Florida Real Estate Blog

Great article in the Orlando Sentinel on 9/3/07 addressing the upcoming insurance cancellation letters from to insurers. They detailed what steps you should take once you receive the notice. It is very important that you get on this right away. If your insurance expires your Lender that has your mortgage will purchase insurance to cover the home (at your expense) and it is always a very expensive policy. Do not delay, here are the steps to take.

• Contact your insurer to see if they have any companies that may take on some customers in this case one insure did while the other did not.
• Contact an independent insurance agent and provide him/her with the details of your policy. They will then shop it for you and possibly locate a company.
• Contact the State they want to know if the insurance company is following the rules when canceling home insurance. 800-342-2762.
• Contact Florida Market Assistance Plan 800-524-9023 or on line at www.fmap.org they will gather your information for insurers to contact you if they are interested in insuring your property.
• Contact Citizens Property Insurance this is the State backed insurer of last resort. You are eligible for coverage if your premium is 15% higher then Citizens for a comparable coverage.

This should all be started at the same time and you should have all your answers within a week. You may consider increasing your deductible to improve the way an insurer looks at your home. Good luck and remember. “Call Ruddy when your Ready”