As new insurance renewals reach homeowners in Florida, some are getting a surprise and it’s not the premium.
“I think everyone is missing what is really going on,” wrote Jeff of West Boynton in an email to WPTV.
He said his insurance renewal for his home bumped his out of pocket deductible from 2% to 3%.
It’s a change that can mean thousands for a homeowner.
“This is going to be a major issue if we do get hit by a storm,” Jeff said.
“Many carriers are offering higher deductibles in order to reduce premiums,” Robert Norberg of Arden Insurance in Lantana said.
“Savings of $500 or $1,000 do not equate to doubling or tripling the out of pocket when the claim happens.”
“Look at the tornado that came through here,” said Gregory Buck of National Risk Experts, referring to the storm that hit in Palm Beach Gardens last spring.
“There’s a lot of people that don’t understand that out of pocket until it hits them.”
Agents and experts say if you’re shopping for a new policy or facing a renewal to check the deductible and do the math.