e-Currents Update Village of Palmetto Bay
Council to Ask State to Protect Homeowners
Against Unfair Insurance Tactics
Suggests residents be wary of unwarranted increases in home valuations
 House of tools
PALMETTO BAY, Fla., March 13, 2009
It has recently come to the attention of the Village Council that a new tactic is being used by insurance companies to increase their premiums -- and their bottom lines -- by reevaluating and increasing the value of insureds' home replacement costs. Several individuals have had valuations that they believe are well in excess of actual rebuilding costs, in one instance an increase of almost 70 percent above an independent appraisal. This is during a year when home building costs have decreased. There is no easy way at this time for a homeowner to successfully challenge the insurance companies on such a matter.
The Village of Palmetto Bay passed a resolution March 2 asking the State of Florida to protect homeowners by finding methods to resolve this tactic and by putting in place controls regarding inflated appraisals being performed by insurance companies. Most homeowners have mortgages and have their insurance paid by the mortgage holder with the amount added to their monthly payment. During these difficult economic times when so many residents are struggling to meet current mortgage payments, the additional insurance cost may force them into foreclosure.
If you have been notified by your insurance company of a significant raise in your home's value -- which you believe is unwarranted -- we encourage you to contact the Florida Department of Financial Services, the agency charged with regulating the state's insurance industry (850-413-3100). For its part, the Village will carry this matter through our lobbyists to the State Legislators and the State Insurance Commissioner during the next several weeks.
Village Formally Announces New Village Hall Site
in Franjo-Triangle/Island District
New civic center complex to house offices, council chambers -- and more
V-Hall Rendering
PALMETTO BAY, Fla., March 13, 2009  
Village Manager Ron E. Williams has been given a green light to purchase a large commercial property for a new Village Hall located at 9705 E. Hibiscus St. -- at the gateway to Palmetto Bay's future downtown district. Mayor Eugene Flinn and the Village Council approved a resolution authorizing the Manager to acquire the site "for governmental use, and purpose, and associated Village needs" during a Special Council Meeting, March 11.
The current proposed purchase price of the 2.6 acre property in the Franjo-Triangle/Island District (FT&I) -- the former Neighbors Market location -- is $4.1 million and is based on the lowest of two appraisals. Interior spaces of the existing 24,000-square-foot structure will be demolished and redesigned to fit the Village's needs. This permanent, new civic center complex will provide local government offices, a modern council chamber, plentiful parking, and much more.
Members of the news media may contact the Village Public Information Office (see below) for more information and for interview requests. Additional artist's renderings are available in the Photo Gallery on the Village website.
About Village of Palmetto Bay
The Village of Palmetto Bay is a vibrant community of 25,000 residents nestled between Biscayne Bay and So. Dixie Highway, about 15 miles south of downtown Miami. Incorporated in 2002, the Village is governed by a five-member Council and operates under a Council-Manager form of government. Dubbed "The Village of Parks," PalmettoBay offers an extensive system of attractive parks, unique recreational opportunities, and bay access. It also is home to several excellent public schools, and a robust commercial corridor along Dixie Highway offering a diverse range of restaurants, markets, and lodging. Specifically, the Village borders the centerline of SW 136 St., south to the centerline of SW 184 St., expanding west to the centerline of South Dixie Highway (including the center island), and east to Biscayne Bay.
Village of Palmetto Bay
Public Information Officer
Village of Palmetto Bay
Palmetto Bay, FL 33157