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Florida Home Insurance Rates

In Florida, home insurance rates vary depending on the type of home you have and the type of coverage you want. It is important to note that the state of Florida has some of the most expensive rates in the nation. This is due to the tropical storms and hurricanes that often come through Florida. If you are living here, you can expect at least a few storms to hit your area, so you want to be sure your home is covered. To find a good, affordable rate, there are things to consider before you purchase your home and after you purchase your home.

Factors to consider before you purchase your home:

  • Location
  • Age of Home
  • Construction Material
  • History

Purchasing a home is a big decision. In Florida, there are many different types of homes to choose from. Even before you make your decision, there are things to consider when it comes to Florida home insurance rates.

Location is the first factor to consider. If you are choosing a home that is right on the water, you can know that your homeowners insurance will be much higher. Catastrophe or natural disaster insurance is not standard. You can elect to add this type of coverage to your policy if you live in a high risk area. It can be quite costly, but it will give you piece of mind if a storm or disaster should hit. Considering the location of your home before you purchase one will help you to budget your costs.

The age of the home you are purchasing is the second factor to consider. Any home that you choose will require an inspection. An inspector will look at the structure itself. They will look for water damage, rot, and termites. They will inspect the roof, porch, deck and siding. Inside, they will inspect the plumbing, the wiring, basements, crawlspaces, and furnaces. The older a home is the more coverage a company will want you to have. It is reasonable to expect that some aspect of an older home may have to be repaired or replaced.

The construction material of the home is another factor to consider. Some types of construction are more resistant to weather damage such as wind and water. If you purchase a home that is made of brick or stone, you will most likely get a cheaper rate since, in Florida, water, flood, and wind damage are all considered likely.

The last factor to consider is your previous claim history and credit rating. Though it is not the only factor, insurance companies will still look at your history. If your credit rating is in the “fair” category, your premium will be higher. Before purchasing a home, you can work on improving your credit score.

Factors to consider after purchasing your home:

  • Safety Devices
  • Smoking in the Home
  • Multiple Policies
  • Deductibles

Once you purchase your home, there are many factors that will help you qualify for lower premiums and discounts. As you are making your home move-in ready, consider doing some of these things which can lower your Florida home insurance rates.

The first factor is filling your home with safety devices. Of course all homeowners want to install smoke detectors to protect their family and home. But did you know that this also can reduce your insurance premium by 5% or more? Installing a home security system can also reduce your rates and give you added piece or mind. You can add motion detecting lights around the outside of your home as well. Having fire extinguishers in the home can reduce your rates by another 5-10%.

The second factor is smoking in the home. If you are a smoker, your rates will be higher. This is due to the fact that many home fires begin from cigarettes that have not been put out or ashes that have fallen. Being able to tell your insurance company that you are a non-smoker will reduce your Florida home insurance rates.

The third factor is considering multiple policies. Many insurance companies will give you a better rate if you have other types of coverage with them. If you own vehicles, boats, or other water crafts, you can get your insurance coverage through one company. Some companies also offer life insurance and business insurance. This is called a multi-policy discount and will save you money on your premiums.

The last factor to consider is your deductible. The higher your deductible, the lower your monthly premium will be. Raising your deductible can decrease your premium by as much as 50%. Make sure you have some money saved to put towards your deductible should you need it.

Consider certain factors before and after you purchase your home when looking for insurance. These important tips can help your Florida home insurance rates to be affordable and give you the coverage you need.

To compare Florida home insurance rates right now, use the free tool at the top of this page. Just click and compare. You can find your best rate on Florida homeowners insurance today!

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