Insurance regulators held a hearing last week on Allstate’s request for an increase in property insurance between 31.2 percent and 35.7 percent statewide. At the same time, requesting an even higher rate for homes located in South Florida.

While that request was being considered, Citizens Insurance Corp was in the process of shedding 500,000 to 650,000 homeowner policies deemed by James Malone chairman of the Citizens board not to be polices of “last resort” or so risky that a private insurance company will not bond a policy or offer coverage.

At the same time, and over the last several months homeowners are having their homes audited by insurance inspectors to see whether their property is protected with state certified hurricane protection products. If they have the required certified protection an insurance policy is offered if not the homeowner is required to purchase a hurricane protection system prior to being offered coverage.

Taken independently these three events would not cause great concern among Florida homeowners. Putting them together however, homeowners should recognize that this issue is not going away, has the potential to further reduce the value of your home, and requires more then a band aid approach that the State has so far put forward.