omeowners insurance Florida is getting more expensive and its rates getting high than before, its many causes and factor. But most influential, one major cause is natural disasters. But if we get through, this hurricane season without a major storm Florida will have gone 10 years without being hit by the hurricane. You think your insurance rates would plummet? But in fact, we’re still paying the highest insurance rates in the country.
Why Home Insurance Rates in Florida Still High?
The nightmarish storms of 2004 and 2005 caused billions in damage. No one was surprised when insurance rates shot up the next year, but they didn’t expect them to stay high. Maybe the cost of the materials used to rebuild a home those are rising and what insurance is based on for homes is the cost of rebuilding. That’s true, but in the absence of hurricanes, insurance companies haven’t had to pay those higher rebuilding costs as often. Many of Florida’s biggest insurers as State Farm have reported massive profits, helped in part by this rare decade of calm in Florida. But to the industry, the last ten years don’t seem to matter. So again, Natural disasters are the highest risk in Florida, but natural disasters are not the only ones to blame.
Insurance companies are also seeing a rise in fraudulent water damage claims, and now those companies are passing the costs on to consumers and besiege. The water damage in these cases is legitimate, but the insurance claims being filed are often inflated, and now insurance companies are looking to recoup some of that money by increasing insurance premiums. State legislators have been trying to pass an OB reform for years, without that reform the Florida Office of Insurance Regulation says “Your homeowner’s insurance could increase 10% per year”. This a big problem for some insurer out there, in Florida especially. You probably ask “How to save more money on my home insurance in Florida”? That what I’m going to talk about.
How to Get Cheap Home Insurance in Florida
We’re often asked about how to save money on your home insurance. So here’s 5 SIMPLE steps or tips to help you save money on your home insurance.
1. Use an Independent Agent
Independent Agent is an agency that’s able to shop your rates. So, they usually have access to multiple companies and able to shop with different companies to provide the best rate for you.
2. Consider a Bundle
A bundle is a policy that you may get multi-policy discounts by having your home and auto policy with the same company. In Florida, it’s a little bit unique, but there are companies that provide a bundle and provide you saving to their home insurance policy.
3. Check Your Policy For Discount
Make sure your home insurance policy has all the discounts you deserve. In the discounts may be alarmed or some companies even consider credit as a part of a discount for home insurance
4. Consider a Higher Deductible
The deductible is the amount of money you will pay out during a claim situation. For example, let’s say the claim is $10,000. The company would pay 9,000 and you would pay 1,000. So by considering a higher deductible, you can then save money on your home insurance.
Read my related post about “Is Homeowners Insurance Tax Deductible?”
5. Consider Wind Mitigation Discounts
Mitigation is a Florida program that requires home insurance companies to give discounts for the structures of your home. For example, many details counts have to do with your roof, typically licensed inspectors or general contractors are able to do the wind mitigation inspection.
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Hopefully, this has helped give you some ideas on how to save and your Florida home insurance policy. There’s nobody that things that hurricanes are over, so what insurance has to do is to price for what is expected. To happen in the future, it’s always something that prevents insurance companies from lowering rates. So what’s a consumer to do? until state authorities start getting tougher on the insurance industry the best? You could do is aggressively shop get property insurance quotes from as many companies as you can to get the best rates.