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Naples Florida Real Estate News - 09/21/07
Mortgage rates up or down due to the Federal Reserve rate cut? Is your property insured - ruling helps to define the difference between high winds damage and flooding? Does Citizens Property Insurance insure your condominium association’s buildings? Can encumbering a title be considered real estate fraud?
HOMEOWNERS INSURANCE - A unanimous Florida Supreme Court ruling clarifies the limits of property insurance: If a home is destroyed by high winds and flooding, a windstorm insurer must pay only for actual damages caused by winds, and not up to the full value of the policy; the percent of damages caused by flooding must be paid by the flood insurer or, if not insured, by the homeowner.
PROPERTY TAXES - About two dozen taxpayers spoke yesterday at the first of seven public hearings held by the state’s Taxation and Budget Reform Commission.
CITIZENS PROPERTY INSURANCE - Is your business in a high-risk area and does Citizens Property Insurance Corp. write your policy? Brace yourself. The company will seek a premium increase of more than 300 percent for about 35,000 commercial wind-only policies.This could affect condominium associations since condominiums are classified as commercial insurance rather than a homeowners insurance.
REAL ESTATE FRAUD - A real estate investor accused of encumbering more than 200 titles in Florida in order to keep the properties from selling is now banned from using such practices in the Sunshine State, Leon County Circuit Judge William L. Gary ruled Thursday.
MORTGAGE RATES - Rates on 30-year mortgages, after dropping to their lowest point in four months, edged up to 6.34 percent this week. The Federal Reserve rate cut of one-half percent (0.5%) has a greater affect on short term rates (credit cards, auto loans, home equity loans) rather than long term rates, such as mortgages.
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