Eleven years have passed since Florida suffered from the devastation of Hurricane Charley, the last really big hurricane to hit the state. This news might be a major relief, but according to an article in the Washington Post, this just means that the state is overdue. Nobody wants to see another big hurricane destroy property and threaten safety, but it probably isn't realistic to assume that it won't happen just because it hasn't happened for over a decade. And most long-time Floridians know that these storms tend to strike in waves.
In addition, the population and property value in the paths of potential storms has only increased since 2004. In fact, the state's population has grown by one million people since Wilma, a 2005 hurricane. This means that future storms have the potential to damage more property than previous ones.
Homeowners Insurance Florida: Preparing for the Big One
What this means for Florida homeowners is that it is vital for independent insurance agents to carefully shop for their clients' Florida homeowners insurance companies. In the break between storms, some insurers have returned to a risky practice of doing business with low surplus assets and reinsurance. Quality insurance companies prepare for storms even when the famous Florida sun shines.
These are some examples of quality Florida homeowners insurance companies to look for when quoting policies:
- High Financial Stability Ratings®
- A focus on surplus
- Enough reinsurance to handle not just one major storm, but multiple major storms in the same year
Most homeowners, renters, and landlords begin shopping for coverage by comparing premiums. Of course, one job of independent insurance agents is finding affordable premiums. However, saving a few dollars won't be a smart financial move if an insurance company doesn't have the stability and assets to keep their promises when the next big hurricane does hit the state.
