Why Homeowners Insurance Rates Are Up

Torie McCorkle joins us to discuss the latest on homeowners insurance.

I’m delighted to be joined by special guest Torie McCorkle from Iron Rock Insurance to give you an inside look at some of the changes we’ve been seeing lately in the homeowners insurance market. A lot of people are seeing increases in their premiums and rates, so I wanted Torie to shed some light on what’s happening.

Most insurance companies have had some kind of rate increase this year. A lot of this has to do with the roofing fraud that has been rampant in Florida. Legislation is being worked on in the Capitol right now to counteract it. In the meantime, homeowners are left with this rate increase.

Of course, we do know that home values in Florida have gone up significantly over the past few years, and we can expect some rate increases simply because the replacement cost of your home is more now. The best thing you can do is shop around; sometimes a company will offer you the same coverage at half the price due to their rate scale. You’ll never know until you go around getting different quotes from different companies. 

“Rising home values have increased the replacement costs of homes.” 

If you have any questions about shopping around for insurance or the different kinds of policies out there for you, give Torie a call at (813) 213-9600. She’d be glad to assist you and offer her expert opinion.

If you have any other questions related to real estate or the Tampa real estate market, don’t hesitate to reach out via phone or email today. We’d love to hear from you.