Tips And Tricks To Follow About Homeowners Insurance Companies In Florida

Tips And Tricks To Follow About Homeowners Insurance Companies In Florida

Introduction:It is a dream come true for anyone to buy a own home. You are aware that much efforts you have to put in constructing or buying a home. You have to meet a lot of real estate agents, money lenders, brokers etc. to effect the purchase. Then follows registration of the house, furnishing it with all furniture and necessary items.

After putting all hard efforts in buying a home you need to save it from natural disasters in all possible ways. No one can fight with nature, but the losses can be made good by buying proper homeowners insurance coverage. Let us look at them in detail.

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Homeowners Insurance Companies In Florida

Homeowners Insurance Companies In Florida
Homeowners Insurance Companies In Florida

Immediately after hurricane season of 2004 in Florida, many leading Florida homeowners insurance companies were affected with massive claims and this necessitated them to exit the Florida home and insurance market in a hurry. Such withdrawals of big companies created much worries with the homeowners. As such, finding a convenient FL homeowners insurance company has become difficult.

Small insurance companies of Florida were battling to serve the residents and the homeowners were worried in finding the right insurance coverage. Now some of the leading homeowners insurance such as Choiceone, State Farm,Tower Hill, Travelers, Bankers, GMAC Home, Mercury, Liberty American, Citizens, American Strategic and Universal Property and Casualty are doing great business to the residents of Florida.

Coverage of Homeowners Insurance

Florida homeowner insurance coverage include the following.

  • Weather: Storms, fire, wind, hail, lightning, freezing, weight of ice, snow etc.
  • Non-weather: Theft, riots, vandalism, crash of vehicles and the like.
  • Sudden accidents such as water from plumbing, bulging of heating or cooling systems, problems in electrical current supply from generators.

Homeowners insurance in Florida will not cover in case if you intentionally cause damages to property or persons. It will not cover business pursuits and professional services.  Florida home insurance is applicable to the home or condo owner, landlord or renter.

Unlike auto insurance, which is mandatory by Florida laws, Florida homeowner insurance is usually required for those who bought the house through mortgage and those who invested a big amount on buying or building a home. However, if you are living in an area like Florida, which is prone to heavy winds or floods or thunderstorm or tornado, homeowners insurance is an absolute necessity.

Factors that Decide Home Insurance Premium

First of all you must understand that each insurance company is different. Your premium rate is calculated using the unique underwriting of the insurance company. Besides, there are some basic factors that are included in most of the insurance policies. In general, premium is calculated on the type of coverages and limits that are decided by the individuals.

One of the coverages that affects the premium is the coverage amount you require to rebuild your home after complete disaster or damage done to your house. Because this expense would include the cost of building materials, labor and the like to rebuild the home. This amount is not the same in each area and you have to consult a real estate agent to determine the cost.

Other factors that decide the premium rate include the location of your area. For instance, if you live closer to coastal area, your home is vulnerable to hurricane damage and hence, your premium may be fixed high.

Another factor is opening protection/wind mitigation, which refers to the measures you have taken to upgrade your entry doors, windows, skylights, garage doors with the arrangement of specific wind resistance features according to Florida Building Codes requirements.

Insurance for Personal Belongings

There are two types of personal belongings coverage and they are “actual cash value coverage” and “replacement cost coverage”. Under cash value coverage, you will get an amount equal to the value of the item damaged after subtracting the depreciation value. For example, if you have purchased a television set for $800 some five years back and if it is damaged now, you will get only the value minus depreciation. At the same time, replacement cost coverage will cover the cost to buy the same television set at today’s price. Therefore, you have to be careful in looking at the terms of insurance policies.

How to Choose an Insurance?

Undoubtedly price or premium is important, but it is not the only important thing. It is good to compare the quotes of several homeowners insurance in Florida, before making a decision. The significant things to be considered about the insurance companies are financial stability to pay the claims, how much reinsurance they offer and the financial stability ratings. you may not get certain information from the websites of the companies and you have to make personal approach to obtain some sensitive facts such as financial stability, etc.

How to find Affordable Insurance?

You can increase your deductibles to a limit you can afford to. This will have an impact in lowering your premium to a certain extent. Many Florida homeowners  insurance companies offer various types of discounts and look for the discounts, to which you are eligible. This wise step will also reduce your premium rates.

List of Florida Homeowners Insurance Companies

As far as the Florida homeowners insurance companies list is concerned, it will be a long one at present time. But, some of the leading companies are Universal Property and Casualty Insurance Company, Citizens Property Insurance Corporation, Security First Insurance Company, Federated National Insurance Company, Heritage Property & Casualty Insurance Company, Tower Hill Insurance Company, People’s Trust Insurance, Florida Family Insurance Company and more.

Home Insurance in Jacksonville

If you are one among the homeowners who have been dropped by many leading insurance companies in Jacksonville, you need not worry. There are experienced agents, who can guide you regarding buying of an apt homeowners insurance Jacksonville, FL. They will guide you to get the right coverage at affordable rates. Home insurance is available for condo insurance, renters insurance and Mobile Home insurance in Jacksonville, Florida.

Conclusion: Nowadays, many reputed homeowners insurance companies are doing great business in Florida and they are well equipped with policies that cover any precarious conditions that are faced by homes in the State of Florida. Do not fail to avail these facilities and get your home insured to ensure safety.

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