Florida homeowners insurance rates are increasing. Rates have increased 33% since 2016. However, rates can differ from one county to another. If you don't want to pay a higher premium, take advantage of discounts on certain home protection devices. Flood damage is one the most common claims in Florida.
Since 2016, rates have increased by 33%
Florida is seeing an increase in homeowners insurance rates. The Insurance Information Institute tracks the rates of property insurance and found that Florida rates have increased on average by 33% since 2016. This increase is above the national average, which increased by 10.9%. However, it is not the only reason for the spike in Florida insurance rates. Small in-state insurers are having a hard time competing in the state. In fact, six Florida insurance businesses declared bankruptcy this year.
Insurance costs are on the rise partly because of an increase storms which have led to an increased in reinsurance. Some reinsurers are withdrawing from Florida while others raise rates. The premium is passed to the consumer, who pays between 35%-50%.
Florida flood damage is a very common claim.
In case of flooding, you should seek flood damage coverage on your homeowner's insurance policy. Florida is known for its extreme weather. It's therefore important to make sure that your policy covers any damages. Floods can cause major damage to your home, and can be costly to repair.
Flood damage can lead to thousands of dollars in damages, as well as mold and structural damage. No matter whether water damage was caused by a hurricane and/or a natural catastrophe, homeowners are often faced with water damage. Florida homeowners insurance covers flood damage. Flood damage could also result from flooding caused by mudflows. One inch of water in your home could cause damage worth thousands of dollars.
Florida homeowners insurance covers liability.
Homeowners insurance should include liability coverage. It covers all medical expenses you might incur because of injury to another person. You also get coverage for other expenses that may arise from negligence. You must have sufficient liability coverage in order to pay for damages if you are sued. You should hire an experienced agent to evaluate your policy and ensure you are receiving the best rates possible.
Liability coverage is part of home insurance in Florida. The amount of coverage depends on the type and contents of the home. Separate insurance is required for detached garages. The coverage limits for detached garages are typically 2% to 10% less than the main residence. Higher limits can be purchased if desired. You should also inform your insurance agent if you rent out your detached structure or use it for business purposes. These situations may require specialized insurance.
You can get discounts on adding protective devices to the home
Insurance companies often offer discounts for homeowners who have smart home technology installed. Farmers, Liberty Mutual and USAA offer discounts on ADT security systems. However, the eligibility requirements may differ by state. These discounts may reduce the overall costs of smart home upgrades and provide an incentive to create a safer home.
In addition to smart home technology, there are many other ways to protect your home. You can, for example, install an alarm system. These devices can protect your home from fire and theft. They can also reduce your property insurance premiums.