Everyone in Florida who owns a home needs the insurance that goes along with it. In fact, you’re buying or building a home right now, you won’t be able to break ground or get that key until you have the insurance for it because banks won’t write you a loan. After all, that’d be a lot of money to borrow when they know your uninsured home could fall apart in the blink of an eye and leave them with nothing. So, needless to say, you have some work to do in terms of finding the best possible value for your money.
Consider Your Home
Homes differ a lot in Florida, if for no other reason than based on where they’re located. Obviously, one located inland up north won’t need the same type of insurance as one standing on the coast of Miami. But it’s very much up to you to figure out what kind of insurance is necessary for your home.
Unfortunately, most insurance companies will sell you whatever you can. Let’s consider a homeowner, Natascha, in this situation. Homeowners insurance rates in Florida may be higher than necessary if you don’t do your own research to figure out what you actually needs. While it’s better to have more coverage than less, homeowners insurance rates in Florida could be brutal if you don’t understand what you can say no to.
One good way of figuring out what you actually need is by talking to your neighbors. You don’t need to know how much they paid, just the type of insurance they bought. When applying for a mortgage, your bank will generally do a good job of laying out what they feel you need to have.
Comparison Shop Out in the Open
Another way to save money on your homeowners insurance in Florida is by comparison shopping. This should seem obvious, of course. But don’t keep the practice to yourself. Let insurers you’re considering know that you’ve been around the block and know what you can get for your money. By doing this, you’ll encourage each to be more reasonable with their assessment, more honest with you about the coverage you need and even lower their price.
Research the Providers You’re Considering
There’s more to good homeowners insurance than the overall price though. You could end up paying just a penny; is that coverage really going to help you, do you think?
One important factor is a company’s ability to actually pay up if something goes wrong. Many insurance companies over leverage themselves, betting on the fact that a large percentage of their clientele won’t all need help at the same time. This gamble could end up hurting you, especially when you consider how tropical storms and other aggressive weather in Florida can destroy homes en masse.
Don’t rush into buying home owners insurance before you’ve considered all of the above. The coverage you need don’t need to cost an arm and a leg if you know what you’re doing.