To determine what is the cheapest homeowners insurance in Florida, you should get multiple quotes. Home insurance rates are not developed the same way, and insurers place different weight on certain factors, such as a person’s credit score or the claims history of the home. This is why getting multiple quotes is so important. Among the companies with the best rates in Florida, Travelers has the lowest average monthly premium of $1,083. The company also offers unique discounts for bundled policies, staying claims-free, having security devices in the home, purchasing a new home within 12 months, and owning a LEED certified home.
The most common dwelling coverage in Florida is two hundred thousand dollars, which is a little more than $100K. This cost is roughly equivalent to the cost of $100,000 in California. You also have options when it comes to deductibles. The higher the deductible, the lower the cost of the policy, but you should only increase the deductible as much as it is reasonable. MoneyGeek also recommends purchasing a policy with a deductible of $5,000 if your house is worth $250,000, as a high deductible may mean that your premiums are more expensive.
Miami has the highest average cost for homeowners insurance, with an average of $5,187 for a $300,000 dwelling coverage. However, this doesn’t mean that the rates will be higher just because you own a pool in your backyard. In fact, the average rate for a home with a pool and $250,000 of coverage is only $1,569 a year. If you have a poor credit history, don’t fret – it doesn’t mean you will be paying a high premium. MoneyGeek compiled quotes from several Florida insurance providers and found that some have surprisingly low prices.
Using the MoneyGeek calculator is an excellent way to find the lowest Florida homeowners insurance rate. The site compares thousands of policies from different insurance companies, so you can see how much coverage you need. It is best to compare similar policies to find the lowest rate. There are no hard and fast rules when it comes to home insurance in Florida, but you should know how to shop for the best coverage. And remember to compare quotes before making a final decision.
Many companies offer discounts for homeowners with protective devices installed on their homes. Hurricane glass, accordion shutters, and other disaster-resistant features can help reduce your premium by up to 20%. And raising your deductible can also help. If you are concerned about your dog’s safety, you should consider getting a different insurance plan. The difference between the cheapest homeowners insurance in Florida is quite drastic. The average monthly price of home insurance in Miami-Dade is $451 per month, while the average cost in Pinellas is $127. Coastal counties are also more costly than counties without extreme weather.
While choosing a Florida home insurance policy, you should consider the discounts. Most insurers offer a list of discounts, including those for homeowners with an alarm system and non-smokers. Almost everyone can qualify for at least one of these discounts. However, be sure to consider wind mitigation inspections, as they can reduce hurricane damage. In Florida, wind mitigation inspections can help prevent storm damage and cost.
The cheapest homeowners insurance in Florida is likely to cover the most common needs of the typical homeowner. A good example of such policies is the flood insurance from Tower Hill. The company is highly regarded in Florida, and the flood insurance and contractor network program make the process seamless. In addition to flood insurance, tower hill offers special policies for larger homes. Additional benefits include a screened enclosure coverage and enhanced debris removal coverage.
In Florida, homeowners insurance is not mandatory but lenders may require it. However, in order to protect your assets, you should consider sinkhole protection and other disaster protection. For example, if your home is older and has high risk of flood damage, you should consider buying a policy that covers both water and wind damage. It’s best to obtain quotes from three different insurance companies to compare the costs. If you don’t have enough time to do this, you can use a broker tool to compare multiple quotes in minutes.
While there are a number of factors to consider when choosing a homeowners insurance policy, it’s important to remember that rates increase every year. These rates usually follow inflation and risks in the area. Florida homeowners have been faced with storm damage on a regular basis since the start of the century. Hurricane damage usually increases the premiums, so you may want to consider shopping around for a better deal. If you’re concerned about the cost of homeowner’s insurance, you can always opt for a bundled policy.