Home insurance is something that all homeowners should have to ensure the safety of their families and properties. However, sometimes the costs may be too expensive.
In Florida, for example, a state that is prone to natural disasters like floods, hurricanes, winds and sinkholes, the insurance premiums are considerably high.
According to insurance.com, the average Florida Homeowners Insurance cost is $3,643. That may vary depending on the house’s location, marital status, age, claim history, and credit score. If you want to get a cheaper homeowners insurance, you have to go for a higher deductible.
You also have to ask about the discounts they offer and see if you qualify for any of them. Majority of the homeowner insurance companies have discounts for non-smokers, first-time homeowners, couples, and added security measures.
You can also lower your insurance premiums by ensuring your home is disaster-resistant by installing accordion shutter or hurricane glass.
There are different types of Florida Homeowners Insurance. There are the types that cover the home structure against damages like hurricanes and winds, ones that cover the properties inside the home, and the liability insurance that covers the people listed on the policy.
To understand what is covered under your homeowner policy and when there will be a payout, it is essential to understand the different types of homeowners insurance.
Named perils- These policies cover only the listed damages.
Open perils- They cover all disasters except some excluded ones, mentioned in the policy.
Common disasters covered by almost all homeowners insurance include;
• Vehicle collision.
• Vandalism or theft.
Some of the common exclusions that none of the homeowner insurance companies covers includes;
• Ordinance of law.
• Power failure.
• Intentional acts.
• Nuclear explosions.
There are different levels of named peril insurance policies; basic and broader named peril policies. Broader peril open policies will cover the named damages and add;
• Accidental water damage.
• Freezing of plumbing.
• Weight of ice or snow.
• Falling objects.
There are also many different insurance companies in Florida. However, you may need to do your research on each of them to get the best and cheapest homeowners insurance. You need to understand their policies and what they will cover. Some of the companies you need to consider include;
1. Insurity Insurance Brokerage
They have the best way to ensure that your house, belongings and family are all safe, at all times. Their customer care services are second to none, and they always make sure to advise their customers on other insurance-related issues.
In case you buy more than one insurance policy type from them, they lower your bill in a process called bundling.
• Easy and fast claim handling process.
• They are committed to customer satisfaction.
• Their services and products are easy to understand.
• They have online educational tools for their customers.
• Their coverage options are customizable.
• Some coverage is unavailable in some places.
• Loyalty- Customers who have stayed in Insurity Insurance Brokerage for at least 18 months qualify for a discount.
• Smart devices- Clients who have installed gas or water leak sensors in their homes qualify for a discount.
• First-time homeowners.
Insurity Insurance Brokerage has earned its position in the market by covering most of the damages that homes can face. Most of their policies are open perils, which means that they cover most of the damages, with a few exceptions.
Other coverage options that they offer include;
• Legal liability which protects against accidents incurred by other people in your home.
• Loss of use which pays for your temporary housing when your house is under repair.
2. Amica Mutual
This is one of the best overall Florida homeowners insurance known for its painless and quick claim process. With Amica, you are sure that your home will be fully covered any costly weather-related damages like hurricanes because of their high coverage limits.
For 18 consecutive years, Amica has had the highest property claims rankings from J.D. Power.
• Easy and speedy claim handling process.
• Unmatched customer services plus customer satisfaction levels.
• Affordable policy rates.
• Unavailability of some additional coverage in some areas.
• They offer fewer discounts than other homeowner insurance providers.
• Loyalty- They give discounts to customers who have been with the company for at least two years.
• Automatic detection devices- Customers with gas or water detection devices in their homes qualify for a discount.
• Remodelled/new home credit- Amica gives savings for clients who have remodelled their home or bought a new home recently.
One of the things that have made Amica stand out from other homeowners insurance companies is their unique coverage options that include;
• Identity fraud expenses coverage which protects clients against unauthorized use of their credit cards up to their coverage limit.
• Catastrophic damage which covers earthquake or flood damage and it does not include a deductible.
• Home business coverage which helps people who run their businesses out of their homes and remote workers.
• Loss assessment plans good for condo owners responsible for shared portions of a property.
Often being ranked as one of the best and cheapest homeowners insurance in Florida for its price, claims handling, policy offerings, and customer service, USSA is the best homeowners insurance for former and current military members plus their families.
J.D. Power often awards USSA high marks. In the J.D. Power 2020 Property Claims satisfaction Study, USSA had the highest marks. It offers among the best homeowner insurance coverage policies in the market.
• High-quality coverage.
• Exemplary customer service.
• Offers relatively few discounts as compared to other homeowner insurance companies.
• Only limited to former and current military members, their family members.
• Claims-free- Homeowners who go for more than five years without making any claims get up to 10% off their premiums.
• Protective device credit- Clients who have installed alarms, security cameras, and other security devices in their homes qualify for a discount.
• Bundling- Clients who have other types of insurance policy like auto insurance from USSA can save up to 10% off their homeowner’s insurance premiums.
• Loss of military uniforms.
Having been in business for over 150 years, Chubb is the best homeowner insurance for luxury properties because of their high-priced coverage. They have Chubb Limited, the biggest casualty insurance company and publicly traded property, backing all their policies.
• They waive the deductibles when the losses are over $50,000.
• They specialize in large policies.
• They have a cash settlement option after a loss.
• They do not have a quick quoting process.
• They have very expensive coverage.
• Not available everywhere.
• They have mixed customer satisfaction.
• Only insure luxury homes.
Instead of having discounts for their customers, they offer complementary features to their clients for paying top-dollar premiums. Some of these extras include;
• Is a tree falls on your insured home, they cover for tree removal services.
• If your system is affected by a computer virus, they will cover for the data restoration costs.
• They offer a HomeScan system that helps find hidden issues in your homes like leaks and faulty electrical connections before damages happen.
In addition to the typical home insurance protections offered, Chubb includes other coverage including;
• Risk consulting.
• Extended replacement costs.
• Earthquake and wildlife coverage at an additional fee.
• Cash settlement.
J.D. Powers survey ranks Nationwide highly. It has some of the best services and coverage.
• Includes free extras.
• Below average customer service.
• Ordinance insurance which covers the cost to rebuild your house in accordance with the current codes.
• Credit card coverage which protects you against identity theft.
6. Security First
This is one of the cheapest homeowners insurance in Florida, with its average annual premium being $519. That is less than a third of the other average premiums from other homeowners insurance companies.