Owning a home in Florida can be very expensive. You are most likely paying more for homeowners insurance than your friends around the country. Homeowners insurance does cost more in Florida than in other parts of the country. Why are our costs so high and how can we keep them down?
Florida has a higher risk for weather-related catastrophes on both coasts, such as hurricanes. Our peninsula is covered by water on three sides. We are surrounded by the Atlantic Ocean and the Gulf of Mexico with two distinct weather patterns. Hurricanes can and do cause serious damage to our state when they occur.
Fraud and Assignment of Benefits also drive up the cost of insurance in Florida. The third factor that impacts rates is the cost of reinsurance. This is based on global experience and it makes it more difficult for insurance companies to balance risk and expense. There are insurance companies who do not write homeowners policies in Florida and some other companies have raised their costs or suspended writing new business in certain counties. Fewer insurers lead to higher insurance rates.
How Can Floridians Lower the Cost of Their Homeowners Insurance
If you are searching for a home in Florida, you know about the already high costs of homeowners insurance in Florida. You should be able to be on the lookout on how to lower costs while house hunting.
You should ask your agent about the factors that influence premium cost such as location, age of home and availability of coverage.
Your insurance agent can pull a comprehensive loss underwriting evaluation to disclose if there were any prior claims on the home.
Ask about flooding in the area as well and if the home has a history of flooding. Flood insurance is a separate policy and is not always covered by standard homeowners insurance. There are also private flood options to consider.
If you already own a home, it is important ensure your home is resilient to storm damage by updating your property. Hurricane opening protection and a newer roof may get you lower rates on your homeowners insurance policy.
Alternate Ways to Save
- Shop Around for Insurance Options – It is a good idea to utilize an established independent agency that can shop around for the best value with a high quality insurer. Not all agencies have access or knowledge that can be extremely beneficial to you.
- Compare Premium Costs – You will have lower premium costs if you choose a higher deductible.Ensure you know what you will be expected to pay out of pocket before choosing a higher deductible. Be aware that many of the lowest cost carriers have very significant sub-limits that can dramatically reduce coverage.
- Multiple Carriers – The Gordon Agency works with multiple carriers and shops around to find you the lowest price.
This is the home of Florida’s Insurance Professionals. We are a multi-line independent agency that provides insurance solutions for both personal, and commercial lines. Combining decades of relationship building with motivated licensed insurance agents to provide coverage options for all of your insurance needs. Our team of agents relies on our education, integrity, experience, and attention to detail to accurately assess each opportunity and to offer the optimal solutions for all of our clients. We are dedicated to matching the right product for every situation, always at the best price available. Call us at 561-988-3330, visit our website or paste our address in your browser https://tgafl.com/.
The Gordon Agency Inc.
1825 NW Corporate Blvd Ste 110,
Boca Raton, FL 33431
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