Why Are Florida Property Insurance Rates So High?

Due to catastrophes, the Florida property insurance market is drastically different than anywhere else.

Rates for homeowners insurance are constantly changing and for the last couple decades, they’ve only gone up! So much that it is unaffordable for many Florida homeowners.

What’s even worse is that a large percentage of residents can’t even qualify for coverage with the big insurance companies because of their claims history.

As a result, the state created the Citizens Property Insurance Corporation in 2002 as a last resort for people who could not obtain insurance through a private company.

Citizens Insurance, as most people have come to know it has grown so large that the government has been trying to implement legislation that will force the insurance companies to underwrite differently so that it can ween off people from Citizens Insurance coverage and back onto privatized Florida property insurance.

A push back to this has come from the big Florida property insurance companies in the form of more rate increases. It’s created this vicious cycle that has the consumer caught in the middle, feeling hopeless and unsure what to do about rapidly rising premiums.

What Can You Do About Your Increasing Florida Property Insurance Premiums?

Thankfully there is a solution that has been spawned out of this situation in the form of regional, organically grown Florida property insurance companies.

A Florida property insurance company understands the market better than the larger nation wide insurance providers. That allows them to craft unique policies and coverage options that can keep premiums to a minimum.

With a local company, your premiums are not affected by what happens in the rest of the country either. For example, if you insure through a national company and they get hit hard by ice storms in the Midwest, you may have higher premiums on your home insurance, even if there were no hurricanes during the same year.

Where Can You Find Florida Property Insurance Companies?

They are a little bit more difficult to track down because they don’t have the multi million dollar marketing budgets that the nation wide ones do.

However, if you do some digging, particularly on the internet – you can find them.

But before you leave this page, let me tell you some good news. You have happened upon the website for the emerging leader among Florida property insurance companies – Olympus Insurance.

Why Should I Choose Olympus Insurance?

At Olympus Insurance, we offer Florida property insurance for all kinds of homeowners – it’s our specialty and because of that, we have some of the most competitive rates in the market.

We recognize that everyone’s home is a little different from the next, so our experienced agents take the time to examine the details of each home and create a policy that’s right for your particular wants and needs.

Similarly, our condo insurance addresses the unique needs of each condominium owner, offering the right amount of protection for items that are not covered by association master policies, including interior walls, flooring, cabinets, appliances, personal property and personal liability.

We also have policies written specifically for rental properties, that is, those who own homes in which they do not live. This kind of Florida property insurance – also known as landlord property insurance or dwelling fire insurance – can be designed to cover rental properties ranging from single units to multi-family dwellings.

In addition, Olympus Insurance provides “scheduled” Florida property insurance for valuable personal property that is not covered within the parameters of standard homeowners and condo insurance policies. Scheduled property insurance can protect expensive jewelry, furs, upscale furnishings, and anything else that requires a little more coverage. This way, clients can rest easy that even their most highly-valued items are safe from theft and damage.

Olympus Insurance is financially sound, carrying excess funds in surplus reserves to pay claims that may arise. That way you can have peace of mind knowing that we’ll keep the promises we make to you when you insure with us.

We have a statewide network of over 2000 licensed insurance professionals with years of experience. They will be able to help you craft the right policy for your situation. Plus you won’t have to deal with 800 numbers if you don’t want to.