Failure To Approve Lehigh fire Assessment May Lead To Increased Rent Rates
Lehigh Acres, in Southwest Florida, is currently discussing and preparing for a very important issue for the November 2014 election. The Lehigh Acres Fire Control and Rescue District has proposed a resolution for a flat fee to continue to provide current fire protection and emergency rescue services. According to the Lehigh Acres Fire Control and Rescue District website, the Fire Fee Assessment will come out to $292 a year for residential properties.
Will Rent Rates Rise In Lehigh Acres?
As a Property Manager, the Fire Fee Assessment vote will decide more than just the future of the fire department, but it will determine whether home insurance will rise or not, and as a result, rent rates. An ISO rating is a community’s measurement of its fire protection and can greatly impact home insurance. Through data and analysis, Lehigh Acres will be given a rating of 1-10 for risk and insurance purposes. Basically, the higher the rating is, the higher your insurance will be. It’s based on a “risk factor”, so the more at risk you are, the higher your homeowner’s property insurance may be.
Don’t Disrupt The Positive Trend In Lehigh Acres
A higher risk equals higher insurance premiums and, unfortunately, property managers will raise their rents to cover the higher costs. Lehigh Acres is rapidly growing and it is located in a desirable part of Southwest Florida with good schools and neighborhoods. People move to Lehigh Acres from other parts of Florida to take advantage of the quieter way of life. However, increased insurance will greatly impact affordability, the safety of the residents, and attraction to investors. Property managers will be forced to raise prices to cover the higher insurance costs.
Pay Now Or Pay Later
An increase in rent rates due to higher property insurance premiums price will affect the real estate market in Lehigh Acres and make housing less affordable. This can lead to higher vacancy rates and we all know what can happen to vacant houses – more vandalism and 911 calls. The quality of life may be in jeopardy if the Lehigh Acres Fire District Assessment is not passed by voters. A higher insurance rate will force property managers to reevaluate prices as well as their investment. Voters can choose to pay now or pay later.