The average cost for home insurance in Florida is $1,405 per year or $118 per month. Premium costs aren’t bad relative to the rest of the US — although Floridians do pay 5% more per year on average. The best way to get an affordable homeowners insurance policy in Florida is to get quotes from as many insurance companies as possible.
Big homeowners insurance increases, policy cancellations and insurance companies going under are forcing many Floridians to look for new homeowners insurance. Florida home insurance has become such a particular pain point that the state legislature is holding a special session to try to find solutions.
Unlike car insurance, homeowners insurance isn’t controlled by state legislation. Even so, major gaps exist in home insurance rates on a state-by-state basis. Policy prices in states may vary based on the total number and value of homeowners claims filed in that particular state, and depend on the value of the belongings and structures covered by the policy.
Homeowners Insurance in Florida Cost Factors
Several factors can determine your ability to obtain cheap home insurance in Florida, including:
– The age of the home
– The materials your home is made of
– The cost to rebuild the home
– The fire rating of your location
– The claims history of your location
– Your personal claims history
– Coverage limits and deductibles
– Your credit
Florida Home Insurance Has ‘Degenerated Into a Racket’
Florida’s population is heading for 22 million and it accounts for just 8% of property claims nationwide. But Florida has more than three-quarters of all property claims lawsuits, many of which lawmakers say are frivolous.
Florida home insurance companies often face a no-win situation when they fight an insurance claim in court, thanks to the state’s Assignment of Benefits (AOB) law. AOB allows a homeowner to turn his or her claim over to a contractor instead of dealing with the insurer. The contractor can then hire an attorney, often before talking to the insurance company.
Florida law states that if the lawyer wins a dollar more than the insurer offered, the insurer must not only pay the claim—which the contractor may have inflated—but also all legal costs, which could be thousands of dollars for a claim that might have originally been a few hundred.
The cheapest home insurance companies in Florida
Home insurance rates in Florida vary greatly depending on which insurer you use. In Florida, Southern Oak offers the best deal on home insurance at just $535 yearly. This compares favorably to Florida’s average cost of $1,450 and is even significantly lower than the cheapest home insurance companies in the country. To help save money, start shopping for a home insurance policy by reviewing the most affordable home insurance providers in Florida.
Florida home insurance prices by coverage levels
Your chosen amount of home insurance coverage has an impact on the insurance premiums you pay. In Florida, carrying $100K dwelling coverage (at replacement cost) runs an average of $813 per year, while carrying coverage up to $400K costs $2,699 per year.
Homeowners insurance deductibles in Florida
Florida homeowners have numerous choices to make when buying a homeowners policy, including the amount of their deductible. When choosing a deductible, keep in mind that the higher your deductible is, the lower your insurance rates will be. Therefore, it might make sense to set a higher deductible if you are hoping to lock in lower homeowners insurance rates in Florida. Keep in mind that your deductible should only be set as high as you can reasonably pay if you incur a loss.
Florida homeowners insurance quotes
We offer best rates and the cheapest home insurance quotes in the following cities of Florida:
Boca Raton
Daytona Beach
Fort Lauderdale
Hollywood
Jacksonville
Miami
Miami Beach
North Miami Beach
Orlando
Palm Coast
Tallahassee
Tampa
Saint Johns
St. Petersburg
Hialeah
Port St. Lucie
Cape Coral
Pembroke Pines
Gainesville
Miramar
Coral Springs
Palm Bay
West Palm Beach
Clearwater
Brandon
Lehigh Acres
Spring Hill
Lakeland
Pompano Beach
Miami Gardens
Riverview
Davie
Sunrise
Deltona
Alafaya
Plantation
Deerfield Beach
Fort Myers
Town ‘n’ Country
Melbourne
Largo
Homestead
Boynton Beach
Kendall
Kissimmee
The Villages
Doral
North Port
Lauderhill
Tamarac
Poinciana
Weston
Delray Beach
Pine Hills
Wesley Chapel
Ocala
Port Orange
Wellington
Palm Harbor
Sanford
Jupiter
Port Charlotte
North Miami
Fountainebleau
The Hammocks
Palm Beach Gardens
St. Cloud
Margate
Horizon West
Coconut Creek
Westchester
Four Corners
Bradenton
Kendale Lakes
Apopka
Sarasota
Pensacola
Tamiami
Bonita Springs
Pinellas Park
University
Country Club
Coral Gables
Winter Haven
Titusville
Fort Pierce
Ocoee
Winter Garden
Altamonte Springs
Cutler Bay
University CDP
North Lauderdale
Oakland Park
Greenacres
Meadow Woods
Ormond Beach
Clermont
North Fort Myers
The Acreage
Hallandale Beach
Navarre
Aventura
Oviedo
Plant City
Princeton
Royal Palm Beach
Winter Springs
Lake Worth
Valrico
Riviera Beach
DeLand
Estero
South Miami Heights
Egypt Lake-Leto
Kendall West
Dunedin
Lauderdale Lakes
Land O’ Lakes
Richmond West
Parkland
Merritt Island
Cooper City
Carrollwood
West Little River
Panama City
Golden Glades
East Lake
Fruit Cove
Dania Beach
Lakeside
Oakleaf Plantation
Sun City Center
Lake Magdalene
Miami Lakes
Buenaventura Lakes
New Smyrna Beach
Ferry Pass
Winter Park
Fleming Island
Casselberry
Ruskin
Citrus Park
East Lake-Orient Park
Vero Beach South
Rockledge
Crestview
Leesburg
Palm Springs
South Bradenton
Bayonet Point
Temple Terrace
Haines City
University Park
Key West
Leisure City
Wright
Palm River-Clair Mel
Apollo Beach
Westchase
West Melbourne
Palm City
Bellview
Venice
Golden Gate
Keystone
Tarpon Springs
Oak Ridge
Sebastian
Ives Estates
Holiday
Silver Springs Shores
Pace
Fish Hawk
Immokalee
Palmetto Bay
Hunters Creek
Jacksonville Beach
Ensley
Lutz
Port St. John
Brent
Wekiwa Springs
The Crossings
Eustis
Coral Terrace
Edgewater
Hialeah Gardens
Northdale
Bloomingdale
Nocatee
Sunny Isles Beach
DeBary
World Golf Village
Palm Valley
Jasmine Estates
Florida Ridge
Lealman
West Pensacola
Fort Walton Beach
Englewood
Glenvar Heights
Bayshore Gardens
Ojus
Midway CDP
Maitland
Punta Gorda
Seminole
Sweetwater
Bartow
Naples
Cocoa
Tavares
Lake Butler
Lynn Haven
Gibsonton
San Carlos Park
Groveland
Pinecrest
Panama City Beach
Stuart
Pinewood
Myrtle Grove
Zephyrhills
Safety Harbor
Country Walk
Iona
Lake Mary
New Port Richey
Belle Glade
Viera West
Brownsville
Three Lakes
Opa-locka
West Lealman
Lake Wales
Vero Beach
Mount Dora
Southchase
Lady Lake
Sunset
Upper Grand Lagoon
Niceville
Marco Island
Wildwood
South Venice
Auburndale
Fruitville
Thonotosassa
Warrington
West Park
Longwood
Gladeview
Oldsmar
Key Biscayne
Forest City
Gonzalez
Elfers
Bellair-Meadowbrook Terrace
St. Augustine
East Milton
Homosassa Springs
Yulee
Azalea Park
Lockhart
Destin
Miami Springs
Minneola
Cypress Lake
Conway
Atlantic Beach
Naranja
Palmetto Estates
Goldenrod
Palmetto
Hobe Sound
North Palm Beach
Florida City
Fernandina Beach
Callaway
Holly Hill
Hudson
Middleburg
Olympia Heights
South Daytona
Mango
Villas
Jensen Beach
Orange City
Jupiter Farms
Cheval
Sarasota Springs
Lakewood Park
Key Largo
Highland City
Lake City
Doctor Phillips
Lakeland Highlands
Laurel
South Miami
Trinity
Gulfport
Shady Hills
Viera East
Miami Shores
Lantana
Goulds
Wilton Manors
Westwood Lakes
Cocoa Beach
Satellite Beach
Sugarmill Woods
Progress Village
Celebration
Pine Castle
Pasadena Hills
Gulf Gate Estates
Pine Ridge
Asbury Lake
New Port Richey East
Medulla
Sebring
Fairview Shores
West Perrine
Alachua
Lighthouse Point
Fuller Heights
Union Park
Palatka
Port Salerno
Gateway
Citrus Springs
Milton
Cypress Gardens
Rotonda
West Vero Corridor
Cape Canaveral
Beverly Hills
Bee Ridge
Westview
Bardmoor
Bithlo
Green Cove Springs
Marathon
Avon Park
Pebble Creek
Micco
Wimauma
Citrus Hills
Hernando
Palm Beach
North Weeki Wachee
Orange Park
Lake Park
Davenport
Memphis
Indian Harbour Beach
Richmond Heights
Brooksville
St. Pete Beach
St. Augustine Shores
Westgate
Seffner
Fruitland Park
Beacon Square
Fern Park
North Bay Village
Odessa
Springfield
Wedgefield
Miramar Beach
McGregor
Quincy
Williamsburg
Broadview Park
Lely Resort
Southwest Ranches
Inverness
Longboat Key
Arcadia
Newberry
Mims
Clewiston
Ormond-by-the-Sea
Macclenny
Dade City
West Miami
Sky Lake
Neptune Beach
Lake Lorraine
Islamorada, Village of Islands
Belle Isle
Inwood
Fort Pierce North
Perry
Heathrow, Orlovista, and Willow Oak
St. Augustine Beach and South Apopka
Live Oak
Inverness Highlands South
Osprey
Pelican Bay
Mascotte
Treasure Island and Indian River Estates
Indiantown
Balm
River Park
South Patrick Shores
Kathleen
West Samoset
Sanibel
Lake Alfred
Ocean City
Gulf Breeze
Lecanto
Southeast Arcadia
Southgate
Pembroke Park
Marianna
High Springs
Lauderdale-by-the-Sea
Tequesta
South Gate Ridge
Cocoa West
Jan Phyl Village
Bay Harbor Islands
DeFuniak Springs
Combee Settlement
Orangetree
Freeport
Lochmoor Waterway Estates
Starke
Fort Myers Shores
Crystal Lake
Surfside
Fort Myers Beach
Nassau Village-Ratliff
Fussels Corner
Zephyrhills West
Pahokee
Gifford
Three Oaks
Siesta Key
Port LaBelle
Warm Mineral Springs
Loughman
Belleview
Rio Pinar
Sawgrass
South Pasadena
Connerton
Floral City
Okeechobee
Dundee
Fort Pierce South
Daytona Beach Shores
Timber Pines
Flagler Beach
South Sarasota
Naples Manor
River Ridge
Fort Meade
Naples Park
St. Augustine South
Ridge Wood Heights
Kenneth City
The Meadows
Plantation CDP
Palm Springs North
Bay Hill
South Highpoint
Hutchinson Island South
Zephyrhills South
Butler Beach
LaBelle
Wauchula
Samsula-Spruce Creek
South Bay
Tice and Crawfordville
Whiskey Creek
Fellsmere
Moon Lake
Valparaiso
Ridge Manor
Stock Island
Brookridge
Big Pine Key
Grant-Valkaria
Taylor Creek
Bagdad
Buckingham
Mount Plymouth
Wahneta
Lower Grand Lagoon
Laguna Beach
South Brooksville
Highland Beach
June Park
Belleair
West Bradenton
Indian River Shores
Samoset
Ellenton
Pine Manor
Cortez
Suncoast Estates
Holden Heights
Woodville
Alturas
Lake Panasoffkee
Parker
Mary Esther
Lake Sarasota
Mulberry
West DeLand
Madeira Beach
Vineyards
St. James City
High Point
Wallace
Juno Beach
Tierra Verde
Pea Ridge
Charlotte Harbor
White City
San Castle
South Beach
Kensington Park
Lely
Umatilla
Indian Rocks Beach
Chipley
Jasper
Feather Sound
Lake Clarke Shores
Flagler Estates
Midway
Oakland
North Brooksville
Watergate and North River Shores
Point Baker
Cleveland
Harbour Heights
Venice Gardens
Crystal River
Goulding
Ponce Inlet
Port St. Joe
Loxahatchee Groves
Montura
Tiger Point
Clarcona
Bunnell
Dover
Tangerine
Melbourne Beach
Nokomis
Cedar Grove
Winter Beach
Biscayne Park
Sharpes
Bay Pines
Bal Harbour
Port Richey
Bushnell
Windermere
Watertown
Holmes Beach and Indialantic
Eagle Lake
Eglin AFB
Dade City North
Whitfield
Williston
Hilliard
Ridgecrest
Chattahoochee
Malabar
Geneva
Madison
Pretty Bayou
Frostproof
Big Coppitt Key
Meadow Oaks and Lake Helen
Vamo
Island Walk
Bonifay
Zellwood
Roosevelt Gardens
Woodlawn Beach
Alva
Polk City and Verona Walk
Inverness Highlands North
Greenbriar
Hypoluxo
Edgewood
Charlotte Park
Zephyrhills North
Harbor Bluffs
De Leon Springs
Eastpoint
Campbell
Carrabelle
Williston Highlands
Monticello
Villano Beach
Seminole Manor
Tavernier
Chuluota
Grenelefe
Holley and Manatee Road
Cabana Colony
Tangelo Park
Hernando Beach
Harlem
Christmas
North Sarasota
Bowling Green
Virginia Gardens
St. Leo
Lake Placid
Eatonville
Apalachicola
Chiefland
Belleair Bluffs
Homosassa
Olga
Blountstown
Taft
Gotha
Hill ‘n Dale
Quail Ridge
Wabasso Beach
Pine Air
Haverhill
Redington Shores
Grove City
Heritage Pines
Glencoe
Graceville
Mangonia Park and Atlantis
Desoto Lakes
Silver Lake
Lake Belvedere Estates
Wewahitchka
Fort Denaud
East Bronson
Cudjoe Key
Trenton
Sewall’s Point
Hillsboro Beach
El Portal, Lake Butler city, and Oak Hill
Royal Palm Estates
Malone
Washington Park
Pine Island Center
Harlem Heights
Dunnellon
Bear Creek
Crooked Lake Park
Burnt Store Marina
Astatula
Bokeelia
Ocean Ridge
Lake Mary Jane
Astor
Havana
Zolfo Springs
Pine Ridge CDP
Century
Sneads
Cross City
Key Vista
Oriole Beach
Montverde
Crescent City
Howey-in-the-Hills
Belleair Beach
Wabasso
Punta Rassa
Roseland
East Palatka
Moore Haven
Pierson
Lake Hamilton
Callahan
Midway CDP
North DeLand
Buckhead Ridge
Yalaha
North Redington Beach
Hawthorne
Inglis
South Palm Beach
Plantation Mobile Home Park
Boulevard Gardens
Keystone Heights
Interlachen
Kenwood Estates
North Key Largo
Baldwin
Redington Beach
Gretna
Babson Park and Palm Beach Shores
Manasota Key
Limestone Creek
Patrick AFB
San Antonio
Molino
Crystal Springs
Hastings
Paradise Heights
Black Diamond
Palmona Park
Palm Shores
Black Hammock
Indian Shores
Juno Ridge
Fanning Springs
Bronson and Archer
Weeki Wachee Gardens
Lacoochee
Navarre Beach
Masaryktown
Five Points
Chumuckla
Medley and DeLand Southwest
Mayo
Lake Hart
Steinhatchee
Cypress Quarters
Franklin Park
Allentown
Homestead Base
Lake Mack-Forest Hills
St. George Island and Lake Kathryn
Rio and Paisley
Stacey Street
Anna Maria
Golden Beach
Gulf Stream
Bristol
Mexico Beach
Harold
Bradenton Beach
Westlake
Grand Ridge
Cottondale
Center Hill and Waldo
Sorrento
Crescent Beach
Andrews
Penney Farms
Pine Lakes
Gun Club Estates
Jupiter Island
Schall Circle
Key Colony Beach
Pomona Park
East Williston
Webster
Garden Grove
Pioneer
Jennings
Page Park
Greenville
White Springs
Shalimar
Panacea
Vernon
Duck Key
Avalon
Welaka
Branford
Cedar Key
Melbourne Village and Wiscon
Solana
Waverly
Micanopy
Coleman
Lemon Grove
Lawtey
Fort White
St. Lucie Village
Roeville
Matlacha
Yankeetown
Laurel Hill
Seville
Fisher Island
Paxton
Hosford
Ferndale
Bradley Junction
Sea Ranch Lakes
Greenwood
Brownsdale
Jay
Bell
Orchid
Lake Mystic
Ponce de Leon
Briny Breezes
Altha and Hillsboro Pines
Alford
Tildenville
Beverly Beach
Pineland
Spring Lake
McIntosh and Glen St. Mary
Greensboro
Garcon Point and Cinco Bayou
Reddick
Spring Ridge
Trilby
Hampton
Sopchoppy
Manalapan
Jupiter Inlet Colony
Acacia Villas
Worthington Springs
Lee
Wausau
Gardner
Wacissa
Raleigh
Everglades
Berrydale
Chokoloskee
Canal Point
Esto
Windsor
Munson
Mulat and Brooker
Aripeka
Floridatown
Captiva
La Crosse
Goodland and Whitfield CDP
Homeland
Ocean Breeze and Caryville
St. Marks
Westville
Waukeenah
Golf
Pine Level
Highland Park
Hillcrest Heights and Mount Carmel
Okahumpka
Ebro
Charleston Park and Yeehaw Junction
Nobleton
Lisbon
Pittman and Matlacha Isles-Matlacha Shores
Raiford
Jacob City and Glen Ridge
Layton
Noma
Ona
Dixonville
Campbellton
Fort Green Springs
Sumatra and Lloyd
Lamont
Springhill
Horseshoe Beach and Morriston
Dickerson City
Limestone
Tyndall AFB
Fidelis
Cloud Lake
Istachatta
Plantation Island
Otter Creek
Aucilla
Altoona
Lake Lindsey
Day
Bascom
Indian Creek
Fort Green and Cobbtown
Belleair Shore
Pine Island
Lake Harbor
Bayport
Lazy Lake
Bay Lake
Lake Buena Vista
Weeki Wachee
Marineland
Not all cities in the Sunshine State have the same homeowners insurance rates. Prices for property insurance may depend on locally specific variables such as the number of local claims filed, the likelihood of perils like vandalism and natural disasters, and more, lending your ZIP code plenty of weight in deciding how much you pay.
The most affordable home insurance in Florida is found in Hernando Beach. An average home insurance policy in Hernando Beach costs Floridians just $1,038 each year — $412 less than the statewide average. The cities listed below have the most affordable home insurance in Florida.
Does homeowners insurance cover tornadoes in Florida?
Tornadoes can hit with very little warning. There isn’t much one can do to get ready and the effects are usually catastrophic. Therefore, it’s vital to protect your home against tornado damage in Florida, which averages 57 tornado events per year. Damage from tornadoes is typically caused by wind, so make sure your current homeowners policy includes windstorm protection, which comes standard in most homeowners policies.
Wind protection provides coverage to a building’s exterior and overall structure. Depending on your policy type, you may find that interior damage is only covered when it occurs as caused by exterior damage, like a tree branch breaking a window. Detached structures are also covered, normally about 10% of the home’s insured amount. It’s important to remember that some losses brought about by the storm may not be covered. For instance, if the storm that produced the tornado also causes flooding that damages your home, your home won’t be covered unless you’ve specifically purchased flood insurance.
Does homeowners insurance cover hurricanes in Florida?
Because hurricanes can cause damage and destroy property at a massive scale, insurance companies are reluctant to assume the full risk of hurricanes as a whole. If you live in Florida, you could face an increased risk of suffering hurricane damage. In fact, 351,093 single-family residences are at extreme risk of hurricane damage in Florida.
If you own a home near the coast, it’s essential to confirm the details of your homeowners insurance policy since usually a basic policy won’t be enough to cover hurricane damage — you would need to reinforce your policy with windstorm and flood insurance, which would work together to cover the damages. In some states, your insurer may make it compulsory to have a separate hurricane deductible if you live somewhere requiring high-risk homeowners insurance.
Does homeowners insurance cover flooding in Florida?
Flood insurance is a necessity for many in Florida, which faced $17,024,301 in flood insurance claims in 2016. Flood damage — whether a byproduct of a downpour or a hurricane —is not covered by homeowners insurance policies. To insure your home against flood damage, acquire insurance through FEMA’s National Flood Insurance Program (NFIP) or via a private insurer.
Flood insurance coverage from private companies may vary, but NFIP flood insurance covers:
– $250,000 for your home’s structure
– $100,000 for your personal property
If the value of your personal property and home exceeds these limits, consider purchasing a flood insurance policy from us for additional protection.
Florida Roofs Are a Central Pain Point
Roofing contractors are aggressive in contacting Florida homeowners who may—or may not—have actual roof damage. They can be so aggressive that they put flyers on every doorknob in many neighborhoods, while offering $500 gift cards. The situation became so bad that the state legislature passed a law, signed by Gov. DeSantis, restricting contractors from using “prohibited advertisements” to encourage homeowners to let them file insurance claims for roof damage.
But a federal judge slapped an injunction on the law when a roofing contractor said it violated his First Amendment right to free speech. And other roofing contractors subsequently joined the lawsuit, which hasn’t yet been decided. One major complaint is that insurers are trying to ward off the threat of having to pay for new roofs by rejecting customers who have asphalt shingle roofs that are more than 10 years old. The legal hammering the state is taking could make things even worse. “Florida’s insurance market is spiraling toward collapse,” says a report commissioned by the Florida Senate’s Banking and Insurance Committee.
What Does Homeowners Insurance Cover?
A standard home insurance policy (designated as HO-3) covers your house for any mishap that’s not excluded in the policy. Common exclusions include sinkholes, power failure, neglect or wear and tear, nuclear hazard, vermin and insect infestations and intentional damage.
Your personal property is covered for specific identified “perils” in a standard home insurance policy. Theft, vandalism, tornadoes, fire or lightning and smoke are just some of the problems covered by home insurance.
A standard home insurance policy is composed of these main coverage types:
– Dwelling: This portion of the policy pays to repair or rebuild your home if it’s damaged. It also covers attached structures, such as a deck or garage.
– Other structures: This pays to repair or replace structures that aren’t attached to your home, like a fence, shed or in-ground swimming pool.
– Personal property: This pays to repair or replace your belongings after an event like fire or theft. Your personal property includes articles such as your clothes, jewelry, furniture, appliances, rugs and other household items.
– Liability: This pays for property damage and injuries you or other household members accidentally do to others. For instance, if you let your dog out without a leash and it bites a person walking by, your liability insurance may pay either a settlement or court judgment against you—and legal defense costs—if the person files a lawsuit.
– Medical payments to others: This covers minor medical claims made by someone not in your household, no matter who was at fault for the injury. For example, if a friend trips on loose carpet and sprains their ankle, medical payments coverage could pay for medical care they receive. Coverage amounts are generally small, such as $1,000.
– Additional living expenses: If you’re unable to live in your home due to an event covered by your policy (like a fire or tornado), additional living expenses coverage can compensate you for money spent on restaurant meals, hotel rooms and other necessary services, such as a pet boarding facility.
What’s Not Covered by Homeowners Insurance?
Common exclusions found in a standard Florida home insurance policy include events like power failure, floods, earth movement (sinkholes, mudslides, mudflows, earthquakes), neglect, wear and tear, bird, vermin and insect infestations and intentional loss. It’s always wise to review your policy closely to understand what is excluded from coverage.
Florida Homes at Risk of Wildfires
Nearly 44% of Florida properties have at least a 0.03% likelihood of being damaged in a wildfire this year, which is more than 3.9 million, according to a First Street Foundation report called Fueling the Flames. Some Florida counties have seen a jump in wildfire risks over the past 30 years, including Columbia, Jefferson and Sumter counties. The report says environmental changes have led to the increased risk, which includes drought conditions, higher temperatures, lower humidity and drier vegetation.
Florida counties with the most properties at risk of wildfires this year
County Number of properties with at least 0.03% risk this year Percentage of properties with at least 0.03% risk this year
Polk 335,100 87.80%
Pasco 210,500 79.30%
Hillsborough 198,200 42.10%
Lee 197,900 42.30%
Brevard 194,000 65.20%
Volusia 189,600 71%
Orange 159,700 38.10%
Duval 156,000 41.60%
Lake 140,500 76.20%
Osceola 136,000 84.60%
Most Common Disasters in Florida
The Sunshine State’s sunny skies can, on occasion, be darkened by a variety of disasters. Florida has seen its fair share of severe storms but has been hit harder with hurricanes and fires.
Florida has seen 45 declared disasters due to massive natural catastrophes in the last 65-plus years. The 2020 hurricane season had a record-breaking 30 named storms, and by December 2021 there were 21. While Florida has been spared any major damage from hurricanes the last couple of years, homeowners need to be prepared.
When buying home insurance in Florida, be aware of special hurricane deductibles. Typically they are percentage-based and calculated based on the coverage amount that you have for your dwelling. For example, if your coverage is $300,000 and your deductible is 5%, that equates to $15,000.
And while hurricanes are well-known in Florida, there have actually been more fires declared as disasters over the years. For instance, in May 2020, the Five Mile Swamp Fire persisted for five days due to extremely dry conditions. It caused a two-day shutdown of Interstate 10, burned around 2,300 acres and destroyed 14 homes.
Earthquakes in Florida
Florida is one of the two states with the fewest earthquakes, according to the United States Geological Survey. (North Dakota is the other state.) Florida simply isn’t close to any tectonic plate boundaries. However, there are rare times when earthquakes do occur. For instance, in 2020, a 4.0 magnitude earthquake was recorded near the Florida and Alabama state line in Santa Rosa County.
Tips for Buying Homeowners Insurance
Whether you’re about to close on your first home or seventh or have decided to switch insurance companies, you want to know you’re getting a good deal on great home insurance coverages. Here are suggestions for both newcomers and longtime homeowners:
– Assess your rebuilding costs. Ask your insurance company or a known contractor how much it would cost to rebuild your home with similar materials, based on labor costs in your local area. You want your dwelling coverage amount to be equal to this estimate.
– Review the advantage of replacement cost over actual cash value. Consider replacement cost coverage for your home and belongings—you will get the amount you need to replace your home and items with new versions instead of a depreciated amount.
– Consider add-on coverage for your expensive items. If you have high-value items, antiques or pricey sports or musical equipment, determine if scheduling personal property to receive extra coverage is what you need
– Evaluate your liability coverage needs. Make sure you buy an amount that matches your assets, which could be taken from you in a lawsuit, or at least $300,000.
– Assess coverage gaps. Some home insurance companies offer add-on endorsements to cover items your standard policy does not. For example, pay for damage from water or sewer backups, or provide higher limits for landscaping if damaged by theft or fire.
– Check financial ratings. Research financial strength ratings from companies such as A.M. Best or Standard & Poor’s. Some financial institutions won’t approve your mortgage unless your insurance company has at least an “A” financial strength rating.
– Ask for discounts. It never hurts to ask if you’re getting all the discounts that you’re eligible to attain. For example, you may get a discount for smart home features, like flood sensors, or for buying home and auto insurance from the same company.
– Compare quotes from multiple insurance companies. The price for the same policy can vary greatly among insurance providers. Shopping around gives you peace of mind that you found the best policy for the best price.