Anyone buying a house in Florida needs tips on how to get the best homeowners insurance coverage. Rising costs and the fact that some insurance companies no longer offer homeowners insurance in Florida must also be considered.
Homeowners insurance has become a necessity. Even if you are not buying a home and are just renting, you must still consider it. This is because most landlords now require renters insurance. However, whether or not home insurance is needed, it is wise to have protection against damage or theft. In this article, we’ll help you understand home insurance in Florida and how to get the best coverage.
Table of Contents
Understanding Home Insurance in Florida
Whether you’re a homeowner, landlord, or property manager in Florida, your first line of defense is having a complete understanding of homeowners insurance. You must understand the essential coverage that will serve as your safety net against unforeseen situations so your property and the valuables inside it will be protected.
First, you should know the cost of home insurance in the Sunshine State. This is a complicated topic since various factors influence the price, thanks to Florida’s unique climate and geography. Since Florida is susceptible to weather-related calamities, homeowners may face higher insurance premiums than other states.
As of 2023, the average cost of home insurance in Florida is around $4,000. This value depends on various elements. These include location, construction time, age of the property, property value, condition of the property, and the home’s security features. One way to lower this cost is by bundling other insurance, such as personal and auto insurance, with your home insurance.
Another way to save money on your home insurance is to shop around and compare various providers and their offerings. Conduct thorough research on the policies offered by different insurance agencies. This will help you understand the financial commitment needed and the value of the coverage you’re considering.
Tips for Buying Homeowners Insurance
The first mistake you can make when buying home insurance is to go for whatever insurance company your real estate recommends or has an affiliation with. If you do this, you won’t get the best price or coverage. Here are some tips to make sure you are getting the best homeowner’s insurance for your Florida property:
Shop Around
You should take advantage of the internet when buying just about anything. Go online and research about prospects. Make a list of insurance companies offering home insurance in Florida and compare their prices and the coverage they offer. Most of them will provide free quotes, so ask for one.
Check the Company’s Ratings
Aside from checking reviews and testimonials from past clients to assess the capabilities of an insurance company, you should also check the company’s rating. This rating is an independent assessment of the company’s financial standing. A good rating means that the company can meet its obligations to the policyholders in case of a widespread disaster.
Know Your Coverage
Homeowner insurance generally protects against common exposures like electrical fires, water damage, and roof leaks. However, maintenance issues like pest infestations and molds are not covered. Also, you may need special coverage if you have antiques, fine art, and wine collections at home. You must understand what your insurance policy covers and doesn’t so you can choose the best policy and additional coverage if needed.
Pick a Policy With a High Deductible
When choosing homeowner insurance in Florida, you must ensure you’ll be covered when a disaster wipes out your house. If you think you are saving money by getting a policy with a low deductible, you might regret that later. Experts recommend getting a policy with a high deductible – as high as you can afford. The main advantage of having insurance with a high deductible is that you will pay less premiums. Deductibles shield you against financial stress due to an accumulation of small losses or a catastrophic loss.
Add a Liability Protection
If you shop for home insurance, get at least $100,000 in liability coverage. That should be enough to cover claims for slip-and-fall accidents on your property. If your house has a swimming pool or areas that could be a lawsuit target, you should get above-minimum liability coverage.
Look for Additional Protections
Depending on where you’re buying homeowner insurance in Florida, get a policy covering weather disasters like floods, wildfires, and hurricanes. Check the property’s geographical location and get all the protections before disaster strikes. Of course, you should also protect your home by installing impact-resistant windows and doors. You should also fire-proof your landscaping and clear brush from around your property.
Get a “Loss of Use” Coverage
One of the standard coverages your policy must have is for loss of use. Homeowners should have at least 20 percent of their property coverage in loss of use or living expenses coverage. For example, if you must relocate or temporarily live elsewhere while your house is being repaired, your insurance should cover the living expenses.
Finding a Good Homeowners Insurer
Choosing an insurance company that offers the best homeowner insurance coverage in Florida requires due diligence. You must consider many factors and take your time to compare insurance policies before deciding which one to get. By following the tips above, you can go through all the steps in selecting a reliable insurer. You’ll be able to get a policy that offers coverage suitable for your unique needs and circumstances.
Of course, getting the best price is vital in getting any insurance. There are comparison shopping sites for homeowner insurance in Florida. On these websites, you can easily compare insurance prices and coverage with just a few clicks.
