Florida Homeowner’s Insurance Rate Quotes

You will find that Florida home insurance quotes vary significantly. A lot of Florida homeowners insurance companies suffered catastrophic losses in 2018 with the hurricane Michael. Those Florida insurance companies that survived have had to increase premiums to make up for those devastating losses and once again build their reserves in case another catastrophe occurs. New Florida homeowners insurance companies are getting their authority to write insurance in the Sunshine State every day. These companies are offering very competitive rates because their losses are minimal at this point in their short business life.

These companies also know that if there is a catastrophe and they cannot pay their claims, the state of Florida has a guarantee fund in place to pay the claims if the company exhausts all of its means. The Florida Guarantee Fund only backs those companies that have been “admitted” by the state of Florida, so make sure you check with your agent on this. These companies are popping up all over Florida and tend to have better rates in the areas they are most familiar with, so shopping around will save you money. Having one of our agents compare the rates of these companies for you will save you time.

Citizens Home Insurance Coverages

Florida citizens home insurance coverage starts with the amount of coverage you require to cover the dwelling you own. Florida asks homeowner’s insurance companies to insure the homes on their books for the amount it would cost to rebuild the home to today’s codes and standards. This causes confusion for some consumers that only want to insure the house for what they think it is worth. There is usually a difference between the market value of a home and the replacement value.

The insurance companies are mandated to insure for the replacement cost. Make sure you review this with your agent, and the replacement cost is included in your policy. Florida Homeowner’s Insurance Additional Coverage, the additional coverages included on your Florida homeowner’s insurance policy are other structures that are typically figured at 10% of what you insure your home for. This covers any structures that are not attached to your home (i.e., shed, detached garage, etc.).

Contents coverage is typically included at 50% of the home’s replacement value. Contents include all of your personal belongings and appliances. Make sure your content coverage provides replacement costs. Otherwise, all of your belongings will be depreciated in the event of a claim. 

Loss of use is also normally figured at 10% of the dwelling amount and covers expenses you may incur if you have a claim that requires you to find somewhere else to stay while the home is being repaired. Medical payments, generally $5,000, pay if a guest is injured at your home and requires medical attention. 

Personal liability pays for property damage or bodily injury where you are held liable. The limits for personal liability start at $100,000 and generally go up to $300,000. If you need more liability coverage to protect assets of greater value, you can purchase excess liability under a separate policy for as much as you want. 

Be sure to discuss this with your agent as the liability claims attribute to the higher value of claims paid in a single event.

Florida Homeowner’s Insurance Optional Coverages

Optional coverages can include screened porches as some companies no longer cover this under their standard coverage. Also, sinkhole coverage is being excluded by a lot of companies and offered as an option now. Flood Insurance is not covered under your homeowner’s insurance policy and should be considered as the entire state of Florida is in some designated flood zone. Your homeowner’s insurance policy also limits the amount of coverage for electronics, jewelry, artwork, furs, collectibles, etc. If you own anything of substantial value, be sure to discuss this with your agent.

Get A Florida Homeowners Insurance Quote Comparison

Visit the Citizens Homeowners Insurance page to get a Florida home insurance quote comparison from top-rated Florida insurance companies. They continually monitor Florida’s insurance market for the best home insurance companies. Input your information and get a quote with many carriers in one easy step. It’s the easiest way to get quotes from multiple companies online.


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