Renters in Florida could soon feel the same pains of the state’s property insurance crisis.  What renters need to know is that rising insurance costs could force your rent to rise too.

 

The impacts are far and wide for renters— from single-family homes to duplexes to apartment complexes.

 

“Property insurance cost is one of our biggest challenges right now,” said Alex Zweydoff, director of business development for Allegiant Management Group in Kissimmee. Zweydoff said it’s simple economics. If costs for landlords go up, then inevitably rent will have to, as well.

 

“We have one client who received a $9,000 insurance bill…and rent is about $2,300 to $2,400 a month,” Zweydoff said. “That alone, with a $6,000 tax bill, you’re looking at six months of rent. Put that into perspective, six months of rent is going to insurance and taxes and not including the mortgage, maintenance, or anything else along those lines when we put it into perspective for owners. They’re not out here making all of this money. They’re just here trying to support their families.”

 

Amanda White with Florida Apartment Association said apartment owners are seeing rising insurance rates statewide, some seeing premiums more than double. “Property insurance nationally for multifamily housing providers has actually gone up 26%, and numbers in Florida are much worse,” White said.

 

The cost share of the crisis shows few are immune to the impacts of Florida’s property insurance crisis. Zweydoff predicts it may take time for some landlords to pass the rising cost of insurance on to renters. But he cautioned that insurance is not the only rising cost on property owners, adding that property taxes, condo/homeowners’ association fees and other costs are also going up, and all of those costs influence the rate of rent.

 

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.

 

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

 

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