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Articles Posted in Real Estate Law Miami

FLORIDA INSURANCE REFORM IN PROGRESS – DESANTIS SIGNS BILL 76

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The Personal Insurance Federation of Florida (PIFF) is among several happy Florida businesses that welcome this most recent step towards insurance reform by Governor DeSantis, as he received thanks after signing an allegedly beneficial bill that will muffle property insurance rate hikes, as well as curb the high costs of insurance litigation procedures.

According to business owners, Senate Bill 76 is a huge step for several reasons. One of them is  eliminating the “attorney-fee multiplier”, which allegedly increases the costs of settlement with homeowners and permitted insurance providers to lower repair costs based on several factors. For example, if your roof is damaged in a storm and it is old, the insurance adjuster will lower the value of your claim.

PROPIETARIOS DE FLORIDA ESPERAN TASAS DE SEGURO ALTAS

EN MIAMI, LOS ABOGADOS DE BIENES RAÍCES DE PERAZZO LAW FIRM COMPARTEN INFORMACIÓN VITAL PARA LOS PROPIETARIOS SOBRE EL AUMENTO DE LAS TASAS DE SEGURO Y QUÉ HACER DESPUÉS DE QUE SU CASA SUFRA DAÑOS QUE RESULTEN EN PÉRDIDAS FINANCIERAS.

FORT LAUDERDALE – El seguro para propietarios de viviendas es más alto en Florida que en cualquier otro estado del país y, a pesar de los esfuerzos de los proveedores de seguros para reducir el costo del seguro de propiedad en Florida, el aumento esperado en las tarifas de seguros tiene a los propietarios de viviendas en ascuas. Mientras tanto, las compañías de seguros de Florida están ocupadas buscando formas de reducir los litigios, limitar las reclamaciones y reducir el fraude. Lamentablemente, los propietarios de viviendas de Miami que han tenido las mismas primas de seguro durante casi una década no han podido lograr que su proveedor de seguros renueve sus pólizas a tarifas iguales, y muchos propietarios ahora pagan el doble por la misma cobertura. Es un hecho triste que muchos propietarios de viviendas de Florida estén sufriendo porque no pueden pagar las primas que solicitan los proveedores de seguros.

Miami-Insurance-Claim-Lawyer-300x201IN 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

lawyer-perazzo-1-300x297In Miami, the Perazzo Law Firm strives to be the best personal injury law firm for Miami-Dade and Broward County residents that have suffered bodily harm in an accident or experienced losses from the negligence of others. How, by guaranteeing that the Perazzo Law Firm’s personal injury staff applies all possible resources to achieve the best possible results for their client’s personal injury case and claims for compensation. In Miami and North Miami Beach, Jonathan Perazzo, personal injury attorney and founder at the Perazzo Law Firm, makes sure that the Perazzo Law Firm staff aims to meet every client’s individual legal needs by dedicating the necessary time and effort to achieve their client’s full satisfaction when handling their insurance claim for compensation after an accident. The Perazzo Law Firm serves personal injury clients in cities and suburbs such as:

Aventura – Bal Harbour – Biscayne Park – Coral Gables – Coral Terrace – Cutler Bay – Doral – Golden Gables – Hialeah- Homestead – Kendall – Key Biscayne – Little Havana – Little Haiti – Miami – Miami Beach – Miami Gardens – North Miami Beach -Palmetto Bay – Pinecrest – Broadview Park- Boulevard Gardens – Coral Springs – Coconut Creek – Cooper City – Dania Beach – Davie – Fort Lauderdale – Hillsboro Beach – Hollywood – Pembroke Pines – Pompano Beach – Tamarac – and every other city and suburb in South Florida

If you are a resident of any of these South Florida cities and suffered personal injury or losses from an accident or other form of negligence and wrongdoing, do not hesitate to contact the Perazzo Law Firm ONLINE now for a FREE initial consultation and ZERO OUT-OF-POCKET FEES to personal injury clients seeking compensation through an insurance claim.

real-estate-lawyer-in-miami-perazzo-law-300x222FLORIDA HOMEOWNERS SET TO FACE SOARING INSURANCE RATES

In Miami, the Real Estate Lawyers at the Perazzo Law Firm, share information on rising home owner insurance rates expected to hit home soon; expected to double by 2023.

Florida homeowners and property owners are expected to face an insurance crisis as rates are rising so high that many stand the chance of not being able to obtain an insurance policy with which to help cover losses from hurricanes, storms, fires, or any other event that results in damage to their property. Among the most common homeowner woes are leaky roofs, busted pipes, and electrical installations, all of which require the assistance of professionals to fix the problems. Sadly, these professionals are expensive and without homeowners insurance to help cover the bill, the problem may not get fixed as many homeowners will be unable to afford them. Claims for hefty repair bills usually end up in court years later, which involve lawyer fees as well as court fees. Insurance companies for their part, claim that they have lost billions in 2020 due to fraud on behalf of contractors and damage caused by adverse weather conditions. For example, the most recent destructive hurricanes to pass through South Florida resulted in tens of billions in payouts, which has prompted insurance providers to seek insurance rate increases ranging from 10%-35%, as well as restrictions on coverage in order to help offset their losses. These new measures will greatly impact the middle and upper-class property owners, but are expected to exclude those homeowners who have older properties and those in areas of high criminal activity. The insurance companies are also looking for State legislators to pass a vast number of bills to lower fraudulent contractors, detect adjustors that do not have a license, and lower property damage attorney fees.

Florida Property Insurers to Raise Rates

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A vast number of property insurance providers in Florida have submitted legal requests to allow a double-digit rate increase which could reach 47%. The predicted downgrading in the financial ratings of some companies has sparked concerns leading to this request. As the State legislature gets ready to end current sessions, lawmakers are scurrying to have the reforms litigation passed. Contingency risk multipliers, which boost lawyer fees, would be targeted through bill HB 7071, which passed the House but was stalled in the Senate. According to a report in the Insurance Journal, many insurance providers in Florida may experience reductions in their financial ratings because of the ongoing struggles by companies when dealing with claims protocols and court rulings that differ from all other jurisdictions nationwide. As Joseph Petrelli stated to the Florida Record, “I don’t see downgrades or the litigation necessarily taking companies under. But what I do see in the level of litigation and types of (court) decisions that we’ve seen in the last six or seven years in Florida is the difference between ultimately for the companies being profitable and being unprofitable. But I don’t think it’s going to tank companies.” With the current financial scenario bleak for companies and their profit margins over the coming years, downgrades may not jeopardize their overall results. According to Petrelli, property owners may see a decrease in insurance options, but doubts Florida insurers will fail, with mergers and consolidations likely. He also states that short term rate increases will be large and benefit Florida insurers by giving them an improved foothold on Florida’s complicated situation when dealing with claims. According to Petrelli, insurance providers are in good shape and will be able to pay claims brought on by property owners.

From an Attorneys POV

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AFFORDABLE HOUSING IN MIAMI FACING DIRE STRAIGHTS

With Miami-Dade County employee salaries averaging $50,000 a year, affordable housing seems to be weighing heavy on tenants struggling to make ends meet. According to recent studies, home values in Miami-Dade have rocketed by 66% compared to the 14% rise in worker wages over the ten-year period leading up to 2017. Though construction is evidently active in and around downtown Miami, modern price-tags target wealthy foreigners rather than members of the middle-class workforce. In fact, the 2019 State of the Nation’s Housing report by Harvard University states that low-rent housing availability (under $800 monthly) has fallen by 39% with a 2% drop in the number of low-income renters. The Harvard report goes on the say that 20% of new-single family houses constructed from 2007-2017 were valued at $200,000. According to this and other housing statistics publicly available, Miami renters allocate over 30% of their income to cover rent, which can average around $2,000 a month in modest neighborhoods such as North Miami. An executive director at Miami Homes For All stated in an interview that the crisis has spread and has affected the Miami-Dade middle and upper class and not just low-income families. With more than a third of monthly wages going towards rent, there is a shortage of available housing to those earning under $40,000 a year, which is just $10,000 less than the 80% of Miami-Dade county workers earn per year. In the meantime, though unemployment in the low-wage work sector has risen, the cost of real-estate and residential construction projects continue to rise. So where exactly should middle and lower income workers look to live within Miami-Dade county? And where should those looking to purchase a well-priced piece of real-estate shop? According to recent real estate reports for Miami-Dade county, cities such as Allapattah, Little Havana and Coconut Grove are expected to receive $7.5 million in funding to build affordable housing for the local Miami workforce earning between $30K-60K per year. According to statistics, the city facing the toughest affordable housing ordeals is Miami, which has the highest percentage of residents earning much less than the $50,000 yearly average salary. Housing reports state that there are some 85 housing units that fall under the Miami Beach scope, which include studio apartments priced at $740 per month in rental fees. According  to the a U.S. Census report, over 1 million residents, with an average income of some $60K, live in a separate sector of Miami-Dade. Unfortunately for middle and lower class households in Miami, rental fees for apartments and houses are expected to increase and not go down anytime soon.

real-estate-lawyer-in-miami-perazzo-law-firm-300x200The Perazzo Law Firm Serves Real Estate Transactions in Miami-Dade

 NEW MORTGAGE LOANS TO HIT REAL ESTATE MARKET SOON

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REAL ESTATE NEWS BY THE PERAZZO LAW FIRM

Aspiring homeowners and real-estate investors in Miami and throughout Florida, may soon have new options for purchasing real-estate through special mortgage loans called CHOICERenovation loans.  These loans aim to attract potential buyers that are interested in acquiring property that has suffered experienced significant damage from the nature’s wrath. Hurricane damaged homes for example, may have lost significant value and lay dormant in the real estate market for years. The loans may also appeal to individuals or real estate developers looking to renovate homes that are over 40 years old and in poor structural condition. Interestingly, and according to real estate statistics, one out of every five properties dates back to the mid-seventies. Though potential real estate buyers looking to relocate prefer homes that need little if not any remodeling or repair work, some are enticed by the lower costs of houses which may need plumbing, electric, or general repairs. The owners of houses that are old or run-down may also benefit from the new CHOICERenovation mortgage loans offered by Freddie Mac, which are expected to be available soon. But how do the new loans work and how do they benefit buyers? Firstly, the costs of any needed repairs will be included in the loan itself and any remodeling or repairs do not necessarily have to be done by a contractor. In other words, they can do the work themselves as long as they can prove they are qualified to carry-out home improvements jobs such as plumbing, electricity, roofing, etc.. This new proposal is expected to attract first-time buyers that have limited funds but willing to take advantage of property that is affordably priced. The loans may also appeal to those looking to remodel their current home in order to accommodate family members or renovate their old home so as to avoid moving and having to deal with the complexities of selling and buying real estate. In many cases, it can be less expensive and easier to remodel or renovate than to buy or sell, which will involve real-estate broker fees, property taxes, title insurance, and many other costs stemming from a real estate transaction. Nevertheless, when the opportunity of owning your home at affordable terms comes knocking, it might be wise to open the door.

real-estate-lawyer-in-miami-perazzo-law-firm-300x200THE PERAZZO LAW FIRM SERVES REAL ESTATE TRANSACTIONS

Do I Need a Real Estate Lawyer? – If you are planning to buy, sell, or transfer property, it is in your best interest to hire a Real Estate Attorney to oversee that Real Estate laws are best upheld and your best interests are protected. Perazzo Law and  its staff places their clients’ best interests at the forefront of all Real Estate Cases. We Serve Cities and Suburbs in Miami-Dade and Broward

You may need to consider one of our Real Estate Attorneys if any of these situations apply:

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