater, Florida regarding the cost and availability of property insurance for our waterfront homes and condos.

This is a conversation that is  taking place all over Clearwater / St Petersburg / Tampa Bay Florida…

Skyrocketing cost of Clearwater Waterfront Home Insurance

Those of us that are Clearwater home owners and waterfront condo owners have seen the amount we pay for taxes and insurance skyrocket. I remember my surprise a few years ago when I realized the amount we paid for our home’s property taxes and insurance was now larger than our home mortgage principal and interest payment each month.

A few years back, voters in Florida passed Save our Homes – a measure that caps our home’s property taxes for your primary residence – the goal was to prevent long time residents and those retired on fixed income to be forced out of their homes due to rising property taxes. Well ironically – who would have guessed that it would be the property insurance on our Clearwater homes that would cause many to have to do that.

Like many local real estate agents, we’ve received those distressing calls from a friend or neighbor on a fixed income asking us about the real estate market and about coming to sell their home because they are in the hole each month with no way to keep up.

We all keep searching for answers – The National Hurricane Conference which met earlier this year in New Orleans.  When they met they discussed this issue at length. One of the concerns voiced by one of the chief economists, Robert Hartwig, was the growing exposure insurance companies have in Florida (reaching $7 Trillion)- just look at all the new construction on our beaches, especially places like Clearwater Beach.

Did you know that insurance companies lost $10 Billion because of Hurricane Andrew in 1992 and lost another $10 Billion in Florida in 2004 and $4 Billion in 2005.

When Jack & I were newly married we lost everything in a fire in our home so we truly appreciate the value of insurance – but I also appreciate the value of the company being there to quickly and fairly settle your claim.

I hope we see some innovative solutions to our current system because I’m concerned about the effect the status quo will have on all of us – especially on our real estate market.

What do you think we should do about property insurance for our homes in our coastal communities like Clearwater, FL?

Maybe this would be a great question for our Home Insurance expert, Kim Marshall.

Clearwater Beach Real Estate

Are you looking to buy a Clearwater Florida Home or Clearwater Condo? Here’s what some of our past clients have to say about how we helped them….

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Buyers tell us that selecting a Clearwater Beach Real Estate Agent,especially online or from a distance, can be a challenge. Some of our past clients agreed to share their experiences and tell you why they think you should work with us.

Click on the photos below and meet some of our clients and now friends…we’d love to be YOUR choice too!

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5 Comments

  1. Cyndee, do you think there is a solution? I wish there were, but it seems strange that even with all these losses, insurance companies have made huge profits! Every business should be able to make a reasonable profit, but I have heard plenty of stories of them denying claims when people thought they were covered.

  2. Cyndee – you know this is something we don’t think about. Not being able to afford your home due to rising insurance costs. What a terrible thing to have happen. I don’t know what the solution is but I’m sure Florida is struggling with insurance problems more that alot of other areas. – Ashley

  3. There are still opportunities to find affordable, private Florida homeowners insurance policies.

    I’m still lost as to why people won’t put their homeowners insurance out to bid.

    New agents just starting to sell Florida home insurance have a 100% success rate in saving anyone who approaches them thousands of dollars and keeping them out of Citizens.

    I just found a new website called the Home Insurance Buyers Guide located at:

    http://www.homeinsurancebuyers.org/

    This website makes very clear the point of why you still need private insurance:

    http://www.homeinsurancebuyers.org/FindingPrivateInsurance

    and the huge amount of money you can save.

    The Buyers Guide tells you exactly who is still writing new Florida homeowners insurance in your county. And what I liked about it was that the site gives each company in the Buyers Guide at rating on a scale of 1-10 to help you decide which company to pick:

    http://www.homeinsurancebuyers.org/FAQs#18

    Using the Buyers Guide, I found two companies in my county that I did not know where still writing new Florida homeowners insurance business in my county.

    Bottom line is that I found a good carrier and saved thousands of dollars.

    When you get dropped our shuffled around by your carrier, take some action and shop your policy. It still can be done.

    Good luck!

  4. homeinsurancebuyers.org is just another slick website designed to sell some kind of guide with insurance company contacts. This information is free if one looks hard enough. Information should always be free.

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