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
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