search

The Real Deal Logo

Trending

H-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraud
South Florida

Water-damage insurance for homes over 40 scarcer

At least six Florida insurers exclude water damage from coverage of homes over 40.
At least six Florida insurers exclude water damage from coverage of homes over 40.

A property insurer based in Deerfield Beach joined others around Florida that exclude water damage from coverage of homes over 40 years old.

Deerfield Beach-based People’s Trust Insurance instead offers optional limited coverage up to $10,000 of water damage to homes over 40.

The insurer said the limitation on coverage was necessitated by steep rises in weather-unrelated claims and losses.

Sign Up for the undefined Newsletter

The change became effective on April 15 for new customers of People’s Trust Insurance and takes effect June 15 for customers renewing policies.

Attorneys told the Sun-Sentinel that insurance companies will leave policyholders without the wherewithal to fix costly water damage to their homes.

Attorneys who represent policyholders also told the newspaper that a breach of a major drainage pipe can result in tens of thousands of dollars of interior damage to a home.

People’s Trust is the newest member of a group of Florida insurers that exclude water damage from coverage of homes over 40. The others include Federated National, Heritage, Tower Hill, Southern Oak and United Property & Casualty. [Sun-Sentinel]  — Mike Seemuth

Tags
Property Insurance