Florida homeowners insurance rates continue to rise. Rates have increased 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 a common claim in Florida.
Rates have risen by 33% in 2016
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 is a higher rate than the 10.9% increase nationally. The increase in Florida insurance rates is not caused solely by this. It is becoming increasingly difficult for small in-state insurance companies to compete in the state. In fact, six Florida insurance businesses declared bankruptcy this year.
Partly due to an increase of storms, insurance costs have risen. This has caused an increase in the reinsurance costs. Some reinsurers are considering withdrawing from Florida, while other are increasing their rates. Consumers pay between 35%-50% of the premium.
Flood damage is a common claim in Florida
Flood damage coverage is something you should look into if there's flooding. Florida is well-known as a place where severe weather can occur. Therefore, it's crucial to ensure your policy covers any potential 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. 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 protects against flood damage. Flood damage may also occur from mudflows, overflowing rivers, and other factors. Just one inch of water within your home can cause flooding that can cost you thousands of bucks.
Florida offers liability coverage as part of its home insurance.
Homeowners insurance should include liability coverage. It covers any medical expenses you incur after an injury to someone else. It can also cover other expenses that might arise from negligence. To cover the costs of negligence lawsuits, you will need adequate liability coverage. An experienced agent should be hired to review your policy and ensure that you receive the best rates.
Florida home insurance includes liability coverage. The amount of coverage will vary depending on the type of property and its contents. You will need separate insurance if you have a detached garage. These structures typically have limits of 2% or 10% less than the main dwelling. 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. These situations may require specialized insurance.
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. For example, Farmers, Liberty Mutual, and USAA offer discounts for ADT security systems, but the qualifications may vary by state. These discounts can help reduce the total cost of smart-home upgrades and offer an incentive to create safer homes.
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 will help protect your home from theft and fire. They can also reduce your property insurance premiums.