London Foster Realty at Dadeland
Liz Kenneally | Realtor

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Miami, Florida, is celebrated for its lively atmosphere, stunning beaches, and upscale real estate. However, owning property in this dynamic city, and throughout the state of Florida, comes with its share of challenges, particularly regarding homeowner's insurance. 

Let's go into the specific issues homeowners are face in Miami regarding insurance and discuss practical strategies to tackle these challenges.

We’ll also explore the efforts made by Governor Ron DeSantis, Miami-Dade County commissioners, and the role of Citizens Property Insurance Corporation in addressing these concerns.

High Premiums and Deductibles

Miami’s susceptibility to hurricanes and tropical storms significantly increases property insurance costs. Homeowners often deal with hefty premiums and high deductibles, particularly for windstorm and flood coverage. These financial burdens can strain budgets, necessitating careful financial planning.

Limited Insurance Providers

The high-risk nature of Miami deters many insurance companies from offering coverage in the area. As a result, property owners have fewer options when selecting insurers. This lack of competition leads to higher prices and limited coverage choices, making it challenging to find policies that adequately meet their needs.

Stringent Underwriting Requirements

Insurers in Miami enforce strict underwriting standards to mitigate risks. Homeowners and  condo  community associations, and individual owners must adhere to rigorous building codes, install wind mitigation features, and undergo thorough inspections. Failure to meet these standards can result in higher premiums or even denial of coverage, complicating the process of obtaining insurance.

Flood Insurance Challenges

Miami’s vulnerability to flooding presents a significant challenge for property insurance. Standard policies often don’t cover flood damage, necessitating separate flood insurance. The increasing cost of flood insurance adds to the overall insurance expenses for property owners, requiring careful consideration in their insurance strategies.

Policy Cancellations and Non-Renewals

Periodic reassessments by insurers can lead to policy cancellations or non-renewals in high-risk areas like Miami. This leaves property owners scrambling for new insurance, often at higher costs and less favorable terms. Regular policy reviews and proactive measures can help mitigate these challenges.

Increased Insurance Premiums and HOA Fees

Rising insurance premiums also affect community associations, leading to higher Homeowners Association (HOA) fees for residents. These increased fees add to the financial burden on owners, highlighting the importance of staying informed about financial decisions within the association.

Coverage Gaps

Property insurance policies may leave gaps in coverage, particularly regarding responsibilities between individual owners and their associations. Disputes can arise over damages to common areas versus individual units, emphasizing the need for clear communication and documentation.Challenges in Commercial Insurance

Efforts by Governor DeSantis

Governor Ron DeSantis has been actively addressing property insurance challenges in Florida. He has proposed measures to stabilize the insurance market, including legislative reforms to reduce litigation and attract more insurers to the state. Additionally, DeSantis supports initiatives to strengthen building codes and promote disaster preparedness, aiming to lower insurance costs and mitigate risks.

Actions by Miami-Dade County Commissioners

Miami-Dade County commissioners are advocating for comprehensive reforms at both state and local levels to alleviate insurance burdens. They are pushing for legislation to increase transparency in insurance rate-setting and promote stronger building codes. Additionally, the county is working on initiatives to improve building resilience, ultimately aiming to lower insurance premiums by reducing risks.

The Role of Citizens Property Insurance Corporation

Citizens Property Insurance Corporation plays a crucial role in Florida’s insurance market, particularly in high-risk areas like Miami. As a state-run insurer of last resort, Citizens provides coverage to property owners who can’t find insurance in the private market due to high risks. Although intended as a temporary solution, Citizens remains an essential option for many property owners in Miami.

In summary,securing property insurance for homes and condos in Miami presents unique challen ges due to the city’s high-risk environment. By understanding these challenges and implementing proactive strategies, property owners can navigate the insurance landscape more effectively. Governor DeSantis, Miami-Dade County commissioners, and Citizens Property Insurance Corporation play vital roles in addressing these challenges and improving insurance accessibility and affordability for property owners in Miami.

About the Author: Liz Kenneally is a seasoned real estate agent in Miami with extensive experience in the city's dynamic market. She is also licensed in community association management. Liz specializes in coveted neighborhoods of Coral Gables, Dadeland, Continental Park, East Kendall, Palmetto Bay, Pinecrest, South Miami, and The Falls, Liz ensures smooth transactions for her diverse clientele. Fluent in both English and Spanish, she can be contacted at 786-423-3348 or through the EMAIL AGENT form provided alongside this blog.



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What my clients are saying  

Efficient, Effective, and Ethical! Working with Liz Kenneally was an absolute pleasure. Her efficient and effective approach to real estate made the entire process seamless and stress-free. From the moment we met Liz, we knew we were in good hands. She took the time to listen to our needs and preferences, ensuring that we found the perfect home in South Miami. Liz's commitment to ethical practices and transparency gave us peace of mind throughout the transaction. We highly recommend Liz to anyone looking for a trustworthy and reliable realtor in Miami.

 

~ Michael and Jennifer D.

I hired Liz Kenneally to lease out my apartment, and within just 1-2 weeks, she secured long-term tenants who have been a great to work with for the past three years. Her efficiency, professionalism, and warm demeanor made the entire process seamless. Liz understood my needs and executed flawlessly. I couldn't be happier with the outcome. I wholeheartedly recommend Liz!

 

~ Sofia I.

Finding office space for my company was made effortless thanks to Liz Kenneally's exceptional service. Referred to her by a trusted source, I quickly understood why she comes highly recommended. Liz guided us through every step with professionalism and expertise, ensuring we secured the perfect space to meet our needs. The office space exceeded my expectations, boasting a prime location, generous square footage, and excellent amenities. Liz's attention to detail facilitated a seamless transition into our new workspace. Her responsiveness and proactive communication made the leasing process a breeze. Working with Liz Kenneally was a pleasure, and I wholeheartedly recommend her to anyone in search of commercial real estate. Five stars all around!

 

~ Paul M.

Professionalism Personified! Liz Kenneally is the epitome of professionalism. Her attention to detail, proactive communication, and tireless work ethic set her apart from other realtors. Liz guided us through the process of buying our dream home in Coral Gables with ease and confidence. She was always one step ahead, anticipating our needs and addressing any issues promptly. Liz's commitment to excellence and integrity made us feel confident and reassured throughout the entire transaction. We cannot recommend Liz highly enough!

 

~ James and Amanda R.

Liz Kenneally proved to be an exceptional real estate agent. Her expertise in Dadeland area homes, our preferred locale, was truly impressive. Liz's dedication to understanding our needs, preferences, and budget constraints was evident throughout our interactions. She tirelessly worked to find us the perfect home, keeping us updated and promptly addressing all our questions. Liz made the entire process enjoyable, turning house hunting into an adventure. I enthusiastically endorse her to anyone in the market to buy or sell. Thank you, Liz, for your outstanding service!

 

~ Camila I.

5 Stars for Responsiveness, Negotiation skills, Professionalism and communication, Market expertise, Was on point at every turn, from offer to closing.

 

~ Jordi B

Liz went above and beyond to market our property effectively, attracting a flood of interested buyers. Her attention to detail and commitment to showcasing our home in the best possible light truly paid off. We couldn't believe it when offers started pouring in, and even more so when the final sale price exceeded our initial expectations! It was the highest sold price in the community! Liz was responsive, proactive, and always had our best interests at heart. Her negotiation skills were impeccable, ensuring that we got the best possible deal for our property.

 

~ Willy and Gloria P.

Liz was the listing agent for a Miami property I called on and made an appointment to see . That's how it all started.I wasn't working with any agent and I told Liz I didn't want to commit to anyone. She stated she understood, nevertheless, she was relentless in keeping in touch with me. Finally, in one of her phone calls, Liz asked me if she was working hard to get my business ? I said yes, of course. Then she stated, "Imagine, what I am capable of doing in finding and negotiating for you in a tough and competitive Miami market?". That clinched it !

 

~ Arile R.

I want to thank this wonderful Lady that stuck with me until I found just the right place. I am very satisfied and you will always have a friend here. Thank you for everything Liz, you're the best.

 

~ Manny

We trusted her strategy and ended up buying the property that we were initially turned down on. You can say Liz turned that No into a Yes for less money! She is relentless. Thank you, Liz, you are a hard worker, trustworthy, on top of your game and simply a pleasure to team up with you

 

~ Alex Y.

As a business man, one of the things that impressed me about Liz is is her negotiation skills, patience and cool under pressure. She looks for a win-win even though at times we were just being one sided. Liz reminded us it's a sellers' market with properties selling quickly at or little above asking price in the area we wanted to buy.Whatever we weren't familiar with, Liz simplified it so we felt comfortable and understood the transaction.

 

~ Vincent S.

"...One of her best qualities is her ability to stand back, listen to your needs, present you all the alternatives and let you make the original decisions. She is not assertive with her opinion but when she says you better listen because it will be in your own best interest..."

 

~ Ioannis L.

I had a great experience with Liz in the sale and purchase of my new home. She was always available to answer questions with great confidence and knowledge. I consider her a personal friend since we met, through the process of buying this home. Highly recommend her to anyone looking to sell or buy.

 

~ Maria D

Ms Liz Keneally was a angel sent. I was going through personal hardship. And having a hard time not only selling The property but with the result of impending foreclosure. Which at the time was a very difficult time in my life. And she came along. And got a contract within a week. And I have nothing but gratitude towards her and her team. That treated me and my children like family.

 

~ Xenia L.

Liz has been a wonderful real estate agent for us. She is an excellent communicator, and communicates in a very timely manner. Liz provided easy to understand comparisons when we had multiple offers for the property that we were selling. Liz makes sure that all the details are taken care of, and most importantly perseveres in resolving the many issues that arise in a real estate transaction. We have been extremely happy with the work that Liz has done for us. We would highly recommend her for anyone who is seeking to sell or buy property.

 

~ Gary N

As a first time home buyer, I was nervous and worried about being taken advantage of. Liz calmed my nerves and guided me through the process. She was easy to communicate with and took the time to educate me.There were times, we had to negotiate and Liz always made sure to keep the deal alive, while protecting my interests. I have only wonderful things to say about her and would work with her again.

 

~ Sarah S.

Liz was professional from the exploratory stages of home buying to its completion. As a first-time buyer, I was looking into foreclosures. I did not expect the unexpected to say the least. From negotiations to paperwork, I am truly grateful for Liz's knowledge and skills. She guided me through the process and stood by my side when delays arose and frustrations even larger. Her calmness and verbal prowess ultimately helped me secure my very first home! Thank you, Liz!

 

~ Hennifer M

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