Anna Maria Island Real Estate Sales Blog

It appears that Citizen's Insurance Co, the state-run insurer of last resort, is finding ways to raise rates without disturbing its 10 percent annual cap. Among their strategies is reinspecting properties that have qualified previously for wind mitigation discounts.

According to this story from the Florida Realtor website, about one-third of the homeowners who previously qualified for a discount get to keep them. And the average increase following reinspection is around 24 percent, or more than $700 annually.

They are also recalculating the cost of rebuilding a property in case of damage. That will likely increase premiums also, since they're figuring that construction costs are going up.

Here's the link.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=269209