Two proposed bills in Florida could, if passed, adversely affect existing homeowners insurance policies and have serious consequences for homeowners requesting new home insurance quotes. The first bill, SB 408, would eliminate the requirement for sinkhole coverage in insurance policies, potentially causing homeowners to pay exorbitant fees to companies appointed by mortgage brokers to comply with mortgage brokers’ terms. Additionally, insurance companies’ current six month non-renewal notice would be slashed to 45 days. Another bill, SB 1714, will prohibit certain insurers from insuring homes with a replacement value of over $500,000, which would leave countless homeowners unable to get any home insurance quotes, let alone coverage, in the event that real estate prices rebound.
Be Prepared: Compare Home Insurance Quotes
Florida homeowners who are aware that this legislation is in the works should do everything they can to be prepared for changes to how their homes are insured. Instead of relying on policies that might not be renewed or offer enough coverage, they should be pro-active and compare home insurance quotes to see where they can get the best coverage. A reliable comparison site like AgentInsure can help homeowners compare home insurance quotes easily and efficiently so they can select the home insurance quote that works best for their situation. With AgentInsure, homeowners have the advantage of seeing the pros and cons of each home insurance quote at a glance, as well as the security that they can contact a qualified insurance agent to answer any questions they may have.
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