It can be extremely difficult to navigate the often rocky terrain of Florida home insurance companies and policies, especially with the current state of the insurance industry in Florida. With so many factors to consider, most of which relating to weather and other elements which are entirely out of the homeowner's hands, finding the best deal while still ensuring you get all the coverage you need can seem like an insurmountable task.
The state of Florida is currently in a home insurance crisis; rates are skyrocketing, people are being dropped by their companies, the number of policies for sale in certain areas are dwindling, some entire companies are going under.
If you are one of the many Florida residents faced with the task of trying to find the best Florida home insurance companies, we are here to help! Let us do all the hard work for you. Simply enter your zip code above, and start comparing quotes from top Florida home insurance companies now!
Not sure what to look for when comparing Florida home insurance companies? Don't worry! All the information you need to make an informed and stress-free decision is right here.
Most Florida home insurance companies offer a similar standard package. Typically, this covers your home and belongings in the event of theft, vandalism, or damage caused during a disaster. Most policies also offer some type of liability insurance and coverage for additional living expenses for special circumstances. Most disasters, such as fire, smoke, wind, hail, explosion, etc. are covered. Damage caused by floods and damage caused by earthquakes are usually not covered, and require the purchase of two additional, separate policies. South FL home insurance may be more expensive due to additional policies needed.
First and foremost, standard homeowners insurance policies should cover the costs to rebuild the structure of your home. Most policies also cover detached structures as well, such as garages, sheds, etc. Equally important, the policy provides financial compensation for any personal belongings damaged or destroyed during an insured disaster, including but not limited to furniture, appliances, clothing, recreation equipment, etc.
In addition to reimbursement for your home or personal belongings, a standard home insurance policy should provide liability insurance. This serves two purposes; it provides no-fault medical coverage for injuries that occur in your home, and also protects you against lawsuits for property damage or injury caused by you or your family members. Some policies even include protection against damage done by your pets.
Finally, your policy should include coverage for any living expenses incurred while you are temporarily unable to live in your home, due to damage caused by an insured disaster. This type of coverage will reimburse you for hotel expenses, restaurant bills, and other costs that you incur while your home is being repaired.
When determining just how much coverage to buy, there are a few key strategies and ideas to keep in mind. The first is never to choose Florida home insurance companies based on price alone. Although you obviously want the best price possible, it is vital that you understand exactly what is covered by your policy and, perhaps even more importantly, what is not. Don't be afraid to ask questions! It is far better to ask ahead of time, then to find out you are not covered after the disaster occurs.
You should also look into the company's rating or reputation. It is a good idea to find out as much as you can about potential Florida home insurance companies before you purchase your policy.
One common mistake a lot of people make when purchasing homeowners insurance is to base the amount of coverage on the real estate value of their homes, and not the cost it would take to rebuild. Real estate and appraisal values tend to fluctuate depending on the current state of the market, and most often are not an accurate depiction of rebuild costs. The cost it would take to rebuild your home, if it were damaged or destroyed in a wind storm or fire for instance, is less likely to change dramatically over time.
Another great tip is to conduct a home inventory of all your personal possessions to accurately assess the cost of replacing your belongings. This way there will be no surprises when you are buying coverage or filing a claim.
Now that you know what to look for in your homeowners insurance policy, and how to determine the amount of coverage that is right for you and your family, the question you are probably asking is: How do I get the best bang for my buck?
The first piece of advice is to always gather quotes from a minimum of three or four different Florida home insurance companies. You should never take the first quote offered simply because it seems like a good price. Do your homework and compare several quotes, as well as the rating or reputation of the company. Our quote comparison tool can help with this process by providing you with quotes from several Florida home insurance companies at once. It is also a good idea to ask friends or neighbors for their advice.
Sometimes you can also save money by purchasing more than one type of policy from the same insurance company. For example, if you have car or other types of insurance through one company, be sure to ask them for a quote on homeowners insurance. Sometimes a great deal can be found this way, as some Florida home insurance companies offer select discounts for consumer loyalty.
One tried and true method of saving money on insurance is to raise your deductible. The higher your deductible, the lower your monthly premium will be. Changing your deductible to a figure that is as high as possible, while still being reasonably within your means, is probably the fastest and easiest way to lower your insurance costs.
