Recent computer modeling could have a significant impact on your homeowner insurance rates. Insurance Companies and re-insurance companies rely heavily on computer modeling to predict their probable maximum hurricane loss in a given area. A recent RMS computer model, which is widely used by most homeowner companies, reflects much higher hurricane loss figures for inland counties. Following is an excerpt from RMS website regarding their findings:
“The updated model reveals new information about how hurricane risk is spread across Florida, with decreases in the view of risk to some coastal areas and increases in the view of risk to Central Florida compared to the previous model version. According to the new data and research, wind risk in some coastal locations, such as Miami-Dade, is lower than had previously been understood. At the same time, advances in our understanding of how hurricanes decay over land show that the risk in Central Florida, in areas such as Orange County, is actually higher than previously understood. While the relative risk has changed, coastal locations are still much more subject to hurricane risk than inland locations.”
These results have impacted re-insurance companies pricing which drives up the cost for the insurance companies, who in turn then request rates increases from the State of Florida for Homeowner Insurance. Virtually all homeowner markets in Orlando have or will be requesting a rate increase. However, these increases to homeowners insurance vary widely from carrier to carrier.
Please contact Corkhill Insurance Agency to shop your Orlando homeowners insurance for the best price,
coverage, financial stability and overall value in the marketplace.