Homeowners Insurance in Florida: Which Insurance Company Offers the Best Coverage?
Choosing the right homeowners insurance company, and the right home insurance coverage, is critically important. After all, your financial stability and your peace of mind depend on having the right coverage to ensure that your home can be repaired and your personal possessions replaced if they are damaged or destroyed by circumstances out of your control. Yet knowing which insurance company is going to offer the best policy, at the best price, involves reading a lot of fine print!
Your home is as unique as you are and there are a lot of variables that go into selecting a homeowner’s policy. Therefore, the real question to ask when shopping for an insurance company is “which insurance company offers the best coverage for me.” And most insurance experts agree that the best way to find the right insurance coverage for you is to work with an independent insurance agency. An independent insurance agent works with many different companies, can help you determine the variables that will impact the coverage you select, and then compare lots of policies to find the one that best fits your specific needs.
Variables to Consider When Choosing a Home Insurance Company
When shopping for a home insurance company, the first step is to examine the variables that will impact the coverage you need. Then, you can look at the many different policies offered by national and local insurance companies to see if they offer those coverages, with the caps and deductibles that work for you. Finally, once you have identified the policy and coverage that works, work with your independent insurance agent to compare prices: home insurance is a competitive market, so it’s possible to shop around for the best price!
Some of the variables to consider when comparing homeowners insurance companies include:
- The value of your home: Does the company offer policies that cover the full value of your home? This is especially important for high-value, or luxury homes, valued at $750,000 or more, as only a limited number of insurance companies offer high value homeowners insurance.
- The location of your home: The location of your home in Florida is extremely important in determining the type and level of insurance coverage you require, especially if you live in an area considered to be at high risk of hurricane and/or flood damage.
- Deductibles and caps on coverage: It’s always important to read the fine print on any insurance policy to ensure that you understand caps and limits on coverage, the deductible you will have to pay before insurance kicks in, and the impact of depreciation on full cash replacement value.
- Hurricane deductible: In hurricane-prone Florida, homeowners insurance policies must include a hurricane deductible of $500, 2%, 5%, or even 10% of replacement cost, meaning your out-of-pocket expenses can really add up, especially for high value homes. If you are in a high-risk area, consider shopping for an insurance company that offers a hurricane deductible of $1,000 or less!
- Flood insurance: Insurance experts recommend that all homes in Florida, even those in so-called “low risk” areas, carry additional flood insurance, which is not included in homeowners insurance. So it’s important to look for an insurance company that offers flood insurance and can bundle it into your homeowners policy for potential cost savings.
- Cost: In addition to comparing the cost of the specific policy you want, consider selecting an insurance company that offers all the different insurance coverages you need—auto, boat, etc.—and is willing to bundle them for additional savings.
- Reputation: When it comes to customer service, not all insurance companies are the same. It’s important to choose an insurance company with a sterling reputation for excellent customer service, so you know that you won’t have to jump through hoops to get the coverage you have been promised.
At Sungate Insurance Agency, your local independent agency in Orlando, Florida, we understand the unique challenges that owning a home in Florida entails (from an insurance perspective!), as well as the incredible benefits! Our goal is to ensure that you get the best insurance coverage, from the best company, at the best price, so instead of shopping for a home insurance company on your own, let us do the hard work for you.
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