Homeowners insurance in Florida

High cost of homeowners insurance in Florida

Florida's homeowners annual premiums tend to be on the higher side compared to the rest of the nation. This is partly because of the catastrophe prone areas subjected to hurricanes, tornadoes, fires and floods. Of the top 10 most calamitous hurricanes to hit the US, 7 of them hit the state of Florida. The aftermath of the most recent hurricane Irma from 2017 is still being dealt with. So a wise homeowner needs to be sure they are not under insured and that the company they do use for insurances is reliable and will respond to a disaster quickly.

There are many things factored into the cost of your home owners premium including the value of your home and its location. You will want to shop around to try to find the best rate at a good company. Unfortunately because of the frequent natural disasters in Florida some insurance companies are not issuing policies in the state. In fact many of the national brands you are used to seeing in the top 10 lists for insurance may not be here because of that.

Do I need flood insurance

Flood insurance in Florida is a must have in most towns/counties in the state. It is however not included in a standard homeowners policy but needs to be purchased separately. Once you choose a company check to see if they offer flood insurance. If not you can purchase a policy through the US government sponsored program National Flood Insurance Program.

What's a hurricane deductible?

Florida is a state that requires homeowner policies to have a hurricane deductible which is in addition to your standard deductible. A hurricane deductible is a percentage of your homes value. These deductibles can be has high as 10%. What does this mean to you if you have a claim because of a hurricane? It means you are responsible for paying the cost of the deductible before the insurance company will cover the remainder of the damage.

How can I find a good property insurance company in Florida?

There are several review sites out there like nerdwallet.com and reviews.com which have some good information. They are however editorialized content where they pick the parameters of what makes a good home insurance company. The ratings and review site here is more of a crowd sourced platform, a Yelp of sorts for insurance companies. They have dynamic ratings of insurance companies in the state of Florida. By using a variety of sites you are sure to find the best insurance for your personal needs.