I was flabbergasted when I opened my renewal notice from our homeowner’s insurance company, and the premium increase was 25 percent.
My home is basically hurricane-proof with impact-resistant windows and doors, a new concrete tile roof and a reinforced heavy-duty steel garage door. It has been inspected in recent years and been certified as meeting or exceeding all hurricane-resistant standards. We do not live in a flood zone.
I called my insurance agent who researched to see if we could obtain the same coverage from another insurance company at a more reasonable rate. She could not find any other carrier in Florida that would be less expensive. She said that Tallahassee allows insurance companies to charge an “Agreed Excess Rate” above the “Filed Rate,” in our case 25 perecent more. Either we sign the form to agree to the Agreed Excess Rate or they cancel our homeowner’s insurance.
We have had no hurricanes in Miami for years. I know of no other catastrophic event in our community. We have never filed a claim. But, we have no alternative but to cave in to the demands of our homeowner’s insurance company. Classic hostage situation.
Paul C. Hunt,