window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-6XLCW0LQTZ'); Skip to content

After the devastating hurricane Michael insurer reduces housing insurance rates, becoming a relief for homeowners.

The state of Florida, United States is an area that is frequently affected by several types of hurricanes, because of this there are insurers offering various plans, depending on the user’s need.

Hurricane Michael

Hurricane Michael is the most recent category five hurricane, which can record winds of at least two hundred and fifty kilometers per hour, in addition to triggering devastating swells, which can cause large floods that can resemble those of a tsunami, for that matter Hurricane Michael has been the third most intense hurricane in the United States, which according to state sources caused material damage valued at twenty-one point one billion dollars, affecting various areas of the United States in Florida, Georgia and North Carolina.

One of the areas of greatest impact was the northwest region of Florida known as the Panhandle. With the recent passage of Hurricane Michael, many State Farm customers benefited from considerable savings in housing policies, as the insurer will reduce rates on average by fourteen point four percent, something that does not happen frequently in This state, usually during these events, rates tend to rise, however this time State Farm Florida opted for this measure, because in the year two thousand nineteen there were not so many losses, which allowed them to benefit two hundred seventy thousand customers throughout the state.

“We have had few losses compared to other years, so the savings will benefit numerous customers, since we have additional funds,” said José Soto, public relations representative for State Farm Florida, and also explains that State Farm is a company mutual, whose owners are the insured; The reduction in operating expenses and losses of the insurer is reflected in benefits for them.

It also explains the birth of the insurer indicating “State Farm Florida was formed after Hurricane Andrew (in nineteen ninety-two) and has grown and is getting stronger” State Farm Florida is part of the national State Farm company that ranks number thirty-six on the Fortune Five Hundred list.

As of May 15, new State Farm customers will have a reduction in home insurance expenses, and this benefit will be effective, starting July 1 for former customers. This benefit is represented in a savings of ninety-five point nine million dollars that each client can see reflected in their account according to the characteristics of the contracted policy.

Customers will save four hundred dollars annually in their policy

Customers will save four hundred dollars annually in their policy, as stated by María Elena Cisneros, who has been an insurance agent for more than thirty years, however, this saving will only be reflected until they receive the annual balance of the payment part of the property, which is intended for the payment of taxes and insurance, this for people who have their home financed.

Dan Krause Senior Vice President of State Farm said: Stable trends of non-catastrophic loss, improved expenses, and losses, along with the financial strength of State Farm were important factors that support our decisions to make this rate change.

In the year of two thousand eighteen five thousand ninety homeowners, they submitted claims to State Farm for the damage of Hurricane Michael. The insurer maintains its clients for a lifetime, and now only insures the properties that were built according to the new building code of nineteen ninety-four.

State Farm Florida is sending communications to its customers informing them of the reduction in rates, in turn recommending that those who have questions, go to their insurance agent. In turn, they informed the general public about this rate change through a press release, where they suggest that their agents review with the new and existing customers the many opportunities for additional discounts that may apply to the unique circumstances of each individual.

A decrease in the rate combined with discounts offers exceptional long-term value for customers. which belongs to the Florida Office Of Insurance Regulation, people who have another insurance company can check if their policy rates have been reduced; In addition they can compare the prices of the different companies that also offer policies, corroborating the rates according to the county where they are located. Additionally for this search you can use the website called Choices: Homeowners Rate Comparison Tool.