Posted On: December 21, 2018

With hurricanes damage and other water issues aplenty during this recent stretch of months, more than 87,000 homeowners have been dropped in the third quarter alone. Homeowners now have been facing a dilemma in finding affordable property insurance in a region of the country that statistically has the nation’s most expensive property insurance market. Another obstacle is the occurrence of large national companies fleeing the area and only leaving smaller, state-based insurers as options. Homeowners could greatly benefit from utilizing the Palm Beach Post Insurance Explorer in order to inform themselves on their options going forward. This insurance explorer provides multiple financial-strength ratings and complaint information on a large number of property insurers that are available for purchase. This online guide has been proven as a great tool by homeowners and insurance agents alike as a starting point and an informative instrument in acquiring affordable property insurance in the most expensive state in the country for home insurance costs. Another tool that has been proven valuable is the home insurance affordability index from the Florida Chamber Foundation.  This index’s primary purpose is to compare average premiums with household income and numerically ranks the counties of Florida based on this ratio allowing consumers to identify where their home location is ranked in comparison to the rest of the state. Sumter County in the center of the state of Florida was ranked most affordable while Miami-Dade County was ranked least affordable. Homeowners are additionally financially struggling due to inflated costs attributable to lawsuits, contractors and public adjusters that consumers often admit to not fully understanding. While this problem is particularly highlighted due to the recent hurricanes, many other claims have been made such as plumbing leaks and roofing problems unrelated to the storm.  Stalemates have commonly been the result of these claims in the legal system, leaving the consumer in financial limbo and uninsured. All throughout the state, large well-known insurance agencies have been denying homeowners renewals of their policies and shedding total number of customers while the total population is not decreasing. This has created a trend of homeowners having to choose smaller, lesser-known companies with no sign of this trend discontinuing in the future. Without proper information and assistance, this task of finding the most personally beneficial and affordable insurance can be quite the daunting task for the consumer. Using tools such as the Palm Beach Post Insurance Explorer and the Home Insurance Affordability Index can greatly benefit homeowners in the completion of the task of finding the correct home insurance and remaining informed. Original Article - Palm Beach Post Insurance Explorer Home Insurance Affordability Index