The Real Way to Lower Florida Hurricane Insurance Premiums

Posted in Home Insurance , Hurricane Insurance

September 24th, 2009

In the midst of our recession, Florida residents are looking for as many ways as possible to lower their hurricane insurance premiums. Unfortunately, it doesn’t look like they’re going to getthe help they hoped to receive from the state’s insurance provider.

Citizens Out

Citizens Property Insurance – the cheapest provider in the area – has been in financial trouble for some time, making it difficult to dish out the cash needed to help rebuild properties that have been destroyed by previous storms. And even thoughthe statehas received help from the government in the form of a $5 million FEMA grant to help rebuild and prepare the area for future hurricanes which can help lower premiums,not everyone is going to benefit from it.

Funds are Dry

Why, you ask? Well, for one, not everyone is going to have access to the funds – there’s simply not enough money. And two, those who do qualify have to get their hurricane straps, stronger roofs, and window protection before another hurricane hits. If they’re not able to, then the grant will not have helped them at all.

Of course, if the appropriate adjustments to property can be made in time then residents can benefit from lower hurricane insurance premiums. In the meantime, Florida has been trying to create a number of legislative efforts to help hold down policy rates. But it seems that the real way to lower northwestFlorida’s hurricane insurance premiums – for the time being, at least – is going to be the luck of not having a hurricane hit the area at all.