Florida homeowners insurance rates have been on the rise. The rates have risen by 33% since 2016. However, rates can differ from one county to another. You can save money by adding protective devices to your home. Flood damage is one the most common claims in Florida.
Since 2016, rates have risen by 33%
The state of Florida is seeing a spike 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 is more than the 10.9% national average. It is not the only reason Florida insurance rates have risen. The state is experiencing difficulties with small, in-state insurers. Sixteen Florida insurance companies filed for bankruptcy in this year's event.
Insurance costs are on the rise partly because of an increase storms which have led to an increased in reinsurance. Some reinsurers are pulling out of Florida, while others raise rates. The consumer pays 35% to 50% of these premiums.
Florida flooding is a frequent claim.
Flood damage coverage should be included on homeowner's insurance policies in the event of flooding. Florida is well-known for its extreme weather. Make sure your policy covers any damage. Floods can cause major damage to your home, and can be costly to repair.
Flood damage can cause damage to homes and businesses that could cost thousands of dollars. Water damage can happen to homeowners regardless of whether it was caused by a hurricane, a natural disaster or other factors. Florida homeowners insurance covers flooding damage. Flood damage can also be caused by mudflows or overflowing rivers. A single inch of water can cause flood damage that could cost thousands of dollars.
Florida home insurance includes liability coverage
Liability coverage is a key component of homeowners insurance. It pays for any medical expenses that you incur due to an injury to another person. It can also cover other expenses that might arise from negligence. Liability coverage must be sufficient to cover expenses arising from negligence if you are sued. To ensure the highest rates, you should consider hiring an agent with experience to assess your policy.
Florida homeowners insurance covers liability. The coverage amount will depend on the type, age and contents of your home. If you own a detached garage, you will need separate insurance for it. The limits for detached garages typically equal 2% to 10% of the coverage for the main home. You can buy higher limits if necessary. Also, let your agent know if you intend to rent out your detached property or make it available for business use. You might need special coverage in these cases.
Protective devices can be added to your home at a discounted price
Numerous insurance companies offer discounts to homeowners who install certain protection devices in their homes, such as smart home technology. Farmers, Liberty Mutual and USAA offer discounts on ADT security systems. However, the eligibility requirements may differ by state. These discounts can help reduce the total cost of smart-home upgrades and offer an incentive to create safer homes.
There are other ways to protect your home than smart home technology. Installing an alarm system or smoke detector is one example. These devices can protect your home from fire and theft. They can also lower your property insurance premiums.