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Believe it or Not, Insurances Rates Decline – a Little

In Insurance, Insurance Costs, Insurance News, Insurance Rates on May 16, 2014 at 1:32

Property insurance rates are on the decline after steadily increasing for Florida homeowners over the past eight years.  Even without the widespread devastation associated with a major storm or hurricane system hitting the state, rates have climbed.

Now, reports show a reduction, primarily tied to reduced rates for reinsurance.  The rate decrease, which is anywhere between 2.4 to 9.2 percent, is helping relieve Floridians homeowners who already pay twice the national average in property insurance premiums.

Although many claim that this decrease is not enough, it could be a beginning to some long awaited relief in the continuous escalation in rates.  Advocates believe the problem isn’t simply hurricanes but also sinkholes – and consumers themselves.  The ubiquity of fraud only hurts homeowners.

With Mother Nature’s help and a focus on reducing frivolous lawsuits, homeowner insurance rates can decline.

Read more here. 

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