In Florida, homeowners insurance rates are on the rise. Rates have increased 33% since 2016. However, the rates differ by county. To avoid paying a higher premium, consider taking advantage of discounts for adding certain protective devices to your home. Flood damage is a common claim in Florida.
Rates have risen by 33% in 2016
Florida is witnessing a surge 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 is higher than the 10.9% average national increase. The increase in Florida insurance rates is not caused solely by this. It's becoming difficult for small state insurers to be competitive in Florida. Sixteen Florida insurance firms declared bankruptcy in the last year.
Insurance costs are on the rise partly because of an increase storms which have led to an increased in reinsurance. Some reinsurers are pulling out of Florida, while others raise rates. Consumers pay between 35%-50% of the premium.
Florida flooding is a frequent claim.
In case of flooding, you should seek flood damage coverage on your homeowner's insurance policy. Florida is known for its severe weather. You need to make sure that your policy covers any possible damage. Floods can cause major damage to your home, and can be costly to repair.
Flood damage can cause thousands of dollars of damages, including mold and structural damage. Whether the water was caused by a hurricane or a natural disaster, water damage is an unfortunate reality for homeowners. Florida homeowners insurance covers flooding damage. Flood damage can also happen from mudflows. A single inch of water can cause flood damage that could cost thousands of dollars.
Florida offers liability coverage as part of its home insurance.
Homeowners insurance should include liability coverage. This covers any medical expenses you may incur as a result of an injury sustained to another person. It can also cover other expenses that might arise from negligence. You must have sufficient liability coverage in order to pay for damages if you are sued. It is a good idea to hire an agent who has experience in reviewing policies and ensuring you get the best rates.
Florida home insurance also includes liability coverage. The type of house and contents will determine the coverage amount. You will need separate insurance if you have a detached garage. These structures typically have limits of 2% or 10% less than the main dwelling. If you want to purchase greater limits, you can. 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
Insurance companies often offer discounts for homeowners who have smart home technology installed. Farmers, Liberty Mutual, USAA, among others, offer discounts for ADT system installations. However, eligibility may vary from one state to the next. These discounts may lower the overall cost for smart home upgrades and can be used to encourage you to make your home more secure.
There are other ways to protect your home than smart home technology. You could install an alarm or smoke detector. These devices can help you protect your home against fire and theft. These devices can reduce your property insurance premiums.