Home Insurance Florida - Researching Choices PDF Print E-mail
Written by Jennifer Richard   
Monday, 19 April 2010 14:29
Getting a home insurance policy in Florida can be a time consuming and frustrating activity. Some insurance companies don't even last in Florida for more than a few years because their payouts literally put them out of business. With the severe storms and a six month hurricane season, home insurance Florida can cause plenty of stress.
by JenniferRichard


Getting a home insurance policy in Florida can be a time consuming and frustrating activity. Some insurance companies don't even last in Florida for more than a few years because their payouts literally put them out of business. With the severe storms and a six month hurricane season, home insurance Florida can cause plenty of stress.

Florida rates are said to be some of the highest in the US. Because of the long rainy season, these possible losses are factored into each policy that is written. Home policies don't cover water damage caused by storm flooding, but it does cover everything else including the total loss of your home and everything inside.

Insurance carriers have widely changing rates. This is one market that has a lot of competition. Premiums can skyrocket in a year for what appears to be no obvious reason, yet the policy holder can get quotes from other companies for identical coverage and see rates of hundreds of dollars lower. If your premiums went up because you made a significant claim, you might even find that your policy is canceled. Doesn't sound fair, but it's possible. At that point you will be forced into buying a policy from the state run insurer, but their rates are actually quite competitive.

When you buy a home it's important to know if the property is in a flood zone. If it is, you will need flood insurance. The premium in many instances could be equal to or greater than your regular home insurance premium. It is also predicated on how close you are to the beach. If you literally have beach front property be prepared for some almost outrageous flood insurance premiums. The premiums might decrease a bit depending on how far you are from the actual water line.

Flood zones change yearly depending on what has happened in the recent past. Things like erosion and even street construction can create flood plains that had never occurred in the past. You could find yourself buying a home that wasn't in a flood plain originally, and within a year or so being notified that you are now in a flood zone and you will need to purchase flood insurance immediately.

Newcomers to the Florida real estate market need all the information they can get. The best thing to do is to find a good insurance agency that specializes in home insurance and make an appointment with an agent. They have the expert knowledge you need and will walk through all the steps necessary. She can give you immediate quotes from multiple insurers and give you ideas on what you should and shouldn't purchase. She will also know the latest flood zone patters and will let you know if you do need to purchase an additional flood insurance policy. If you need these policies in order to pass papers, you might find some unpleasant financial surprises in store.

If money is an issue, shop for better rates before deciding to reduce your overall home coverage. In Florida, no one can take those chances.

Make certain you are covered for replacement value of your home, and re-evaluate this number every year. A common mistake that many homeowners make is to either assume that if their house is totally destroyed that they will be able to rebuild with their insurance proceeds. This is far from the truth. You will be reimbursed for the value noted on your policy. If your home has increased in value, you will need to spend an increased amount to find a contractor who can replace it for that money.

DISCLAIMER: This article is provided as information only and is not to be taken as financial advice.

Buying insurance for your home in Florida doesn't have to be frustrating. Learn more about home insurance Florida agents and companies provide at http://www.homeinsuranceflorida.org .