Finding a home insurance policy in Florida can be quite a hassle. First timers are confused, and experienced policy holders are frequently shocked at new bills. Getting Home insurance Florida can be a stressful pursuit.
Rates tend to be some of the most expensive in the US simply because of the half year long hurricane season. Even though regular home insurance doesn’t cover the tremendous amount of water damage created by these horrendous storms, the insurance covers almost everything, including the total loss of the home and household items.
Premiums vary widely and increase frequently. Premiums can increase over 50% over twelve months for what seems to be no reason. Put in a claim and you might find yourself in a pool of “uninsurable” homeowners who are now forced into buying a policy from the state run insurance company. However, premium prices for this particular company are actually quite competitive.
For homes located in a flood zone, you can expect even higher insurance rates because you now need a separate flood policy to cover water damage from storms. Your regular insurance policy won’t cover this. The closer you are to water – whether it’s the beach, a lake, pond or even a canal – the more you can expect to pay. Even in a flood zone, the further you are from the water, the lower your premiums, but don’t expect huge differences.
The areas for flood zones change on a regular basis based on things like street construction, erosion, and where recent unplanned floods occurred in the recent past. Perhaps a heavy rain flooded a neighborhood that had never experienced flooding before. Bingo. You’re in a flood zone and you’ll now need flood insurance.
For first time Florida homeowners, your best bet is to go to an experienced and reputable insurance agency that deals with many insurance companies. The agents will be able to tell you everything you need and will be able to quickly give you estimates and pricing from a few different carriers.
Even though home insurance can be expensive, it’s not a good idea to reduce your coverage too much. Here in Florida you do have a better than average chance of actually needing to put in some serious claims. You don’t want to find out that you reduced your coverage the winter before the biggest hurricane in five years sweeps through your area.
Make certain you are covered for replacement value of your home, and re-evaluate this number every year. A common mistake that many homeowners make is to either assume that if their house is totally destroyed that they will be able to rebuild with their insurance proceeds. This is far from the truth. You will be reimbursed for the value noted on your policy. If your home has increased in value, you will need to spend an increased amount to find a contractor who can replace it for that money.
Buying insurance for your home in Florida doesn’t have to be frustrating. Learn more about home insurance Florida agents and companies provide at http://www.homeinsuranceflorida.org .