Governor Ron DeSantis’ proposed budget includes $430 million in tax cuts that aim to lower insurance premiums for homeowners, but the actual savings homeowners might see from the proposal are likely to be minimal.

 

The Governor’s plan would waive fees and taxes on property insurance premiums for one year and permanently waive those costs for flood insurance policies. However, Mark Friedlander with the Insurance Information Institute cautioned that the expected savings for homeowners would be minimal. For example, on a property insurance policy that is equal to the state average of $6,000 a year combined with the average $950 flood insurance policy, a homeowner could expect to save about $417 a year or about $35 a month. And for those with property insurance alone, the savings are closer to $240 a year on average, equating to $20 a month.

 

“So, not a big amount, especially if you’re looking at a $6,000 average,” said Friedlander.

 

Although over the past year, six new companies have been approved to write policies in the state and roughly 200,000 policyholders have left Citizens, the state-back insurer of last resort, and returned to the private market, nevertheless, consumers should still expect double digit rate hikes again next year.

 

That means even with the proposed savings, bills are likely to go up.

 

“So, we just want to paint a realistic picture for consumers that, yeah they’re gonna cut some money that you’re paying now, but most likely you’re still gonna see an increase overall because the premium averages are gonna go up again,” said Friedlander.

 

Consumer Law Office (CLO) – Resolving Property Damage Claims & Disputes!

If your property was damaged during a tropical storm, hurricane, or other severe weather event or if you have hail damage, roof damage, pipe burst, plumbing or water damage, mold, smoke-fire damage, lightning, theft, vandalism, or construction defects let the Property Damage Attorneys at CLO, help you receive the maximum property damage compensation you are entitled to under your insurance policy.

 

DO NOT LET THE INSURANCE COMPANY HAVE THE LAST WORD!

 

Contact CLO Today 305-940-0924 for a FREE Comprehensive Property Damage assessment and consultation.

 

We only get paid when you get paid by your insurance company.

Contact CLO Today! 305-940-0924

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