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Homeowners insurance is a must if you are a Florida resident looking to buy a home or condo. Most lenders will require you to take out an insurance policy when you buy a home. Homeowners insurance or home insurance is a way to protect yourself financially in the event of a disaster.
In this guide, MarketWatch’s home media team will provide information on the top five vendors to help you with your search, taking into account each company’s coverage, costs, and benefits. The prices quoted reflect a sample quote for a single-family home in Jacksonville, Florida.
Remember, these prices are not universal. Your home and location, as well as personal details, will affect your price, so we recommend contacting the company for a quote. To get an accurate quote for your own home, you can use this online tool, or call 855-948-5b and you’ll be able to see which policies are available based on your exact location. Most home insurance companies in Florida require a Social Security number to receive a quote.
Best in Florida: Safety First
Security is only available in Florida at first, and it works to protect from disasters such as hurricanes and floods that are prevalent in the sunny state. The company offers a hurricane deductible, which can be 2%, 5%, or 10% of your housing coverage. We quote us as saying that flood insurance also provides an additional $105 per year, a useful benefit for many Florida residents.
Discounts: Policyholders 55+, Secure Community, Roof Shapes, Indoor Printer System, Windproof Home Features, Central Burglar Alarm, Building Age, Central Fire Alarm
Additional Insurance: Flood Insurance, Equipment Failure Insurance, Identity Theft Protection Insurance, Dog Liability Insurance, Personal Injury Insurance, Water Backup Insurance, and Pool Overflow Insurance, Replacement Cost Increase Insurance, Scheduled Personal Property Insurance, Golf Cart Physical Damage Insurance, Shielding Fence insurance and parking lot insurance, special limit insurance increase insurance
Best Bundling: Forward Insurance
Advance Insurance is the third-largest insurer in the United States, offering real estate, auto, and personal insurance. Florida residents may benefit from Advance Insurance, which allows customers to bundle multiple types of coverage at a discounted rate. Advance Insurance estimates that customers who bundle their home and auto insurance can save 12 percent on their annual premiums. Progressive Insurance offers a range of strong discounts, including discounts for the use of contractors and maintenance technicians within the Progressive contractor network.
Discounts: Bundled home and car, alarm system, in-room automatic printer system, pre-quote, annual billing, receipt of documents by email, new home construction, forward insurance contractor network
Additional Insurance: Flood, Water Refill, Personal Liability
Best for club members: B
For A was founded in 1903 as an auto club offering a variety of policies to Florida residents. Club members are entitled to discounts related to dining, travel, and retail purchases, but your A membership can also unlock valuable discounts on bundled home and auto insurance. A estimates its members save an average of $1 a year by bundling their home and car. Savings aside, going through A’s home and car bundle is convenient. The policyholder pays one premium, one is deductible, and only one claim is made. Within two months, 91% of its Hurricane Irma-related claims were closed, well above the industry average of 67%.
Discounts: Reduced Wind, Home Age, Roof Age (tiles), Fire Alarm, Burglar Alarm, Senior Citizen Discount, Home and Auto Insurance Bundle
Additional Insurance: Flood, Umbrella Liabilities, Up to $2 Million
Best Choice for High-Value Homes: Anda Insurance
Anda Insurance is a premium global insurance company headquartered in Switzerland but headquartered in New Jersey. Chubb’s rates may be more expensive than many of its competitors, but its service is generally higher than what insurance companies typically expect. Anda Insurance promises to be contacted within 24 hours of loss, and most claims are paid within 48 hours. In addition, Anda Insurance offers free risk advisory services through which agents can inspect your home to identify potential weaknesses and preemptively protect your belongings. An Anda insurance policy includes many items and services that are often additional insurance options, such as oil pump backups.
Discounts: Bundled Home and Auto, Burglar Alarms, Fire Alarms, New Homes, Renovated Homes, Doorman Community Patrol Services, Residential Printer Systems, Fire Resistance, Masonry Building, Free Damage, Shutters, Suburban Ratings
Additional Insurance: Personal liability, up to $100 million in coverage, up to $15 million in flood protection
Best Flood Protection: Light Home Property Insurance
Lighthouse Property Insurance was established in 2008, but it has added housing to its list of protected properties. When Hurricane Florence hit in 2018, Lighthouse paid more than $92 million to more than 6,000 claims, a high number for a relatively small provider. Lighthouse is also supported by 14 partners, making it a financially stable supplier. Lighthouse can pay claims no matter how catastrophic the event is. Additional coverage from Lighthouse can be bundled with the Titanium package, adding several categories of coverage.
Discounts: No claims for 3 years, concierge claims service, electronic discounts, bundled with flood insurance, fire and burglar alarms, gated communities, senior citizens and seniors, in-room printer system, wind reduction
Additional Insurance: Flood Insurance, Animal Liability, Personal Injury, Property Damage to Others, Credit Cards and Forgery, Water Backup, Seaplane Insurance, Lock Change, PC Insurance
what’s the bottom line
As a Florida homeowner, you know how important homeowners insurance is to protect your home and finances in the event of a fire. After thoroughly researching dozens of home insurance companies and policies, we chose Safety First as the state’s top choice as a local company dedicated to Florida’s unique needs. While SafetyFirst doesn’t offer as many discounts as its national competitors, its flexible hurricane relief is a useful feature, and its add-ons for flood insurance and water backup are competitively priced.
However, it’s important to compare your options for yourself, as your coverage and cost will vary based on many factors. Whatever your needs, we recommend getting quotes from at least three insurance companies before choosing your home insurance policy. Get an instant quote from an insurance company by entering your ZIP code here or by calling 855-948-5219.
What Factors Affect Florida Home Insurance Rates?
Florida has one of the highest homeowners insurance rates in the nation. That’s in large part because the sun-drenched state and its coastal cities are particularly vulnerable to hurricanes. 113 hurricanes have lost land in Florida over the past 170 years, more than any other state.
Home insurance costs are responsible for the extreme damage a storm can cause. Thanks to a surge in hurricane claims over the past four years, an increase in lawsuits, and the recent introduction of Senate Bill 76, these bills could dramatically change the way companies reimburse roof damage, recently even higher.
Surprisingly, hurricanes aren’t the most common natural disaster in Florida; wildfires are one of the most common in the state.
You can reduce the cost of home insurance in Florida by taking steps to make your home more wind-resistant, installing wind windows, and adding fire protection features, including smoke detectors, alarms, and in-room printers. To get a quote tailored to your situation, use this online tool.
What is deductible?
Every home insurance policy has a deductible amount. It is the amount you pay for a claim; your supplier will pay the remaining amount. If your deductible amount is $1,000, you will pay that amount when the repair is done, even if the repair cost is much higher. Your provider will pay the remaining amount up to your pre-determined limit. Often, choosing a higher deductible amount will lower your monthly or annual premium.
Other than my location and home size, what factors affect my home price?
Home insurers consider dozens of factors when determining your coverage and premiums. Many insurance companies in Florida offer discounts to homeowners whose homes have wind mitigation technology. Renovating your roof and other parts of your home can also affect your rates, as well as your proximity to fire stations and hydrants.
Does my home insurance cover flooding?
Generally, flood insurance is a different policy than general home insurance, and you need to buy it separately if you want to have flood insurance. Luckily, many companies will give you a discount when you bundle flood and home insurance.
