HOMEOWNER INSURANCE RATES DECLINING & PROPERTY TAX RELIEF COMING

Declining insurance rates coupled with anticipated property tax relief could provide a jumpstart to our sluggish real estate market in Palm Beach Gardens, Jupiter, Juno Beach, West Palm Beach and throughout Palm Beach County.

As the legislature works through proposals to reduce property tax bills, homeowner insurance companies are releasing information detailing lower costs for home insurance, as mandated by the State Legislature in January.

State Farm Insurance, the company with the largest number of policies in Palm Beach County, indicated it would reduce local rates from 8 percent to nearly 11 percent, somewhat less than the 24 percent expected after the legislative mandate. Citizens Property Insurance Corp. is proposing insurance reductions of up to 14.9 percent for condos and up to 15.5 percent for single family homes.  Other insurance companies have filed similar rate reductions.

Many of our clients were reluctant to purchase new homes due to property tax and insurance rates.  We believe these issues are being addressed by our state legislators.

The Weiss-Clawson Team continues to follow issues of importance to our local real estate market and will write about them regularly.  Please follow our blogs at this site and at our main website, www.palmbeachcountyhomes.com for the lastest updates on real estate in Palm Beach Gardens, West Palm Beach, Juno Beach, Jupiter and North Palm Beach.  We cover all of Palm Beach County.  We look forward to working with you.

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