Florida homeowners insurance rates continue to rise. Since 2016, rates have increased by 33%. The rates vary by county. You can save money by adding protective devices to your home. Flood damage is one the most common claims in Florida.
Rates have risen 33% from 2016
Florida is witnessing a surge in homeowners' insurance rates. The Insurance Information Institute, which tracks property insurance rates, has found that rates in Florida have increased by an average of 33% since 2016. This is a higher rate than the 10.9% increase nationally. But it's not the only reason Florida insurance rates are rising. It is becoming increasingly difficult for small in-state insurance companies to compete in the state. Sixteen Florida insurance firms declared bankruptcy in the last year.
Partly due to an increase of storms, insurance costs have risen. This has caused an increase in the reinsurance costs. Some reinsurers are withdrawing from Florida while others raise rates. These costs are passed onto consumers who pay 35% to 50% of the premium.
Florida flooding is a frequent claim.
Flood damage coverage should be included on homeowner's insurance policies in the event of flooding. Florida is known for its severe weather. You need to make sure that your policy covers any possible damage. Floods are a serious threat to your home that can lead to major damage and may cost you dearly to repair.
Flood damage can cause structural damage and thousands of dollar worth of damage. Homeowners are faced with the unfortunate reality of water damage, no matter if it was due to a hurricane. Florida homeowners insurance covers flooding damage. Flood damage could also result from flooding caused by mudflows. Just one inch of water within your home can cause flooding that can cost you thousands of bucks.
Florida offers liability coverage as part of its home insurance.
Liability coverage is an important part of homeowners insurance. 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. If you are sued for negligence, you must have adequate liability coverage to cover such expenses. You should hire an experienced agent to evaluate your policy and ensure you are receiving the best rates possible.
Florida home insurance also includes liability coverage. The amount of coverage will vary depending on the type of property and its contents. A separate policy will be required if you own a detached garage. The typical limits for detached garages is 2% or 10% of your main residence's coverage. You can buy higher limits if necessary. You should also inform your insurance agent if you rent out your detached structure or use it for business purposes. These types of situations might require special coverage.
Protective devices can be added to your home at a discounted price
Many insurance companies offer discounts to homeowners who add certain protective devices to their homes, including smart home technology. Farmers, Liberty Mutual, USAA and USAA all offer discounts for ADT systems. However, each state's qualifications might vary. These discounts may lower the overall cost for smart home upgrades and can be used to encourage you to make your home more secure.
Smart home technology is not the only way to protect your house. You can, for example, install an alarm system. These devices can help to protect your home from theft or fire. These devices can help you reduce your property insurer premiums.