As of July 1 2007 if you have NO mortgage you don't have to have windstorm coverage (most, hours)
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My insurance company kept INSISTING that I could NOT drop my windstorm coverage though I have NO mortgage, I did not want to drop all my homeowner coverage but the most expensive part which is windstorm.
With my renewal due in a couple of weeks my premeium was to be $2400.00, by dropping windstorm coverage I was able to decrease by over $1700.00. So I'm still covered for things such as fire loss, etc I believe you can only drop at renewal time, not in the middle of your policy, took me hours and hours of research to find this info but wanted to pass along to others who may not be aware.
So if you have no mortgage you can sign a release form stating that you understand the possibilities of having NO windstorm coverage.
I believe the House bill numer that was passed was HB 7077, can't find my link right now. Hope this info is helpful. Click the link to read the newspaper article
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UpdateFlorida: Mortgage paid off? Law lets you save money on insurance by dropping windstorm coverage (http://tallahassee.com/legacy/special/blogs/2007/06/mortgage-paid-off-law-lets-you-save.html - broken link)
Last edited by kristinita; 12-09-2007 at 05:39 AM..
Reason: too lengthy
I apologize as I'm a new user and just trying to pass along helpful info. I thought it was allowed to post links from an online newspaper article but not sure how to post it as a link. Can someone help me to do that as this is a very informative article. Thank you.
Thanks for the information. I may have to drop my wind coverage also. At present with deductibles that go with wind coverage and my premium for that year I would have to pay out over 12,000 dollars before the insurance company would pay a dime for damage.
That is a large chunk of change to pay out when you have coverage.
O.K I got the figures wrong but it seems risky to me not to have the best coverage.
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