Many property owners are unaware of some of the cheaper coverage opportunities that are available.
Citizens homeowners insurance policyholders in Florida may have additional savings options available to them of which they have been completely unaware, but that is starting to gain more media attention.
As raises in rates have been making headlines from this insurer of last resort, many have missed potential savings.
There are less expensive forms of coverage at Citizens homeowners insurance, which are available amid an environment in which the rates are rising at a staggering rate. According to the Miami Herald’s reports, only 47 people have signed up for these new and less expensive opportunities, so far.
That said, it is important to know what is covered by any homeowners insurance policy at any price.
The HO-8 homeowners insurance policy provides coverage for a number of different types of perils, including fire, explosion, vandalism, and hurricanes. This coverage, for instance, is an average of 23 percent cheaper than the standard protection premiums at Citizens that are currently being paid by its customers.
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That said, it is important to recognize that along with this homeowners insurance savings, there are some restrictions to its coverage which should be understood before it is assumed that this is the perfect deal. For example, this type of policy is available only to homes that are older than 50 years. Moreover, they cannot be worth any more than $200,000 in order to qualify for this type of coverage. There are also additional limitations which must be considered, such as caps on replacement cost and theft claims payments.
This type of less expensive homeowners insurance policy was the result of a mandate that was implemented in 2012 by the Florida Legislature. It stated that Citizens was required to offer this type of less expensive coverage that would apply to specific circumstances, even with its more limited and restrictive coverage when compared to the standard policy. These policies can offer tremendous savings, but should also be carefully compared with the alternatives to ensure that they will provide adequate compensation in the case of a loss.