Most people think that it is only your home value that determines your homeowner’s insurance premium in Florida. Well, that’s true but it is ONE of the factors, and many other factors influence your homeowner premium cost. To help you better understand, we have listed five essential factors that each insurance company in Florida look at when determining a quote for your cheap homeowner’s insurance.
1. Your Location:
Yes – location, location, location matters. It may play the biggest role in determining your premium cost. Let’s dissect how your location affects your homeowner’s premium rates.
2. Home Characteristics:
The features of your home determine your insurance premium cost you need to carry to rebuild your home in the event of a natural or man-made disaster. However, the following related factors also contribute towards homeowners insurance premium in Florida.
HIGHER RISK = HIGHER PREMIUMS.
3. The Condition Of Your Home Roof:
“The condition of the roof affects your homeowner’s policy. New/newer roofs will typically see a reduced premium, while homes with older roofs will pay more,” Herndon explains. “Anytime you make a home improvement, especially replacing or repairing a roof, you should talk to your insurance agent to be sure you’re covered and realizing any savings that may come along with the improvement.”
“If you have a new roof, you’re not going to have roof losses,” Ruiz explains. “A newer roof is preferable.”
4. Higher Deductible:
“The more that a consumer can afford to pay out of pocket, the more money they will save,” says Fitzgerald, Senior Assistant Vice President, Amica Insurance Company.
5. Claims History:
The more claims you’ve had filed in the past 3-5 years, the higher your homeowners insurance premium in Florida become. Many insurance companies will either refuse to insure your property or may charge a higher premium rate as they consider you to be a higher risk client.
6. Protective Devices:
Your homeowners insurance premium in Florida may get lower if smoke detectors, burglar alarm systems, sprinkler systems, fire extinguishers, and deadbolt locks are installed in your home.
7. Home Improvements:
When making home improvements or major renovation, it’s good to talk to your insurance agent to get enough insurance coverage and discounts.
8. Bundle Your Insurance Policies
It’s completely in your control. If you want to bundle your auto, life insurance policies with homeowners policy, it’s an excellent way to get a discount on your homeowners insurance premium in Florida.
9. Bottom line
Several other factors can also lower your homeowners insurance premium in Florida. It’s best to contact the Diverse Insurance Group at InsureFloridians.com to discuss your risk and exposure and to reduce your premium rate accordingly.