You may be wondering where to get cheap home insurance quotes in Florida. There are several factors to consider. While price is the most important consideration, cheap insurance is not necessarily the best type of policy. Consider whether the company has a good reputation and local presence, and whether they have sneaky terms like cash-value for lost or stolen items. The more information you have, the better your chances of finding cheap home insurance in Florida.
The first step to get cheap home insurance in Florida is to compare prices. Rates for homeowners insurance often go up each year in order to reflect inflation and the increasing risks. For instance, storm damage has increased in Florida in recent years, driving up premiums. You should compare rates from several different providers, especially if you have a high-value home. In Florida, the average cost of homeowners insurance is $451 a month for homeowners in Miami-Dade County and $127 per month in Pinellas County. This can be much higher or lower, so shop around and compare quotes.
In Florida, the average cost of homeowners insurance is $1,648 a year for coverage up to $250,000, or approximately $750 for homes worth $400K. The average rate for the same type of coverage in the rest of the country is $1,383. Of course, the rates can vary wildly depending on the ZIP code you live in. A homeowner in coastal Miami, for example, can expect to pay $3,090 a year, while a homeowner in inland Orlando can expect to pay $1,432 a year.
While homeowners insurance in Florida isn’t required, many lenders require it in order to extend a loan. Because of this, it is vital that homeowners insurance coverage covers damage caused by wind or water. Additionally, the age and credit score of your home will impact the cost of your policy. The Insurance Information Institute suggests gathering quotes from at least three different insurance companies before choosing a policy. You can also use an online broker tool to compare multiple quotes.
Tower Hill is the cheapest Florida home insurance company by average statewide. State Farm and AIG are two other insurers to consider. Tower Hill has the lowest average statewide rate, but you need to remember that rates vary depending on your location. In addition, you may need to pay a deductible before your policy kicks in. Some Florida insurance companies offer deductibles specifically for hurricane damage. If your home is built with impact-resistant materials, you can qualify for a discount.
Chubb offers high-value home insurance in Florida. Some of their highlights include extended replacement cost coverage and cash settlement options. You can also benefit from a large number of optional extras. In Florida, you can pay much less for a policy that offers you $500,000 of liability coverage. It will also protect you in case of an accident involving another person. The costs of such extras will vary, but in most cases, they will be worth it.
Homeowners insurance in Florida is inexpensive if you consider all of the discounts you qualify for. Nearly every insurance company has a list of discounts for certain things, such as a home alarm system or being a non-smoker. Most people are eligible for at least one of these. Another important factor to consider is the frequency of wind damage claims. In Florida, hurricanes and storm surges often cause extensive flooding, and standard homeowners insurance policies usually don’t cover this type of damage. Therefore, it’s imperative to consider purchasing flood insurance if you live in a flood-prone area.
In Florida, Citizens Property Insurance Corporation is the “Fair Access to Insurance Requirements” plan carrier. Citizens offers standard coverage to homeowners who don’t have access to private market options. However, it is important to note that Citizens premiums are more than 20 percent higher than the average. For this reason, Citizens is an option for Florida homeowners who don’t have access to standard insurers. They offer a standard home insurance policy and a special animal liability coverage.
Tower Hill offers a comprehensive flood insurance option. They also offer a contractor network program to make repairs seamless. These insurance policies are popular with high-net-worth Floridians, and their coverage options may include a screened enclosure and enhanced debris removal. If you live in an area that is high-risk, consider working with a local insurance agent. Your agent can help you compare policies and help you find the best deal.