Many people dream of the ideal life of living in Florida, with its many miles of coastline and warm, sunny weather most of the year. Still, while owning a home here can be a dream, nightmares can still happen, which is why having the right home insurance policy is so necessary. It is important to note that Florida has the most expensive home insurance premiums than all other states in the USA. The average annual premium is $1,993/year.
Keep reading to learn some Florida homeowners insurance tips you can use to make the most of your coverage and possibly save some money while you do it. You’ll at least be better prepared for eventual possibilities and sleep with peace of mind of being covered well.
Document your personal possessions if you want your homeowner’s insurance to cover them. Without sufficient documentation, it’ll be very hard to get compensation at all, much less fair replacement value.
When you go through comparing rates and requesting quotes for your possible homeowner’s insurance, don’t neglect to add in any information you have regarding the security features of your home. Any security system linked to an external reporting agency might cut down your premiums by 3 to 5 percent.
Consider all the possibilities that might unexpectedly cause any damage to your home, and make sure your coverage will handle them. Fire is one big one to look at. You need something protecting you from arson, wildfires, human error, car accidents, storms, and earthquakes that trigger fires. You might also need addendums or separate policies that cover damage from floods, earthquakes, tornadoes, hurricanes, and the like.
Is anyone in your home 55 or older? Are they getting close? It’s a crucial milestone for buying homeowner’s insurance. Many homeowner’s insurance providers offer senior citizen discounts starting at this age. If this discount is offered, be sure that you take advantage of it.
Try speeding up how quickly you can pay off your mortgage. Depending on the terms and conditions, you might face penalties for doing this. On the other hand, you might get a break on your homeowners insurance. Anyone who owns the home they live in free of a mortgage is someone most insurance companies assume will be less likely to file claims, since they’re more inclined to take care of the home they own. That means they’ll offer you lower rates and premiums.
Now that you’ve read this article, you know a handful of Florida homeowners insurance tips you can use to get great coverage for your residence in this warm and sunny state.