Citizens offers extra coverage to meet code

Post Author: Joshua Hanoud Tropic Shores Realty Josh's Website: http://www.HernandoLuxuryHomes.com Post Date: July 12, 2006 Filed Under: General Real Estate, Insurance Issues, RE News | Have a Question or Comment?

TALLAHASSEE, Fla. — July 12, 2006 — People with older homes have the chance to buy a little extra insurance coverage for them.

 

Citizens Property Insurance Corp., the state-run insurer of last resort, recently sent out letters offering more ordinance and law coverage to its customers who have older homes not constructed to meet the current building code.

 

And if they buy the extra coverage by Saturday, it will kick in immediately.

Ordinance and law coverage pays for the cost of rebuilding a destroyed or damaged home to current building codes. Without it, insurance companies pay only the cost of rebuilding the home as it was, and homeowners have to pay the difference to bring the new structure up to code.

 

“It means people won’t be out of pocket to rebuild their homes up to code if the house was destroyed,” Citizens spokesman Rocky Scott said.

 

Right now Citizens customers can get ordinance and law coverage worth 25 percent of the value of their home, Scott said.

 

That means if a $100,000 home is destroyed, Citizens will pay $125,000 to replace it.

 

The company, like all other insurers in Florida, is required by law to offer ordinance and law coverage worth 50 percent of the value of the home, giving that same homeowner $150,000 to rebuild to current codes. Citizens customers are not required to buy the extra coverage. But if they wait after Saturday to buy, the coverage will be applied when their policy renews.

 

The extra coverage costs more, though the price will vary based on factors like the cost of rebuilding the house and the premium, Scott said.

 

Homeowners should contact their agents for more price information, he said.

***As always, the latest in Real Estate News as it pertains to Spring Hill Real Estate, Brooksville Real Estate, Weeki Wachee Real Estate, Hernando Beach North Real Estate, Hernando Beach South Real Estate, and Hudson Beach Real Estate. – Brought to you by Hernando Luxury Homes, Your Luxury Real Estate Leader in Hernando County, Florida and Pasco County, Florida.

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Post Author: Joshua Hanoud Tropic Shores Realty Josh's Website: http://www.HernandoLuxuryHomes.com Post Date: July 12, 2006 Filed Under: General Real Estate, Insurance Issues, RE News | Have a Question or Comment?

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Josh Hanoud is the #1 Top Producing Agent at Tropic Shores Realty in Spring Hill, FL and in the top 3% of all real estate agents in Hernando County, Florida (2007). He also happens to be the co-founder (along with Natalie) of the Hernando Luxury Homes website which aims to showcase the best properties that Hernando County and the surrounding Nature Coast has to offer. Whether buying, selling, relocating, or investing - Josh & Natalie are proud to offer a higher level of service. Contact them today at 352-397-5182 or Josh@HernandoLuxuryHomes.com to see what they can do for you.

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