Good News: Homeowners Insurance is Going Down!
Tampa home owners have you heard the latest news?
According to a recent report, our Governor Charlie Christ is providing more encouragement towards the insurance rate cuts that have been reported by the majority of insurance carriers. The governor made a public announcement towards this in a political get together in Tallahassee which proceeded from the South Florida political and business leaders on March 22, 2007.
Governor Crist basically guaranteed the fact that the rates were going to drop. Prior to his public event, Kevin McCarty, the Florida Insurance Commissioner had provided an estimation of a 24% decrease statewide in insurance rates. However, the majority of the insurance carriers petitioned for rates to go down in individual numbers. Primarily the requests came from more substantial size companies. According to the reports from the Orlando Sentinel, the insurance companies petitioned for different percentages on their rate reductions such as, The State Farm Florida Insurance Company 7%, Allstate Floridian Insurance Company 14%, Nationwide Insurance Company of Florida 4.6% and USAA 3.1 %.
The good news is that after the governor met with the Commissioner, Kevin McCarty, which in fact was after the insurance companies registered there desired request, the governor was not in agreement with their requests for rate modifications and was told by the insurance commissioner, Kevin McCarty that just because they filed for the rate modifications that the governor did not have to accept their requests for the relatively small decreases. The governor quoted “God I love you.” This is very encouraging for the Tampa Bay real estate market and we will definitely look forward to those changes.
Jenn Cook