Florida homeowners have a wide range of insurance options. Some companies offer more coverage than others. Others are more expensive than others. Compare quotes from several companies before you make a decision. Consider the discounts that are available for wind mitigation. These features can help you protect your home, and decrease your insurance premiums. They might also be free. It is worth checking with your insurance company to determine if they are available for discounts.
State Farm
State Farm announces plans to cancel almost 700,000 homeowner insurance policies in Florida after a difficult year. The company will also cancel almost 80,000 condominium policies and 62,000 renter policies. It will also cancel 58,000 boat insurance policies. This rate hike was prompted by the Florida hurricane season of 2004, when the company's Florida affiliate had to borrow $750million from State Farm Mutual of Illinois. The debt was still outstanding, and as of August, the Florida affiliate reported that the surplus had decreased by $201 million in the first three quarters 2008.
State Farm homeowners policy offers many benefits, including coverage for flooding, fire, as well as other natural disasters. The policy also includes an "increased residence limit", which automatically increases your home's value by 20%.
Allstate
Allstate Insurance is a good choice if homeowners are in Florida. This insurance company not only offers competitive rates but also provides above-average customer service. Allstate is one of the biggest insurers, so it's easy to access it from almost anywhere. You should still compare Allstate insurance rates with at minimum three to four insurance providers to find the best deal.
This company is among the most popular among homeowners in Florida. It dates back to 1864. AM Best has given it an A++ rating for financial strength. You can also save money by obtaining endorsements or discounts. These include hidden-water damage coverage, loyalty discount and multi-policy discounted, as well as discounts for smart-home security. You can also tailor your insurance coverage by choosing the coverage and deductible levels that best suit your needs.
Travelers
Travelers provides standard coverage for home insurance and offers optional coverage packages for an even better price. Travelers provides customer service to help you personalize your coverage and cover more assets. For example, you could add a green home renovation to your policy in order to pay for green materials. You can expect average customer service from this company, regardless of the type of coverage that you select.
Travelers also offers personal property replacement cost settlement, which pays you for your personal property at replacement cost at the time of a loss. This coverage covers the cost for replacement of personal property. There is no depreciation. This policy covers a large range of items such as medical expenses, property damage and loss of usage.
Chubb
Florida homeowners insurance by Chubb includes many extra features. One example is that the company offers sewer backup coverage, something you may not have considered when looking for home insurance. To get discounts, you can combine these policies with other insurance products. Visit Chubb's website for more information.
Chubb's insurance provides cash settlements to cover total losses if your home is set on fire. The company will arrange temporary housing for you in nearby hotels, or similar homes. Chubb will also pay for your food and lodging expenses. In addition, it covers damages caused by natural disasters, as well as liability lawsuits.
Universal Property
Universal Property Insurance offers homeowners discounts. Some of these discounts include automatic payment from your credit card or bank account, electronic statements, and claims-free discounts. You can also save money if you install protective devices in your home. Universal also provides replacement costs coverage for any damaged property.
Universal Property & Casualty Insurance Company (Fla.) was established in 1997. This Florida-based company provides home insurance in Florida, as well in other states. The company holds 9.7 percent of Florida's homeowners insurance market. The company offers home insurance direct to customers as well as through independent agents.