WOKV Consumer Warrior Clark Howard says insurers are pulling out of Florida and California because the risks have become incalculable.“Florida and California will need to offer state-backed reinsurance so that insurers can issue actuarially sound policies.”, Clark said.
Clark suggests shopping for insurance through an independent agent and then get quotes for a high deductible, the highest your mortgage company will allow you take. “You’re eliminating for the insurer what they refer to as nuisance claims. So you become a less risky, less costly person for them to insure.”, Clark said.
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2 more property insurance companies scaling back in Florida just 2 weeks into hurricane seasonTwo weeks into hurricane season, and two property insurance companies in Florida are scaling back policy coverage, citing their vulnerability to natural disasters like hurricanes and flood.
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