STICKER SHOCK, Florida homeowners facing rising insurance costs

Property and Casualty Insurance License Exam Cram (Exam Cram) When Derek and Alexandra Donovan fled frigid Buffalo, N.Y., last year, they looked forward to what they thought would be a cheaper cost of living in [tag]Manatee County[/tag]. While the two master hairstylists were happy with the price of their $310,000 home in [tag]Barrington Ridge[/tag], they were stunned at the cost of their homeowners insurance. Not only were they forced to get coverage from [tag]Citizens Property Insurance Corp[/tag]., the state’s insurer of last resort, but their premium was 50 percent higher than what they had been paying State Farm in New York.

Insurance premiums are soaring, and many companies are canceling policies and refusing to write new business. It is a “triple whammy right now consisting of hurricane fears, rising insurance costs and [tag]high property taxes[/tag],” says Jack McCabe, head of McCabe Research and Consulting in Deerfield Beach. “There is a lot of anxiety and a lot of financial pain now in Florida,” McCabe said. “In insurance, we are seeing rates that have more than doubled for most [tag]Florida homeowners[/tag]. Imagine what happens if we get hit hard again this year.

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