What risks do homeowners face in Florida?
Florida's geographical position on the Gulf Coast leaves it vulnerable to significant insurance perils, resulting in the nation's highest homeowner insurance costs. Here are the most common and costly perils to look out for when buying home insurance.
Wind damage
High winds brought by storms and hurricanes are among the most frequent and costly causes of property damage in Florida. Fortunately, wind damage is covered by homeowner's insurance, regardless of what form of policy you get. The only exception is that numerous coastal homes that are extensively susceptible to wind damage may require you to purchase a unique wind endorsement.
The great news is that state law requires insurers to provide discounts for homeowners who purchase and pass a wind mitigation inspection. This inspection is optional, but the resulting discounts on your home insurance can easily make up for the upfront cost if you pass. If you don't, it's an excellent way to identify where you can invest in reducing your home's risk of storm damage.
Flood damage
Besides the wind, flooding and other water damage are among the most frequent perils Florida homeowners face. Sadly, water damage due to rain and flooding is not covered by homeowner's insurance policies. If you live in an area with predisposed to floodings, such as at a near the coast or low elevation, we strongly recommend that you buy flood insurance. Depending on where you stay, it may even be mandatory to qualify for certain types of home loans.
Corona-virus and homeowners insurance in Florida
As of now, the COVID-19(also called Corona Virus) hasn't had an as significant impact on homeowners' insurance as it has on automobile insurance and health. Some insurers may be abandoning late fees or adding you additional time to pay your home insurance fees. If you need to file a claim, you may undergo delays as companies adjust to a remote working system.
FAQs
How do I get cheap home insurance?
Two main ways can help you lower your home insurance costs. The first is to shop around as you would with any other purchase, comparing quotes from several insurers to find the best rate. The second is to modify your policy by reducing your coverage limits or increasing your deductibles, which makes your policy less effective and cheaper.
Can you negotiate homeowners' insurance rates?
It is possible to negotiate with an insurance company. In most cases, this requires an insurance agent who has the necessary expertise and knowledge to negotiate effectively on your behalf. Negotiating is also way more relaxed if you've already collected quotes from several sources so that you have some basis for requesting a new price.
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