We are one of the only agencies in the state to give you a live online home insurance quote from multiple carriers. We deal with multiple Homeowners insurance companies to help you save time and money in getting your policy started.
Your home is where you live, where you are in charge, and where you will find most of the material (and also intangible) things that are precious to you. Most likely, your home is also your most valuable fixed asset. If something were to happen to your home, it would affect you on many different levels, not just financially, but also in terms of emotional safety and security and impact on your lifestyle.
Homeowners Insurance Is the Key to Peace of Mind
Some things in life we have no control over. We can’t control the weather for example. But some things we can control.
Enough Insurance = Peace of Mind
Having adequate insurance can buy you peace of mind in the event of a disaster.
Make Time To Take Your Time
The decision to purchase homeowners insurance is an important one and taking the time to do your research can save you not only money and time but also mountains of stress if the worst should happen.
Be Wise Study the Smart Guide to Homeowners Insurance in Florida
We’ve put together the smart guide to Florida Homeowners Insurance. It will answer all your questions, provide in-depth information and help you think through all of your options.
Questions and Answers
How does Florida rank with regards to cost for homeowners insurance?
Insurance in Florida is 90% higher than the national average.
Why is Florida the most expensive state in terms of homeowners insurance?
That is because Florida, more than any other state, gets battered by natural disasters including hurricanes and tropical storms all of which can cause severe damage to your home.
What is the cheapest homeowners insurance in Florida?
Insurance companies hear this question all the time. The cost of insurance depends on many factors including:
Value of your home and possessions
Location of your home
Additional insurance such as flood insurance and structural insurance
Improvements done to safeguard your home
Size of your deductible
Take a look at the infographic below to get a sense of all the different factors that affect the cost of homeowners insurance.
What is the State of Homeownership in Florida?
Homeownership continues to drop in Florida as the state works to recover from the foreclosure rates that decimated the housing market over a decade ago. Homeownership rates were at 73.2% in the first quarter of 2005 but now stands at 63.6% for the second quarter of 2017. However, many Floridians believe that it is a great time to purchase a new home due to low home prices, favorable mortgage rates, and a great selection of homes to choose from. For these reasons, many first-time purchasers are taking the plunge, and others are looking to upgrade their living environment, making it an excellent time to understand homeowners insurance.
What Types of Coverage Is Available for Homeowners Insurance in Florida?
Most mortgage lenders require a basic amount of homeowners insurance to protect their investment in your property. While this may be a good choice for some home buyers, for others the coverage is not enough to protect their home and belongings, or inflation-proof their replacement values. Fortunately you have choices, and there are three essential levels of coverage that include:
Actual Cash Value Insurance covers the value of the house and personal belongings after deducting depreciation (loss of value over time). A homeowner is paid only the depreciated value of the items rather than the original purchase price.
Replacement Cost Insurance pays the actual cash value of the home or items without adjustments for depreciation. With this policy, the insurance company will pay to repair or rebuild the home up to the original value.
Guaranteed or Extended Replacement Cost/Value Insurance is the most comprehensive coverage available, and serves as an inflation-buffer. Under this type of policy, the insurance company pays to repair or rebuild the home, even if it is more than your policy limits, usually limited at 20 to 25% above the limits.
At a minimum, most mortgage companies require a policy that covers the amount of the mortgage, but this is less than the value of the home. In the event of a disaster, the insurance will not pay the full cost of repair or replacement of your home and property. Therefore, you should consider these coverage types and select the ones that best fits your budget as well as the level of risk you are comfortable taking.
What Are the Key Elements of the Standard Homeowners Insurance Policy?
Typically, Florida homeowners insurance policies helps pay to repair or rebuild a home, and replace personal property due to loss. Most policies cover personal property loss from theft and structural damage from fire, water discharge, fallen trees, and storm damage. A standard policy will include the following sections:
Coverage for the structure of the home, including the walls, roof, floors, or other aspects of the residence. If the damage is due to fire, hurricanes, wind, lightning, vandalism and other covered events, the insurance company will pay for the repair or rebuild of the home.
Coverage for the contents of the home, including clothes, appliances, furniture, computers, televisions, etc., and is usually calculated as a percentage of the amount of insurance you have on the structure of your home.
Loss-of-use coverage for the additional living expenses you incur if your home is uninhabitable after a covered loss. There are often strict daily and total limits to what the insurance company will pay.
Personal liability, which will pay claims and medical bills if someone is injured or their property damaged by you or someone in your household. This coverage includes injury or damage that occurs both on and off of your property, such as your dog biting the neighbor while walking on the sidewalk or your child hitting a baseball through someone’s window while visiting a friend.
List of perils covered under your policy, including flood, hurricane/wind insurance, theft, and other specific items.
List of perils not included under your policy, which identifies which potential problems will not be covered by your policy, including specific types of flooding or wind damage.
Deductibles you will be responsible for in the event of a valid insurance claim.
How much you pay for this coverage will depend on several factors, including the amount of your deductible, the cost and location of your home, whether you are renting or owning, and additional coverages you may want to carry.
What Kind of Coverage Is Available Through Riders or Floater Policies?
Although standard homeowners insurance covers many risks, it may not include issues that are common in your area, or cover items to the degree you want. In these instances, riders or floater policies can be added to your base insurance plan. In Florida, these often include:
Although standard insurance policies do address water damage, it can include specific types of causes including flooding, which can result in thousands of dollars of out of pocket expenses for homeowners. For this reason, purchasing additional flood insurance is highly recommended for most Floridians and can save you thousands of dollars in out of pocket spending in the event of a disaster. Policy costs will depend on where you live.
If you have structures on your property in addition to your home, they will not be included in the homeowners policy unless you purchase a rider. These structures can include detached garages, sheds, piers, boat ramps, and more, and you may want to insure them from wind, flood, and other damage.
Most homeowners insurance pay for loss of property as a percentage of the cost of the home. However, if you have expensive jewelry, art or collectables, you may wish to include a floater policy to specifically protect your investment in these items.
There are many types of riders available that may fit your unique needs. Be sure to identify any atypical risks you may face, and request an estimate for coverage.
What Are Some Insurance Rates and Deductibles?
Every state has its own natural risks, which are insured separately and most Floridians have two deductibles, one for the standard homeowners policy and one for hurricane/flooding. The level of your deductibles will depend on your choices when purchasing your coverage. Homeowners with higher deductibles typically have lower homeowners insurance costs, which helps with the monthly bills but can be difficult to manage in the event of a disaster. For example, raising your deductible from $500 to $1,000 may save you as much as 25% on your policy.
In addition to the deduction levels and the amount of coverage you choose, there are other factors that will impact the cost of your policy. These can be broken into specific categories.
What Personal Status Factors Involve the Cost of Homeowners Insurance?
Dog Ownership and Breed
Home-based Business Operations
What Property Conditions Determine the Cost of Homeowners Insurance?
Age and Construction of the Home
Size and Amenities of the Home
Presence of Wood-burning Stoves
Presence of Swimming Pool, Hot Tub and/or Trampoline
Proximity to a Fire Station
Proximity to a Body of Water
Each of these factors can increase or decrease the cost of your insurance, and must be taken into account. Before applying for homeowners insurance know, have this information available so you can get accurate pricing information.
How Can You Cut Down On Homeowners Insurance Costs?
There are many steps you can take to minimize the initial cost of homeowners insurance, or reduce this expense later. In Florida, these include:
Install wind-resistant features on the home, including storm shutters, on the home, to achieve as much as a 42% discount on the hurricane windstorm portion of your insurance premiums.
Check your credit rating for accuracy. The better your score, the lower your premiums, so fixing errors can make a big difference in your premium costs.
Look for multiple policy discounts, such as bundling home and auto insurance to save money.
Install a monitored home security system, which can result in 15% discount with some insurers, because homes with these systems are 3 times less likely to be burglarized than those without them.
Raise your deductible. The higher your deductible, the lower your rates – to a point.
Evaluate your policy before renewal. Look for issues that have changed, such as you removed your swimming pool or sold an expensive piece of art. The insurance company won’t change your policy unless you tell them to do so, and being over insured wastes your money.
Request discounts. If you have had your insurance with the same company for more than five years without a claim, ask for a discount. Some companies will try to accommodate their best customers rather than lose them to a competitor.
The important thing to remember is that there are factors you control with regard to your insurance rates. Be aware of your coverage, and review it before renewal to assure that you are receiving the most competitive rates available in your area.
How Can You Select the Right Insurance Company?
All insurance companies are not created equal and most companies offer multiple policy levels, so selecting the right one for your needs can feel overwhelming. When searching for homeowners insurance, it is important to get several quotes, but you need to look deeper than the cost and coverage options. Do this by following these steps:
Review the home insurance company’s financial health through top credit agencies, such as A.M. Best, J.D. Power, and Moody’s. This information can protect you from paying premiums to a company that will not be around to pay a claim later.
Identify who will respond to your claims. In the past, most companies had their own adjusters and claim managers, but now this service is often outsourced. Speak to your agent to assure that the company has a proven track record of fair and timely claims settlement.
Check current policyholder satisfaction ratings. You will find some of this information on the sites listed above, but also from online reviews and company annual reports. The higher the insurer’s retention rate, the most satisfied the policy holders.
Don’t go by price alone. Read the policies carefully to assure that the coverage is the same, rather than going with the lowest price. Sometimes that price is a great deal, but it can also indicate that coverage is not as extensive or complete as represented.
There are many quality insurance companies that can meet your needs. The struggle is weeding out the ones that promise one thing but deliver another, or have a claims response process that is slow and cumbersome. Homeowners insurance will protect your biggest investment, so you need to conduct due diligence to select the best company and policy possible within your budget.
Alliance Can Help
At Alliance, we can save you time and money by helping you sort through the tangle of homeowners insurance options and find the best one for you and your family. We represent the top insurance companies in the country and understand the unique needs and challenges of Florida homeowners. Our goal is to help you find the best coverage for the lowest cost from a premium provider. Call us today at (866)771-4751 to speak with a professional, or use our online quote service to begin the process.
A Startup Guide to Homeowners Insurance in Florida
If this is your first time to buy a home, or if this is your first time to deal with homeowners insurance Florida, chances are you are overwhelmed with the thought of getting it. However, homeowners insurance Florida is very important and there are many policies that you can choose from, requiring you to do a little homework to make sure that the policy you get is the best for your home. Here are some factors that you need to consider to make sure that the homeowners insurance policy you get is the best.
Elements of homeowners insurance policy
First things first, get yourself to know what are the elements of a home insurance policy. This usually includes:
Coverage for structure of home
Coverage for home contents
Coverage for other property structures
These items comprise the bulk of the policy and determine the extent of your protection.
The Cost of Homeowners Insurance Florida
For starters, the most difficult part is usually to assess the cost of insurance to purchase. Certainly, you do not want to lack in coverage and worst, pay for the coverage that you do not need at all. With this regards, get some help from a reliable homeowners insurance agent although it is still up to you to choose to how much to purchase.
Homeowners Insurance Companies
There are many options for homeowners insurance companies to make your selection a lot easier and faster. The wide array of options is a great factor since it helps establish competition. Competition creates lower prices for consumers.
Where to Shop for Homeowners Insurance
Just like shopping for goods and services, you can shop for home insurance online. It is fast and easy thing to do and you can obtain a lot of information from many resources, as well as get rate quotes to compare from one company with another. When gathering rate quotes online, use a site that offers a secure server for a guaranteed security of your information. Gather as many quotes as possible. The more quotes you have, the better your chances are of getting the homeowners insurance Florida that offers the best value for money.
When it comes to the protection of your home, get it insured with the homeowners insurance Florida. This is one way of making sure that your hard earned possession don’t go to waste.
If you wish to buy homeowners insurance Florida, then you should stay concerned about the hurricane coverage. In US, the rules, requirements and facilities for homeowners insurance may vary from one stay to the other and Florida is not an exception. For an example earthquake, insurance is handled with a different approach in California. However, in Florida, which is prone to the hurricane attacks, homeowners in this part of the world should pay more attention towards the homeowners insurance Florida that comprises of hurricane coverage. In this regard, a few coverage is announced which you should know beforehand you buy a policy.
Extended Replacement Cost Coverage:
As per the extended replacement cost coverage, homeowners will get the coverage for repair and replacement of their dwelling without the consideration of the depreciation value. This sort of coverage will also pay for the enhanced material as well as labor costs.
For the states like Florida, where hurricanes are frequent, homeowners insurances are offered with a hurricane deductible that has to be paid. The hurricane deductible is often calculated based on the percentage of the overall home insurance value. This percentage is often set by the state law.
Flood coverage can cover the expenses when your personal property is damaged by flood. Standard homeowners insurance may not offer you the flood coverage. Through Federal Government National Flood Insurance Program, flood coverage can be purchased separately.
Opportunity for the smaller insurance companies
Latest announcement by the major insurance firm of the intention to vacate home insurance marketplace in Florida has actually caused fury on fronts & serious concern for people. Even during the good years, to find the good insurance deal is hard for most of the Florida residents, those living in the coastal areas. With hurricane season to have just started, and with the decision to withdraw; and there is the vacuum, which the insurance agents from the smaller insurance companies are battling on service.
The individuals who are facing threat to lose the insurance coverage are all scrambling to find the new insurers; however evaluating these & understanding policies is the daunting task for many. The homeowners face problem to try and identify right insurer for all of them. Due to dominance by the larger national insurance firms, most of the home owners are totally unaware of various choices that are available to them. The homeowners as well face some hurdle finding the insurer that can cover damaged or semi repaired homes & many face threat to be left uninsured during hurricane season. Finally, the investment income is the way down and Florida home insurance firms are constantly searching for the ways to make the safe return on the surplus funds. That is not very simple for the fund managers doing with poor condition of financial markets. The rates of the return on low & risk free investments are all way down in the slumping economy with the low rates of interest. To find the places for investing surplus money with the higher return rates can result in the unacceptable risk levels.
A Primer For Purchasing Home Owner’s Insurance
While no one wants to think about anything bad happening to their home or belongings, the reality is that it happens to people every day. Home owner’s insurance can grant you peace of mind that if anything should happen to your home, you will have the needed financial assistance to get it taken care of. This article will help you get started by teaching you a bit about home owner’s insurance.
Check the status of your homeowner’s insurance premiums at least once a year, to see if you may qualify for a lower rate. Your current rate may be based on an old crime statistic, for example, or you may have installed a security system that could lower your rates. Discuss these changes with your insurance agent.
Having a home security system installed, especially one that has a monthly monitoring system against burglary, can seriously reduce a homeowners insurance premiums. The cost of your system can be partially recouped in the monthly or yearly savings you will make, and of course, you will have peace of mind. It can also mean that you will feel safer when you are at home.
Before speaking with a claims adjuster about your homeowner’s insurance claims, get some repair estimates from trusted local businesses. This will give you some ammo against the insurance company when they tell you how much something will cost to repair or replace. Also, emergency repairs that you make to keep the damage from getting worse will be covered, as long as you keep receipts.
When looking for a homeowners insurance policy, check with the agent who insures your vehicles. A lot of agents will give you a discount if you have more than one policy with them. It is possible to get a discount of 10% or more by insuring more than one thing with the same agent.
If you have a mobile home or manufactured housing, shop around for special homeowner’s coverage that’s designed for your needs. Some companies offer special policies depending on the age of your home and where it’s located. Some companies also offer coverage to protect your home while it’s in transit from one location to another.
Home owner’s insurance is something that we all hope to never need, but in the case of a natural disaster or theft, it can be an invaluable thing to have. Taking into account what you have learned from this article, you now have the knowledge you need to begin protecting your home and family with this important insurance. Google
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