Miami, FL – October 22, 2014: The average cost of Florida homeowner’s insurance has gone up dramatically over the past several years. Recent estimates show that the average homeowner is paying $161 a month for coverage. http://www.moranfinancialsolutions.com/
There are various components that go into quotes for home insurance. The zip code that the home is located in, the estimated value of the home, presence of a pool, age of a home, and various security features all are factored in prior to an insurance company providing a premium quote.
As various events have happened, it has forced insurance companies to raise the cost of coverage to ensure they are still making money. When there are too many claims, it forces an increase – an increase that many homeowners are finding difficult to afford.
“My homeowner’s insurance went up by more than $100 this year and that wasn’t something I had in the budget,” comments Jamal, a homeowner based in Tampa, Florida. Complaints such as Jamal’s is being heard all over the state.
The average Florida homeowner’s insurance policy doesn’t cover as much as it used to and the policies are more expensive. Much of the damage from a flood or a hurricane would not be covered in a standard policy. This means that homeowners may have to obtain additional policies, such as flood insurance, in order to have the necessary coverage on their home. This is an expense that is making it difficult to be a homeowner.
The cost of insurance in Florida compared to the rest of the country is very high. Very few states have an average of more than $100 and for Florida to be well over the $100 mark leaves many homeowners questioning why the homeowner’s insurance is so expensive.
“The best thing for homeowners to do is look at ways to reduce the cost of the premium,” comments Kirsten Moran of Moran Insurance. “We recommend that they comparison shop policies and make their homes as safe as can be, including adding a security system, adding film to the windows, and having their roof inspected annually.”
The coastal properties are experiencing considerable rate hikes. It’s not uncommon for some homeowners to pay $5,000 or more a year to insure their home. With the higher insurance rates, there are some insurance carriers that are no longer writing policies in the state, including All State. When insurance carriers are asked about the rate hikes, the most common answer has to do with hurricanes and the destruction that they can cause.
Homeowners in Florida may have to pay more for less, but there are ways to improve the situation and contacting an insurance company can help.