Florida home values have dropped — your insurance premiums should, too

Property values have dropped by a third since the pricing peak in summer 2006. So why haven't homeowner's insurance premiums free-fallen by a corresponding amount? They have. But you're going to have to give up delusions of grandeur about your home's real value. The fact is, many of us are overinsured. We haven't factored in home valuation. The insurance increases we got socked with in 2006 had manifold causes: hurricane damage, future storm risk, giant insurers leaving the market, home price escalation, frivolous sinkhole lawsuits. While we've still got a hurricane bull's-eye on our backsides, despite three years of relative calm in the Caribbean, there's plenty of give on home prices.

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