HOMEOWNERS IN FLORIDA TO EXPECT SKY-HIGH INSURANCE RATES

The Perazzo Law Firm April 29, 2021September 27, 2023

IN MIAMI, THE REAL ESTATE ATTORNEYS AT THE PERAZZO LAW FIRM SHARE VITAL INFORMATION FOR HOMEOWNERS REGARDING RISING INSURANCE RATES, AND WHAT TO DO AFTER YOUR FLORIDA HOME SUFFERS DAMAGES THAT RESULT IN FINANCIAL LOSSES.

FORT LAUDERDALE – Homeowner insurance is higher in Florida than in any other state in the country, and despite insurance providers’ efforts to curb the cost of property insurance, the expected surge in rates has Miami homeowners on tenterhooks. Meanwhile, Florida insurance carriers are busy looking for ways to reduce litigation, limit claims, and cut down on fraud. Sadly, Florida homeowners that have had the same insurance premiums for close to a decade, have been unable to get their insurance provider to renew their policies at equal rates, with many homeowners now paying twice as much for the same coverage. It’s a sad fact that many Florida homeowners are hurting because they cannot afford to pay the premiums insurance providers are requesting. The average homeowner insurance policy estimated at $1,173 per year in every US state but Florida, where the yearly average is $1,993, a fact that makes Florida the most expensive state for property owners looking to protect their homes against damages and losses. Some of the major homeowner insurance providers in Florida include:

Amica
USAA
Erie Insurance
Allstate
State Farm
Liberty Mutual
The Hartford
Farmers
Chubb Insurance
Nationwide

According to surveys and research carried out by the Perazzo Law Firm’s Real Estate lawyers in Miami, these are the top ten insurance providers for homeowners looking to purchase insurance for their property, with Security First (not mentioned above) offering the most inexpensive coverage to homeowners in Florida with premiums estimated at $520 per year.

Tips for saving money on homeowners insurance

In Miami, the Perazzo Law Firm’s staff of Real Estate Attorneys in Miami understand how difficult it is to find the right coverage for the right price. Thus, there are some general guidelines for choosing the best insurance provider and saving money. Firstly, homeowners looking to insure their property should shop around, looking for the insurance policy that fits their budget. Though it make take some time to find the right insurance provider that offers a premium you can afford, it will pay off in the end, especially if your property stays clear of damages. However, it is important to check the financial stability of the insurance provider chosen. You will want to make sure the insurance provider has a solid reputation and will be able to back your losses. Secondly, raising your deductible according to that area in which your property is located. Thirdly, if you own a car, using the same insurance provider for your home will save you some money, approximately 5% – 15% on your premium. Fourthly, fitting your house with safety measures such as smoke detectors, burglar alarms, surveillance cameras, storm resistant windows, and any other measures to lower damages from natural disasters are a good way save money on homeowners insurance premiums and prevent hassles with your insurance provider and their adjusters. Finally, keeping a good credit score helps to save money on homeowners insurance because insurance providers are relying more and more on credit scores when pricing homeowners insurance policies. To keep a good record score it’s important to check it regularly and promptly correct any errors that appear. Because if you can see it, so can insurance providers.

THE PERAZZO LAW FIRM SERVES REAL ESTATE LAW FOR BUYING, RENTING, AND SELLING PROPERTY

There are laws that regulate how individuals, business operators, or companies buy and sell land and what purpose this land will serve. Real Estate transactions will include issues matters such as: the deed, title, mortgages, taxes, agent fees, and more. Thus, unless you are familiar with Real Estate Law, it may be difficult to achieve a smooth transaction, especially with third parties such as: banks, lenders, agents, and others involved.

Our professional staff of attorneys represent our Real Estate clients by providing full-service legal representation that focuses on their best interests when having to deal with the complexities of carrying-out a real estate transaction in Miami or any of the Cities We Serve. Selling our buying an apartment, house, plot of land, business, or any property, will involve legal matters that must be addressed by a professional Real Estate attorney. Perazzo Law has vast experience handling all aspects of real estate law and strives so that our clients experience a smooth and fair real estate transaction.

THE PERAZZO LAW FIRM SHARES THE AREAS SURROUNDING PROPERTY AND REAL ESTATE TRANSACTIONS

When an individual buys, sells, or transfers property to another individual or party in Miami, there are sets guidelines and steps to deal with. These procedures will most often require experienced legal representation to make sure the transaction goes smoothly. The Real Estate Attorneys at the Perazzo Law Firm, help make sure that individuals planning to or are in the process of carrying out a real estate transaction receive fair transaction terms and that the contract to be signed does not jeopardize our Real Estate client’s best interests.

Buying Property

Individuals considering to buy an apartment, house, etc. in Miami or carry-out a real estate transaction in Florida that involves purchasing real-estate must not only choose the right place, but also the correct Real Estate attorney. Buying property is not as simple as buying a new bike at local retail outlet. Buying property is legally complex. The Perazzo Law Firm’s real estate lawyers help its Real Estate clients in Miami, make sure their transaction is fair and smooth, basically by negotiating the set terms in the contract that is to be signed by the parties involved. This can include the buyer, seller and real estate agents involved. Buying property will most likely involve a real estate agent and dealing with agents will involve fees. Perazzo Law makes sure our Real Estate clients that real estate agents act fairly when setting these fees.

Selling a Property

When a person, entity, or company wants to sell property, it is not only important to know how much it is worth, but also the legal aspects behind a successful transaction. Apart from finding a reliable real estate agent and waiting for the right time, anyone looking to sell should seek advice from a professional real estate attorney. In Miami, The Perazzo Law Firm serves to make sure you receive the money you expect for the property being sold. Most real estate agents will expect to receive anywhere from 4%-7%, which is divided among the listing and selling agents, who then give divide their part with the transaction broker. Costs to consider when selling an apartment, house, or any property in Miami:

Property Upgrades- They usually increase the value of the property if the property needs improvement or repairs.
Real Estate Agent Fees – They take a % for the services they provide. Usually between 4%-7% depending on the property value.
Inspection Fees – A property must be inspected to guarantee the property is in legal condition to be sold.
Closing & Escrow Costs – This consists of lawyer fees, mortgage discharge fees (if applicable). Possible requests for discounts by the buyer.

Selling an apartment, business or house can be a complicated and complex process without the legal support of a professional Real Estate Attorney. In Miami, Perazzo Law suggests the following prior to selling your property:

Get a profession appraisal from a trusted source.
Keep in mind that it is a business transaction and not a friendly give and take.
If possible, make repairs or improvements to up the value.
Seek the professional advice and counsel of a Real Estate Lawyer.
Contemplate hiring a Real Estate agent.
Shop around for the right agent, one that is serious and offers fair commissions

The Real Estate Title Services that the Perazzo Law Firm Provides:

Deposit and disburse escrow funds
Constant Progress Update
Response to lender’s requirements
Coordination of the signing of loan/closing documents
Prorate & adjust insurance, taxes, rents, etc.
Record the deed and loan documents
Preparation of final statement outlining funds received & to be disbursed
Report on the transaction, as required, by state and federal agencies
Short Sales

Many real estate and homeowners in Miami and across the State of Florida are likely underwater on their mortgage, meaning that they may owe more than their home is currently worth. If you or a loved one is struggling to make mortgage payments and struggling to get by, a short sale may be an option to consider.

Short Sales consist of selling a home in which the received amount is not enough to cover the mortgage amount and other conventional closing costs linked with commercializing real estate; the sales process is “short” and cannot cover the full extent of what is due. In the event the mortgage lender agrees to accept the short sale proceeds, it becomes favorable for the homeowner. Nevertheless, the borrower may be hit with taxes, or other consequences. At the Perazzo Law Firm, our short sale attorney will guide our client through the short sale process. Short sales may serve to assist all those involved in the transaction, as well as supplement the value of local property. Short sales lessen the loss by helping to better guarantee that our clients recover the funds owed to their lender. It also helps the lender in that the lender no longer has to pay for attorneys’ fees and costs to prosecute a foreclosure process. Finally, the lender will not need to hire an “REO company” to secure and maintain the property after likely taking back the title to the property in a foreclosure — all of these results are beneficial.

A short sale process can also be very complex. That is why we are here to help. At The Perazzo Law Firm, we will provide full support and representation for a successful real estate transaction. In most cases, the attorneys at Perazzo law will be able to negotiate the deal in such a way that there will be no further liability to you. Through our involvement in the legislative process and various organizations, including the Florida Workers Advocates, an organization whose purpose is to fight for the rights and benefits of injured workers in Miami and we promote fair treatment for all Floridians.

The Perazzo Law Firm preserves and facilitates the needs and promotes the success of attorneys’ real estate practices through years of experience, as well as innovative products and services that allow attorneys to conduct transactions electronically and efficiently.

If you have questions about your Real Estate, Title, or Short Sale options, please contact our Miami-Dade Law offices ONLINE or CALL (786) LAWS-411 for a FREE initial consultation.

THE PERAZZO LAW FIRM – DEDICATED TO PUTTING YOUR INTERESTS FIRST, ALWAYS!

Atendemos con orgullo a la Comunidad Hispana en todo las Ciudades de Miami-Dade y Broward.