So, you’ve closed on a home and the time has come for you to purchase homeowners insurance in Florida.
Before you start to feel overwhelmed by the many options in front of you – or unsure about which policy to choose – let us share some important considerations to guide you.
Why is Homeowners Insurance Important?
When it comes to protecting your home in Florida, homeowners insurance is essential.
Florida has unique risks from hurricanes to flooding, to everything in between – making it crucial to choose the right coverage for your property.
Additionally, it is typically required by mortgage lenders if you are financing your home.
Here’s what you need to know before purchasing homeowners insurance in the Sunshine State.
Is Hurricane Coverage Included?
While most standard homeowners insurance policies in Florida include hurricane coverage, it often comes with a separate deductible specifically for hurricane-related damage.
These deductibles are typically calculated as a percentage of your home’s insured value, ranging from 1% to 5%. Before purchasing a policy be sure to familiarize yourself with what’s covered so you’re prepared if a storm causes damage.
Is Flood Insurance part of Homeowners Insurance?
Unfortunately, flood insurance is separate from standard homeowners insurance and needs to be purchased through the National Flood Insurance Program (NFIP) or a private insurer.
Whether you live in a high-risk flood zone or not, consider this coverage—over 20% of flood claims come from low-to-moderate-risk areas.
Know Your Home’s Value and Rebuild Costs
When looking into policies, ensure your policy covers the full replacement cost of your home, not just its market value.
Construction costs in Florida can be high, especially after a natural disaster when demand for materials and labor skyrockets.
Look for Discounts and Consider Getting a Home Inspection
If you want to save money on your policy and uncover opportunities for additional savings, consider getting a home inspection.
Home inspections identify features that reduce risk, such as:
- New or Upgraded Roof: Insurers often offer discounts for roofs that meet modern building codes or are resistant to wind and hail damage.
- Storm Protection: Impact-resistant windows, hurricane shutters, or reinforced garage doors can qualify you for wind mitigation discounts.
- Security Systems: Burglar alarms, smoke detectors, and sprinkler systems can lower premiums by reducing the risk of theft or fire damage.
Sometimes insurance companies will require inspections before solidifying your policy to assess potential risks and ensure proper coverage.
How Much is Homeowners Insurance in Florida?
Florida’s insurance market is competitive, and premiums vary widely between providers. An independent insurance agent can help you find the best policy tailored to your needs.
Click here to get in contact with one of our agents at Florida 1st Insurance.
Buying homeowners insurance in Florida requires careful consideration of the state’s unique risks and insurance landscape.
By understanding the coverage options, costs, and providers, you can protect your home and your peace of mind.
If you want to speak with an agent today at South Florida’s best Insurance Company, click here.