Florida residents have many options when it comes to insurance. Certain companies provide more coverage than others. Some coverage is more expensive than other. Before you make a final decision, compare several quotes from different companies. Consider the discounts that are available for wind mitigation. These features can help protect your home and lower your insurance premiums. In addition, they may be free of charge. They may be free of charge if you ask your insurance company.
State Farm
State Farm has announced plans to end nearly 700,000. homeowners insurance policies in Florida, after a hard year. The company is also cancelling almost 80,000 condominium policies, 62,000 renter policies, and 58,000 boat 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. This debt still remains unpaid. The Florida affiliate reported that their surplus had declined by $201 millions during the first three months of 2008.
State Farm homeowners insurance offers coverage for injuries due to flooding, fire, or other natural disasters. It also offers an "increased dwelling limit" option, which automatically extends your home's replacement value by 20%.
Allstate
Allstate is an excellent choice for homeowners insurance in Florida. The company offers excellent service and competitive rates. Allstate is one of the biggest insurers, so it's easy to access it from almost anywhere. To find the best deal, however, you need to compare Allstate’s insurance rates with at LEAST three or four other insurers.
This company is a favorite among Florida homeowners. Its history dates back to 1864, and it carries an A++ financial strength rating from AM Best. It offers many discounts and endorsements that can save you money. These include hidden-water damage coverage, loyalty discount and multi-policy discounted, as well as discounts for smart-home security. You can customize your insurance coverage by selecting the deductibles or coverage levels that meet your needs.
Travelers
Travelers offers standard insurance coverage and additional coverage packages for a greater value. Travelers provides customer service to help you personalize your coverage and cover more assets. For example, you could add a green home renovation to your policy in order to pay for green materials. You can expect average customer service from this company, regardless of the type of coverage that you select.
Travelers also offers personal loss compensation, which covers the cost of replacing your personal property with a replacement at the replacement cost. The coverage covers personal property replacement costs, including depreciation. This policy covers a large range of items such as medical expenses, property damage and loss of usage.
Chubb
There are many extra features included in Chubb Florida homeowners insurance. For example, the company offers extra coverage for sewer backups, which you might not think about when considering your home insurance coverage. To get discounts, you can combine these policies with other insurance products. Visit Chubb's site for more information.
If your home is damaged by fire, Chubb's insurance offers cash settlements for covered total losses. The company will arrange temporary housing for you in nearby hotels, or similar homes. Chubb will also reimburse your expenses for food, lodging, and transportation. The policy also covers liability lawsuits and damages caused by natural events.
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.
Universal Property & Casualty Insurance Company (Fla.) was established in 1997. This Florida-based company provides home insurance in Florida, as well in other states. The company holds 9.7 percent of Florida's homeowners insurance market. The company sells both home insurance directly to the consumer and through independent insurers.