In Florida, homeowners insurance rates are on the rise. Rates have risen 33% in the last year. The rates vary by county. For a lower premium, you might consider getting discounts for certain protection devices. Flood damage is one of Florida's most popular claims.
Rates have increased by 33% since 2016
Florida is seeing an increase in homeowners insurance rates. According to the Insurance Information Institute which tracks property insurance rates, Florida rates have increased by 33% on average since 2016. This is more than the 10.9% national average. But it's not the only reason Florida insurance rates are rising. Small in-state insurers are having a hard time competing in the state. Sixteen Florida-based insurance companies declared bankrupt this year.
The increase in insurance costs can be partly attributed to the increased risk of storms. Reinsurance costs have also increased. Some reinsurers are considering withdrawing from Florida, while other are increasing their rates. The consumer pays 35% to 50% of these premiums.
Florida flooding is a frequent claim.
Flood damage coverage is something you should look into if there's flooding. Florida is known for its severe weather. You need to make sure that your policy covers any possible damage. Floods can cause severe damage to your home and can cost you a lot to fix.
Flood damage can cause damage to homes and businesses that could cost thousands of dollars. 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 result from mudflows and overflowing rivers. Flood damage can be as little as one inch in your home.
Florida homeowners insurance covers liability.
Liability coverage is an important component of homeowners insurance. It covers any medical expenses you incur after an injury to someone else. It also covers other possible expenses that could arise due to negligence. You must have sufficient liability coverage in order to pay for damages if you are sued. To ensure the highest rates, you should consider hiring an agent with experience to assess your policy.
Florida's home insurance policy includes liability coverage. The coverage amount depends on the type of home and the type of contents. Separate insurance is required for detached garages. These structures typically have limits of 2% or 10% less than the main dwelling. You can buy higher limits if necessary. Also, let your agent know if you intend to rent out your detached property or make it available for business use. These cases may require you to have specialized coverage.
Discounts available for adding protective devices to your home
Insurance companies often offer discounts for homeowners who have smart home technology installed. Farmers, Liberty Mutual, USAA and USAA all offer discounts for ADT systems. However, each state's qualifications might vary. These discounts may reduce the overall costs of smart home upgrades and provide an incentive to create a safer home.
There are other ways to protect your home than smart home technology. You can, for example, install an alarm system. These devices will help protect your home from theft and fire. They can also reduce your property insurance premiums.