Is self-insurance good idea for Florida homeowners?
Strategy can save money but downsides persist
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WPTV
and last updated 2021-05-28 14:28:12-04
WEST PALM BEACH, Fla. â Given the well-documented recent
rise in home insurance costs in Florida, residents are searching for a variety of options to save money on their bills.
One of the choices that some homeowners are considered is self-insuring their own home.
So, what does that mean?
Self-insuring your house basically means you do not have a policy with a standard company.
Steve Eppley of Boynton Beach received quite a shock this month from his homeowner’s insurance provider.
He was hit with a $1,000 hike in one year for a home he’s owned since 2006, and he has never filed a claim.
“I calculated it to be a 52 percent increase,” Eppley said. “It’s not fair. What they’re doing isn’t fair.”
What happened to Eppley isn’t uncommon.
Homeowners insurance companies across the state of Florida are giving bad news to their customers with rate hikes between 20 to 50 percent.
Tasha Carter, Florida’s Insurance Consumer Advocate, said as many as 90 companies operating in the state filed for rate hikes last year.