"So for this test, the Sun Sentinel recruited four homeowners - two each in south and central Florida - and four agents. Each agent obtained quotes for two homeowners from insurance companies they are contracted to represent. The results: - Among 13 private-market insurers that provided quotes, only two - Edison and newcomer Ovation - offered to reduce premiums. Edison and Ovation both offered lower premiums to one of four participating homeowners while Ovation also offered a lower cost to another homeowner."
"Many of the quotes included $10,000 caps on water damage coverage and several capped roof coverage at the actual cash value, rather than replacement cost. These caps stem from insurers' experience with high volumes of roof and water claims and heavy litigation connected to them. - Some quotes ranged widely. A Cocoa Beach homeowner living blocks from the ocean, currently paying $5,451, drew five quotes ranging from $5,793 by Orion 180 to $19,921 from Edison."
A test used four homeowners—two in south Florida and two in central Florida—and four agents. Each agent obtained quotes for two homeowners from insurers they represent. Among 13 private-market insurers that provided quotes, only Edison and newcomer Ovation offered to reduce premiums, and only for some homeowners. Many quotes included $10,000 caps on water damage coverage and several capped roof coverage at actual cash value rather than replacement cost. Some individual quotes varied widely; one Cocoa Beach homeowner received five quotes ranging from $5,793 to $19,921. Experts expect insurers to begin cutting premiums soon in South Florida.
Read at Sun Sentinel
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