Florida residents have many options when it comes to insurance. Some offer more coverage than other. Some companies are more expensive than others. Compare multiple quotes from different companies before you decide. Wind mitigation discounts are also worth considering. These features can help protect your home and lower your insurance premiums. They might also be free. You should also check with your insurance company to see if there are any discounts.
State Farm
After a long, difficult year, State Farm is announcing plans to cancel nearly 700,000 homeowners insurance policies in Florida. The company is also cancelling close to 80,000 condominium and 62,000 renter policies. This rate hike was prompted by the Florida hurricane season of 2004, when the company's Florida affiliate had to borrow $750million from State Farm Mutual of Illinois. The debt was still outstanding, and as of August, the Florida affiliate reported that the surplus had decreased by $201 million in the first three quarters 2008.
State Farm homeowners insurance includes coverage for injury due to flood, fire, and other natural hazards. There is also an option to increase your home's worth by 20%.
Allstate
Allstate is an excellent choice for homeowners insurance in Florida. Allstate offers a superior service and competitive rates. Allstate is a large insurer so you can access it from nearly anywhere. To get the best deal, compare Allstate's rates with at most three to four other insurance providers.
This company is very popular with homeowners in Florida. Its history goes back to 1864. AM Best rates it A++ for financial strength. It also offers discounts and endorsements that could save you money. These discounts include hidden water damage coverage and multi-policy discounts. You can also choose the coverage and deductibles that best suit you.
Travelers
Travelers provides standard home insurance coverage as well as optional coverage packages to provide better value. Travelers can assist you in customizing your coverage to better protect your assets. You can also add green home upgrades to your policy to pay for the costs of green materials. This insurance company will provide average customer service, satisfaction and coverage regardless of what coverage you choose.
Travelers also offers personal property replacement cost settlement, which pays you for your personal property at replacement cost at the time of a loss. The coverage covers personal property replacement costs, including depreciation. The policy covers a wide range of items, including medical expenses, property damage, and loss of use.
Chubb
There are many extra features included in Chubb Florida homeowners insurance. The company provides extra coverage for sewer backups. These policies can also be combined with other products for discounts. Chubb has more information.
Chubb's insurance provides cash settlements to cover total losses if your home is set on fire. The company will offer temporary housing in hotels and similar properties nearby. Chubb will also reimburse you for expenses for food and lodging. Additionally, the policy covers damages resulting from natural disasters as a well as liability suits.
Universal Property
Universal Property Insurance offers a number of discounts to homeowners. Some of these discounts include automatic bank and credit card payments, electronic statements, claims-free discounts, and automatic payment from your bank account. You can also save money by installing protective devices around your house. Universal also provides replacement cost insurance for any property damaged.
Founded in 1997, Universal Property & Casualty Insurance Company is a Florida-based insurer that offers home insurance in Florida and many other states. The company holds 9.7 percent of Florida's homeowners insurance market. The company offers home insurance direct to customers as well as through independent agents.