TAMPA, Fla. — We are continuing to cover the price of paradise and the state of insurance with the top insurance headlines for the week.
1. Private flood insurance vs. National Flood Insurance Program: What's the difference?
Neptune insurance has over 200,000 flood insurance policies across the nation, but most of them are here in Florida.
ABC Action News Anchor Nadeen Yanes spoke with Neptune's CEO Trevor Burgess about the difference between private flood insurance, which only about 12 companies in the nation writes, verses public flood insurance through FEMA's national flood insurance program.
The NFIP writes about 90% of the nation's flood insurance policies, but Burgess says private flood insurers could give you the option to shop around.
At Neptune, they use an I-technology to determine your individual home's risk versus a neighborhood flood map and says on average, you could save 10-20%
2. 'Condos not selling': Realtor concerned as Redfin reports Tampa condo HOA fees surge
For many homeowners seeing sky high property insurance rates already, it's hard to add even more coverage. In fact, insurance rates and record increases of HOA fees are quite literally pricing people out of paradise.
One Realtor right here in the Tampa Bay area sent an email saying that her condos aren't selling. ABC Action News Anchor Nadeen Yanes toured two condos with Realtor Barbara Schmal in Largo— one having been on the market for 218 days and the other on the market for 400 days.
Holding more than 20 open houses and private showings with no movements is a clear sign of a crisis in Florida's condo market.
A Redfin report out this week shows the Tampa market had the highest average jump in HOA fees year over year— up 17% with fees now averaging $684. In Miami, the average monthly HOA is nearly 900 dollars— a result of reform after the Surfside collapse coupled with high condo insurance.
There have been calls to hold a special session to roll back some of that reform to help ease the condo market in Florida. But, Senate President Kathleen Passidomo said in a memo this month that she wants to wait for next year's legislative session.
2. Citizens Insurance 14% rate hike request: When will decision be made?
Citizens submitted a 14% rate increase with the office of insurance regulation earlier this summer.
This would be the largest premium hike ever for Citizens. The insurance regulator usually approved or denies the rate hike request within 45 days, which is what many Citizens policyholders were hoping to hear this week.
But, there has still been no decision.
Our sister station, WPTV in West Palm Beach, spoke with experts about why we have no decision yet.
A South Tampa man turned to Susan Solves It after he said ADT told him he had to keep paying for a security system at his Hurricane Helene-damaged home, even though the system was so new that he never had a day of service.
