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The Cost of Homeowners Insurance in Florida
It’s probably no surprise that homeowners in the state of Florida pay the highest insurance premiums in the country. Hurricanes take their toll on coastal communities, and those claims are reflected in the cost of insurance.
The average premium for homeowners insurance in the United States is $1,083, but Florida homeowners average a whopping $2,055 – 90% higher than the national average!
Factors that Impact Home Insurance Rates
Many factors are considered to determine premiums for Florida homeowners insurance. The following items are all part of that calculation:
- Building Construction — Instead of the value of your home, it’s actually the materials in your home that determine your homeowners insurance rate. The year built, type of structure (brick, stone, cement block, wood frame, hardy plank), type of wiring, age of and material used for the roof, and whether your garage is attached or detached all impact how much you pay. Surprisingly, an older home may cost more to insure than a newer home.
- Physical Location — The physical location of your home may also impact your homeowners insurance premium. Living close to a fire station is a positive move. However, living on or close to the breach or where you are likely to be directly exposed to hurricanes, storm surges, tornadoes or earthquakes is not so positive. Even simpler factors like burglary and theft statistics in your neighborhood may have a direct impact on premiums.
- Security Devices — In addition to protecting your family and your possessions, adding smoke detectors, sprinkler systems, deadbolt locks, and burglar alarm systems may save money on homeowners insurance.
- Personal Habits — Your personal habits may also impact your premiums. Smokers may pay more for Florida home insurance than nonsmokers. Maintaining a superior credit rating may lower premiums.
- Past Claims— When filing insurance claims, consider what impact a claim for the garage door (that will come out of your deductible anyway) may have on future premiums. A history of excessive claims on a prior homeowners policy may be reflected in higher premiums with your next insurance carrier.
How to Lower Your Florida Homeowners Insurance Quotes
Before you purchase a home, consider whether you can afford the cost of living on the beach if you have no insurance to rebuild following a hurricane. If not, choose a location more inland. Check the burglary and theft statistics at the local police department before you put down a deposit. Add the safety features mentioned in #3 above. Protect your credit score. Consider the cost of smoking not just on your health but also on your insurance premium.
Homeowners insurance is a fact of life. You must have it. So, don’t worry over the things you cannot change. Instead, concentrate on the things you can!
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