Sorry for your loss, that’s your Florida homeowner’s Insurance premium…and yes…it’s correct. Before you start throwing things, I should warn you that causing intentional damage to your own property isn’t covered by that ridiculously expensive homeowner’s policy. If you’re thinking about charging down to your insurance agency with picket signs and chaining yourself to a heavy object, I should probably tell you that this war has already been fought and you won…sort of.
That’s because back in 2002, in a rare display of humanity, the Florida Legislature passed a law that put the needs of homeowners ahead of the insurance company lobbyists…sort of.
See, back in 1992, after hurricane Andrew wreaked havoc in the Miami/Homestead area, the Florida Legislature leapt into action, and began working at a blistering pace (it took them 10 years) to enact laws that required stronger building codes, and to provide homeowners with mandatory wind mitigation insurance discounts for homes built with certain wind resistant features.
So why haven’t you heard about any of this before? Two reasons. First, the law requires insurance companies to notify you about these discounts in writing twice a year, but no one thought to mention that the notice should be big enough to read. You really should invest in a magnifying glass and read those notices. And second, for some odd reason the law includes a stipulation making it illegal for anyone to advertise the availability of these discounts. Go figure.
But this isn’t an advertisement, it’s an article…sort of. So I don’t mind sharing a few secrets I know about how to reclaim money from your insurance company.
SECRET #1: Florida Statute 627.711 requires your insurance company to discount your premium from 10% to 45%, when you submit this Uniform Mitigation Verification Inspection Form to your insurance agent. The amount of discount you will receive is determined by the number of wind resistant construction features present in your home.
SECRET #2: If your house was built after 2002…come get your money. Since March 1st, 2003, Florida Building Code (FBC) has required that all homes be built with most of these wind resistant features.
For more information, you may want to check out the 5 Things Everyone Should Know About Florida Wind Mitigation Inspections.