Subject line: Citizens Insurance Cancellation?
If you have received the Citizens Insurance Cancellation letter, you are probably feeling a bit betrayed. After all, the premiums have gone up year after year, even when property values have gone down.
What are you to do? A client of mine, John W., came to me a few of weeks ago suggesting three different options. Now, his residence is just south of Longboat Key. He had it built in the year 2001 and it sits directly on the water. It is a beautiful house, with an incredible view of the Gulf of Mexico, and contains amazing artwork, personal collection items, etc... worth a lot of money. He thought of three options, he could: 1) bring his house up to the new Florida Building Code with hurricane-shutters, 2) bring the house up to the new Florida Building Code by replacing all of the exterior windows and doors, 3) or say “the heck with all of it”, carry no insurance, and have a big tax write-off if he loses it in a storm.
This is a difficult decision to have to make. For John to bring the structure up to code is expensive, but, does choosing option #3 make selling his home down the road nearly impossible? After all, who would want to purchase a home that isn’t insurable?
It’s maddening to be put in this position. There are so many questions and it’s difficult to know where to start looking for answers. Should you call an insurance specialist? Or your builder? Or a window company? Where do you start? I would start by talking to my neighbors and asking them what they are doing. Chances are that they have received the same notification from Citizens Insurance with its deadline. Then, I would start to gather the information regarding the different options. Each situation is different and every option needs to be considered.
Now, what I have done to assist you is put together a team of professionals to answer some of the questions that you have. We have an insurance expert, a licensed contractor with over 40 years experience in the Sarasota/Manatee county area, and my company, JMO Corp LLC, which specializes in windows and doors for the Florida custom home market and I have been here since 1990. Each member of the team has a superb reputation and can provide you with references.
I know that this situation is stressful. And all 3 of the solutions are expensive in their own way. Bringing the home up to code can be messy and an incredible amount of care has to be taken to protect the contents of the home. Many times, the value of the items in the home are worth more than the home itself. What I would like you to do is sign up for our series of emails that, over the next few weeks, will provide you with detailed information regarding your options. You will get no intrusive phone calls, no pressure, and I will not give anyone else your email address, plus you can opt out at any time. I simply want to give you a brief description of the Florida Building Code, a list of questions that we have gathered together for your consideration and some information for you to begin the process of selecting the direction for you to go, at your own pace and convenience.
I hope that this helps.
Regards,
Mike Worthley
JMO Corp LLC
Certified Window & Door Specialist
(941)228-2412
