Changes in Florida Home Insurance Building Policies

Residents living in Hernando and Pasco County, Tampa Bay will no longer be able to enjoy sinkhole coverage included in their home insurance building policy beginning January 1.

It is therefore not surprising that home inspectors are receiving numerous requests from homeowners who wanted their homes tested for any signs of sinkhole activities. Of course, although this can be good news for home inspection providers, the residents are getting worried about not being protected.

Most were left with no choice but to be proactive and make sure that they can address possible problems as early as now while the sinkhole coverage is still in effect. Otherwise, they will have to suffer through costly repairs and renovations if they discover the problem too late.

According to one local inspector, the number of home inspection requested in the last couple of months has already reached 150 and more can be expected until the end of the year.

Homeowners in the state have been taking a beating from home insurance building carriers this year. Just a month ago, Nationwide Insurance has decided to drop 60,000 policies.

In addition, the insurance commission has granted Citizens Property Insurance’s request to increase premium rates by about 10 percent in 2010.

There is also the serious problem that involves hazardous Chinese drywalls. A lot of insurers are denying claims since this is not usually covered in a standard homeowner insurance policy.

Not surprisingly, homeowners are quite disappointed with the denied claims and are feeling resentful toward the insurers.

The many problems faced by the state home insurance building industry are just reflective of the tough economic situation in the country. Although the companies are the ones that are being scrutinized while trying to stay afloat, it is ultimately the homeowner who suffers through the many changes in regulations.

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