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Debra Wellins

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A Shocker – Citizens Insurance Approves Rate Reduction

Debra Wellins Citizens Property Insurance Corp. Board of Governors approved an overall average reduction of 2.9 percent statewide for personal residential policyholders. Single family homeowners will see an average drop of 3.2 percent and personal and commercial rates will decrease by 1 percent. These recommendations, however, still must be approved by the Florida Office of Insurance Regulation before they take effect. But why wouldn't they approve it?  After all, Florida has not had a major storm in eight years, bolstering insurance profits as well as reducing reinsurance cost (insurance... Continue Reading >

The Latest on Flood Insurance – Simplified

Debra Wellins It's good news for flood insurance rates. The Senate passed the Flood Insurance Bill and President Obama plans to sign it. Before Biggert-Waters The annual flood insurance rate increase was capped at 10 percent The home improvement threshold was set at 50 percent of a home's value.  This refers to an increase in the flood insurance rate based on the percentage of renovation or remodeling of a home. Biggert-Waters Flood Insurance Reform Act of 2012 As a result of the Act, the cost of flood insurance immediately rose to its actuarial rate at the time of... Continue Reading >

Four Tax Deductions When you Buy a Home

Debra Wellins Homeownership has tax advantages. The down payment on the purchase of a house is not deductible. However, these four items are deductible on your annual U.S. income taxes. Mortgage loan interest Real estate taxes Closing fees that decrease the rate of the mortgage loan Mortgage insurance required on all FHA and VA loans, and on conforming or conventional mortgages higher than 80 percent loan-to-value ratio (LTV) Florida Realtors I am a luxury residential specialist in Pinecrest, Coral Gables and Coconut Grove.  If you would like to schedule a buyer or... Continue Reading >

Citizens Property Insurance Has Lions Share of Policies in Florida

Debra Wellins The latest report from the Florida Office of Insurance Regulation places Citizens Property Insurance as the number one carrier of residential homeowner insurance policies. In  report by Florida Realtors, as of December, 2012, Citizens  Property has 1,423,160, Universal Property & Casualty 578,825 and State Farm Florida 453,997. Continue Reading >