Home is where your heart is and there is nothing quite like having a slice of paradise in the Sunshine State. Having your paradise safe gives you the peace of mind everyone desires and to have that peace of mind, you need an affordable home insurance coverage.
Homeowners are a specific type of property insurance which not only covers the insurance of your house but also covers the insurance of other types of structures associated with personal residence including tenants.
Why should you have homeowners insurance?
You should have homeowners insurance because:
- Homeowners insurance helps you protect one of your most important investments, your home.
- Homeowners insurance also helps you deal with mortgage lenders as most of them require homeowners insurance as part of the mortgage terms.
Who should have homeowners insurance?
People should carry homeowners insurance who:
- Are buying a home for the first time.
- Are currently, homeowners.
How much coverage do homeowners insurance Florida policy provide?
Here is what a typical homeowners insurance Florida policy may cover in Florida.
Property damage involves damage to the structure of your homes such as the roof and the walls due to fire, wind or hailing and is covered by the homeowner’s insurance policy.
Personal property includes what’s inside your home such as furniture, appliances, clothing etc. and homeowners insurance policy provides coverage for damage to or theft of your personal property.
If jewellery is stolen from your home then homeowners insurance policy provides limited coverage usually from $500-$2000. But if your collection is worth more, then you need to have jewellery policy as well to cover all of your valuables.
What else may be covered by homeowners insurance Florida?
See some extra Products offered by Homeowners Insurance Florida to their Customers
Homeowners insurance can also defend and protect you if a person sues you after the damage that is done by either you or members of your household. For example, your child accidentally throws a ball that breaks the neighbour’s window.
Guest Medical Protection
Homeowners insurance provides coverage for medical bills for minor injuries to the people who don’t live with you but are injured on your property. For example, a visitor slips on your property on a rainy day is getting himself injured.
Additional Living Expenses
When experiencing a covered loss, you might have to pay extra costs. For example, fire makes your home uninhabitable and you need to live somewhere else temporarily. To live somewhere else, you need to pay the extra costs. Homeowners insurance can also cover these extra costs for you.
The Best Homeowners Insurance Florida Companies
Here is a list of top six homeowners insurance companies in Florida but due to the inclement in weather, Florida has some of the highest average insurance rates in the country. So, to find the best and most affordable insurance company, you will need to shop around to determine which provider offers you the best deal.
Homeowners Insurance Florida Infographic
Tower Hill Insurance Group
Tower Hill Insurance Group is the third-largest homeowners insurance provider in Florida but it provides some of the most expensive services which include coverage for water, valuables etc. it provides its own flood insurance as well which provides up to $5 million in building replacement costs and $3.5 million for your home’s contents which is much better than the federal government’s National Flood Insurance Program (NFIP) which covers only up to $250,000 in building replacement costs and $100,000 for personal belongings at the twice waiting period of Tower Hill’s.
It also has an Imperial Shield program for its high-value homeowners. Moreover, its customer service is solid as well which provides live chat, which is a great option for those who don’t want to sit on hold.
State Farm is the only national insurer aside from USAA. It has received A++ rating from AM Best which is the highest possible ranking. It offers a variety of coverage plans which include umbrella liability, personal property, identity theft etc. State Farm also provides multi-line discount for both auto and home insurance but it doesn’t provide flood insurance. Moreover, upon comparing rates, it is noticed that State Farm is on average more expensive than Tower Hill’s.
Citizens Property Insurance Corporation
This insurance company is called “insurer of the last resort” because it is available to those people who don’t have other insurance opportunities. It doesn’t provide as many coverage packages as Tower Hill but it does include options like property coverage and sinkhole damage coverage. You can also get discounts for installing fire or burglar alarms and installing wind-mitigation features in your home. This insurance company also caters Spanish speakers but it doesn’t have any online form to request a quote which means you have to speak directly to an agent for any information.
Universal Insurance Holdings, Inc.
It is the largest insurance provider in Florida. Along with basic coverage plans, customers can also opt for limited animal liability, debris removal, personal injury etc. There is even a senior citizen discount for occupants over the age of 65. This company also provides an online quote tool that can be helpful when trying to gauge the annual price of your policy rather than an online quote tool that ends up directing you to an agent for more information.
FedNat Insurance Company
Federated National Insurance Company is a very forthcoming insurance company about its financial stability rating of “A” and for having an A+ rating from the Better Business Bureau. It also caters Spanish speakers. You can buy umbrella insurance and flood insurance through this company. As its website only provides a generic paragraph about the benefits of this insurance, so you are not going to learn much more about these policies until you talk to an agent.
USAA Insurance Company
USAA is exclusively for active or retired service members and their families. If you are among those 55, 000 active military service members in Florida then this is worth checking out. The website of this company clearly defines every product along with discount offers and this website is easy to navigate as well. Its policy covers things like fire, theft etc. along with coverage for uniforms lost in a disaster.
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