Florida homeowners insurance rates have been on the rise. Since 2016, rates have increased by 33%. However, the rates differ by county. 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
The state of Florida is seeing a spike in homeowners insurance rates. The Insurance Information Institute has tracked Florida's property-insurance rates and found that they have increased by an average 33% annually since 2016. This increase is above the national average, which increased by 10.9%. This isn't the only reason Florida insurance prices have gone up. It is becoming increasingly difficult for small in-state insurance companies to compete in the state. Sixteen Florida-based insurance companies declared bankrupt this year.
The rise in insurance costs is partly due to a rise in storms, which has led to an increase in reinsurance costs. Some reinsurers are withdrawing from Florida while others raise rates. The consumer pays 35% to 50% of these premiums.
Florida flood damage is a very common claim.
Flood damage coverage should be included on homeowner's insurance policies in the event of flooding. Florida is notorious for its severe weather, so it's important to ensure that your policy covers any damage you may incur. Floods can cause severe damage to your home and can cost you a lot to fix.
Flood damage can cause thousands of dollars of damages, including mold and structural damage. 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 covers flooding damage. Flood damage can also be caused by mudflows or overflowing rivers. Just one inch of water within your home can cause flooding that can cost you thousands of bucks.
Florida homeowners insurance covers liability.
Homeowners insurance should include liability coverage. It covers all medical expenses you might incur because of injury to another person. It also covers other possible expenses that could arise due to negligence. In the event that you are sued due to negligence, you should have sufficient liability coverage to cover these expenses. You should hire an experienced agent to evaluate your policy and ensure you are receiving the best rates possible.
Florida homeowners insurance covers liability. The amount of coverage will vary depending on the type of property and its contents. For detached garages, separate insurance will be needed. The typical limits for detached garages is 2% or 10% of your main residence's coverage. Higher limits can be purchased if desired. Your agent should be informed if your detached structure is rented out or used for business purposes. These situations may require specialized insurance.
You can get discounts on adding protective devices to the home
Insurance companies often offer discounts for homeowners who have smart home technology installed. Farmers, Liberty Mutual, USAA and USAA all offer discounts for ADT systems. However, each state's qualifications might vary. These discounts can reduce the cost of smart home upgrades, and they may be a motivator to make your home safer.
Apart from smart home technology, there are many ways to protect your property. For example, you can install an alarm system or a smoke detector. These devices can protect your home from fire and theft. They can also help reduce your property-insurance premiums.