Homeowners in Ponte Vedra Beach, FL, and beyond are feeling the heat from skyrocketing home insurance rates. A range of factors, including natural disasters, fraud, regulatory changes, and a reduced number of providers, are contributing to this trend. Here, we identify five key challenges homeowners face while looking for home insurance and how Palm Valley Insurance Inc. can assist.
Increasing Costs
Florida home insurance rates are counted among the highest nationwide, significantly driven by storm damage, large claims, and a dwindling number of providers.
New Roof Laws
Florida’s new roof laws, which potentially limit a roof’s lifespan to 15 years, could lead insurers to mandate roof replacements for roofs older than 15 years prior to offering coverage.
Rising Waters
Evolving climate conditions and overdevelopment are raising water levels and expanding flood zones. Thus, a growing number of homeowners should consider flood insurance to stay protected.
Demands for Other Upgrades
Some insurers enforce upgrades to plumbing and electrical systems alongside roof replacements.
Rock and Hard Place
Florida homeowners are caught between the mandatory home insurance coverage required by lenders and inaccessible or unaffordable coverage options.
We understand these challenges at Palm Valley Insurance Inc. and are here to help. Contact us to discuss your concerns, explore possible options, and halt your home insurance crisis today.
