Florida’s insurance market faces numerous challenges, and WSFL-TV Trusted Advisor, Hamilton Jones, President of Hamilton Fox Insurance, joined Inside South Florida to tell us how to prepare.
“Florida is in a special session right now for property insurance reform. So, we are anxiously awaiting some meaningful reform on that front,” says Jones. “Just last week, one of the state's largest insurance companies, FedNat, just entered into a consent order. So, there will be about 67,000 policies that are going to be canceled in the next two months or so.”
Jones shared some tips that homeowners can use to lower their insurance costs.
“It all starts with a wind mitigation report. Nine out of 10 homes will save money with a wind mitigation report,” says Jones. “Next is to find an agent that's going to help you analyze that report. They’re going to tell you what credits you don't and do qualify for.”
For homeowners who are planning to change their home insurance carrier, Jones says that may not be a wise choice.
“I would tell you to be prepared to make improvements to your home. Whether it's pressure cleaning the roof, resealing the flat portion roof, or investing in a new water heater,” says Jones. “Without these improvements, the insurance companies may make you jump through a few hoops in order to qualify for policies.”
For more information, visit HamiltonFoxINS.com, email quotehamiltonfoxins.com, or call 855-427-8683
This Inside South Florida segment is paid for by Hamilton Fox Insurance.