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Home values down; insurance costs up?

Home values down; insurance costs up?

Home values down; insurance costs up?
News from MyFox Tampa Bay:

Updated: Friday, 30 Dec 2011, 6:38 PM EST
Published : Friday, 30 Dec 2011, 6:38 PM EST

TAMPA – If you own a home, chances are your property value went down this year. But for thousands of homeowners who have Citizens Insurance, their premiums are still going up.

That’s because the state-run insurance company says the replacement cost is going up — in some cases, even higher than their appraisals. How can that be?

“There seems to be a big disconnect in a lot of cases,” observed Jeff Cavicchi, an independent insurance agent with Great Florida Insurance in Land O’ Lakes.

He says it’s almost a daily conversation when he writes a policy for Citizens ever since the company started using a new replacement cost formula called 360Value. Cavicchi says in many cases, numbers don’t seem to add up.

“A guy had an appraisal for $ 242,000 and at one time we could use the appraisal with Citizens. We sent it in, and Citizens wants to insure the house for $ …………… continues on MyFox Tampa Bay

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