Lowering Homeowners Insurance for South Florida Real Estate

By Alexandra Tarallo

Let’s face it; living in paradise has its cost. South Florida real estate has become increasingly expensive to insure. Some property owners have had their premiums raised up to 300 percent.

Thankfully our government has not been blind to the insurance crisis.

Florida Governor Jeb Bush recently appointed a special committee which unanimously approved fifty recommendations, some designed to help lower insurance costs for property owners, and others designed to create an easier environment for insurance companies to operate within.

Recommendations for consumers include allowing them to buy fire, theft, and liability coverage but no hurricane insurance. This option is good for property owners who have paid off their mortgage and are willing to take a risk and save money on high premiums.

Higher deductibles are another option for consumer savings. More options include upgrading your home with impact windows and hurricane shutters, and having your roof inspected for any weak areas that may use improvement.

Many new South Florida homes and condos already have incorporated new engineering standards designed to withstand Category 5 winds.

Some of these developments include Sapphire Condos in Fort Lauderdale scheduled to be completed by the end of 2007, and Las Olas Riverhouse which will start Phase II very soon.