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“The expense will be higher because of higher construction costs and overall inflation,” Denise Rappmund, the vice president of Moody’s Public Project and Infrastructure Finance Group, told ABC News. “FEMA is the key source of aid following a natural disaster, but much of the costs to repair and rebuild damaged property will be borne by property insurers who will benefit from $2 billion of state-funded reinsurance.”
Analysts say Hurricane Ian has the potential to be among the four costliest storms in U.S. history, mostly because Florida’s population has exploded in recent years.
No state in the eastern U.S. has grown faster in population than Florida in the past decade and the state’s fastest growing cities: Tampa, Fort Myers and Sarasota, are all in the storm’s path. Analysts warn that more people and more homes mean that a major storm could become more destructive and costly.
How To Save Money On Your Florida Home Insurance
Kin offers the following home insurance discounts:
- Home security discounts
- Wind mitigation discounts
- Secured community discounts
- Water detection discounts
- Responsible Repair Discount
- Claims-free discount
- Electronic policy
And here are some ways to save even more money on homeowners insurance:
- Choose a higher deductible. This will lower your premium, but you will pay more out of pocket when you need to make a claim. Never take on a deductible you canât comfortably afford.
- Improve your credit score. This has a big impact on your rates. Simply paying your bills on time and not carrying a large balance on your credit cards can boost your score quickly.
- Shore up your homeâs wind defenses. Florida requires home insurance companies to offer insurance discounts for homes that are hurricane resistant. Reinforcing your roof and installing impact-resistant windows can significantly reduce your insurance bill.
Best For Online Claims And Quoting: Nationwide
In a digital world, youd think all major carriers would allow you to get quotes, file and manage claims and pay your bills online, but thats not the case with every insurance company. Nationwide, however, excels at offering online services. It is also among the best for home-auto bundle savings, with an average 12% price break.
In addition to standard coverages, it offers:
- Better Roof Replacement add-on that will replace your roof with a higher quality one than you had before.
- Replacement cost plus coverage that pays up to an additional 20% more than your policy limit if it costs more to rebuild your house.
- Ordinance or law insurance coverage that helps pay to rebuild your home to current building codes after a covered loss.
- On Your Side Review, a free personalized insurance evaluation that helps you determine what coverage is best as life events change your coverage needs.
- Earthquake and flood insurance.
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* Safeco is a division of Liberty Mutual. The market share listed is for Liberty Mutual which includes Safeco.
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Liberty Mutual Car Insurance Pros & Cons
Travelers offer competitive rates for its auto policies and earn top marks from policyholders for claims handling.
The insurer offers gap insurance, which can come in handy to those who have a loan on their car.
If you total your car before its paid off or if you have a loan or lease on the car, gap insurance will pay the difference between your loans balance and the cars value.
So, gap insurance will protect you if you still have a loan or lease on your car and you owe more than your cars current worth.
In addition, the insurer will also make sure your rates wont go up after youve totaled your car if you sign up for a feature that allows you to have one accident and one minor violation on your record.
Why Tower Hill Tops Our Best List
Were a big fan of Tower Hill especially for high-net-worth Floridians. The insurer offers two special policies with more robust coverage limits for homeowners with larger, more expensive homes. Its enhanced debris removal coverage will come in handy with the high winds that accompany hurricane season. And its rare screened enclosure coverage will keep your screened-in pool protected from all of the elements.
Add to this its personal liability limits that span up to a whopping $1 million and its personal property replacement cost coverage, and youd be hard-pressed to find another insurer on this list that ensures your home is this protected.
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What Should You Do If Your Home Insurer Pulls Out Of Florida
Here are some helpful steps to help you take action should you receive notice that your insurance policy is being canceled.
For more information on the steps you can take, see Insurance.coms guide to what happens if your homeowners insurance gets canceled.
The Best Homeowners Companies In Florida For Veterans
Most providers offer discounts to military families in Florida. Still, the best home insurance company in Florida for veterans, military personnel and their families is USAA.
Across the U.S., USAA has a median MoneyGeek score of 95 out of 100 and an average yearly premium of $1,612.
The Top Home Insurance Companies in Florida for Veterans
pros
Not available to individuals without a military background
COMPANY HIGHLIGHTS
USAA ranks highly across the country, with both customer satisfaction and affordability scores above 4. However, their policies are only available to military families.
USAAs high customer service rating is thanks to their coverage and discount offers. Included in their policies at no additional cost is the Contents Replacement Cost coverage, which can pay for the loss of personal belongings at its most recent replacement cost and no depreciation. USAA also offers Home Rental coverage, which protects a policyholder and their property if they choose to rent out rooms or the entire unit. In terms of discounts, policyholders can reduce their premiums by simply being claims-free, bundling and having security devices at home.
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Which Is The Best Homeowners Insurance Provider In Florida For You
We recommend Allstate as the best overall homeowners insurance provider in Florida. It offers robust home insurance policies and endorsements, with a range of discounts to help you save on coverage. Moreover, Allstate gives you access to a network of dedicated local home insurance agents who understand your pain points as a Florida homeowner.
However, home insurance is far from a one-size-fits-all product. We recommend each of the providers in this review based on their advantages for Floridians. Before you purchase a policy, take a few minutes to compare coverage, discounts, and costs. We recommend obtaining quotes from at least three providers to ensure you get the right coverage and company for your needs.
Sixteenth Homeowners Insurance Company Leaves Florida Market Cancels All Policies Citing Business Risk
Options continue to diminish in Florida for those hoping to insure their property through a private company.
Bankers Insurance Group, based out of St. Petersburg, announced Monday it is pulling out of Florida’s home insurance market because they say state lawmakers didn’t do enough during the home insurance special session to combat fraud and litigation.
The company released a statement, saying:
“This decision was difficult, however, necessary to allow us to grow responsibly and maintain our long-term financial objectives.”
It becomes at least the 16th insurance company in the state to either have dropped policyholders, been declared insolvent, or have stopped writing new policies.
Policyholders with Bankers, like all others, will be notified of the cancellation within the state’s required four-month window.
Meanwhile, 17 insurance companies — perhaps more, based on other reports — in Florida will find out this week how far their ratings have been downgraded by the ratings agency Demotech, which sent letters to those affiliations last week advising them of a ratings change.
The Florida Office of Insurance Regulation confirmed the letters from Demotech informing the companies that their ratings will be downgraded from A to either S or M .
Citizens Insurance, the state’s “last resort” option, appears to be a viable option for many.
In the meantime, you can check your present insurance carriers rating from Standard and Poor’s Ratings, by or by calling 438-2400.
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How Bankrate Chose The Best Home Insurance Companies In Florida
To find the best homeowners insurance in Florida, Bankrate started by gathering current 2022 rates from Quadrant Information Services. We then reviewed each companys coverage offerings and discounts to see which carriers offered the most impactful combination of features for Florida homeowners. We also analyzed J.D. Powers customer satisfaction scores, as well as AM Best and Standard & Poors financial strength ratings, to help homeowners get a well-rounded view of each insurance provider.
Is Auto Insurance Mandatory In Florida
Drivers in Florida must carry no-fault insurance before registering and legally operating their vehicle in the state.
In Florida, you must have minimum coverage for the two necessary coverages.
- $10,000 in personal injury protection
- $10,000 in property damage liability coverage
Bodily injury liability insurance in Florida is not technically required, which is the insurance that covers other drivers injuries if you are at fault in a car collision or accident.
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Insurance Tips For Homeowners Post
Illustration: Brendan Lynch/Axios
Hurricane Ianhas put a spotlight on Florida’s messy home insurance industry. But homeowners don’t have to fight the insurance battle alone.
State of play: Bo Williamson, the founder of Noble Public Adjusting Group, told Axios he’s taking his web show “Insurance Wars” to parts of Southwest Florida hardest hit by Ian to help people navigate losses to their homes and businesses.
- “Insurance is generally boring to people but insurance claims are anything but,” Williamson said. “People’s entire lives are destroyed and insurance doesn’t want to pay, so everything is riding on us to come in and save the day and be the hero.”
- People interested in being on the show can fill out a form on the company’s website. Williamson said he charges a 10% contingency fee, but also noted that claims with a public adjuster get paid out 747% more money than claims without a public adjuster, according to a government report.
The big picture: Hurricane Ian likely caused $53 billion to $74 billion in insured losses from Florida to the Carolinas.
Willilamson shared a few pieces of advice for homeowners to keep in mind.
1. Become an expert on insurance, or hire one, like an adjuster, as soon as you know you’ll file a claim.
- “Insurance companies have experts that are seasoned to help them,” he said. “The policy holders need to realize they too need experts. At the end of the day, when two of the experts go up against each other, the insurance company is going to give.”
When Hurricane Deductibles Apply In Florida
These deductibles apply when you experience property losses from hurricane winds. That means the loss must have occurred during a hurricane in the following timeframes:
- Starting when a hurricane watch or hurricane warning is issued for any portion of Florida by the National Hurricane Center.
- Remaining in effect for as long as hurricane conditions persist.
- Ending 72 hours after the end of the hurricane watch or warning.
In 2018, 2.8 million Florida homes were at risk for storm surge damage from Category 5 hurricanes.Insurance Information Institute
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Discounts Available For Florida Homeowners Insurance
If you wonder why your agent is asking you so many odd questions, or why they are asking you about your marital status, its simply because they are trying to maximize your discount possibilities.
And for those who are single and loving life and wonder why married people are so specialthey are notbut statistically speaking they happen to file claims less.
Insurance companies in Florida are required by the state to provide discounts for efforts made to protect your home hurricane-force winds. By installing certain features you could be eligible to receive a reduced premium, and reduce your overall expenses. However, these discounts would only apply to the windstorm portion of the policy.
Roof Covering Roof coverings like asphalt/fiberglass shingles, concrete/clay tiles, metal panels, other types of roof covering, that meet the current Florida Code standards or a reinforced concrete roof deck will qualify for this wind discount.
Roof Deck Attachment Using particular sized nails, with specific spacing between the nails which qualify with the standards of the Florida Code could also qualify for the wind discount.
There are three different roof shapes, gable, hip and a flat roof. A hip roof which is shaped similar to a pyramid is the most wind resistant type of roof, and could qualify for a discount as well.
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Cheapest Homeowners Insurance In South Florida
The consensus among the costs determines that Citizens and Universal Property & Casualty Insurance Company are where youll find the cheapest homeowners in South Florida in each of the Tri-County areas.
- Broward County: Citizens, Universal Property & Casualty Insurance Company
- Miami-Dade County: Citizens, Liberty Mutual and Universal Property & Casualty Insurance Company
- Palm Beach County: Citizens, FedNat and Universal Property & Casualty Insurance Company
But while much of your homeowners premiums are determined by the companys risk portfolio and how many home insurance claims have been filed and paid out in recent years, the remaining cost is determined by external factors like your policys deductible, your homes location relative to crime, your claims history and your insurance score.
What Does Homeowners Insurance in South Florida Cover?
Homeowners insurance in South Florida covers your home and personal belongings against things like damage from hurricanes, tornadoes, fires, burglary, water damage and much more. It also protects your financial wellbeing if someone is injured on your property and youre found liable.
Many of the latter claims related to dog bites, which are some of the most common and costly claims people can file. While there are times when filing a claim may make sense, there are also times when paying out of pocket is the right move.
Dwelling Coverage
Other Structures Coverage
How to Get Homeowners Insurance Quotes in South Florida
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Florida Department Of Insurance
The Florida Office of Insurance Regulation oversees the states insurance industry. You can use the agencys website to file a complaint against your insurance company, ask questions and get information about different types of insurance. The agencys toll-free helpline is 877-693-5236.
Looking for more insurance in Florida?
What Is The Best Homeowners Insurance Company In Florida
Overall, the best home insurance company in Florida is State Farm, scoring 85 out of 100, and is also the best for bundling. In terms of excellent service and expensive homes, Citizens offers the best policies. For homeowners who are more interested in affordability but still want good service, Travelers ranks highest in the state. Finally, USAA is the best option for those in military families.
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Florida Home Insurance Discounts
There are several ways to reduce your Florida home insurance costs, which will qualify you for home insurance discounts. Many insurers will lower your bill if you purchase more than one type of insurance policy from them a process known as bundling. According to Friedlander, this can reduce your premium by more than 20%.
Consider adding additional safety features to your home, such as window shutters and roof attachments that can reduce windstorm portion premiums, says Anthony Martin, CEO of Choice Mutual.
Common home insurance discounts include:
- Bundling discounts. You can bundle home, auto, life, and even specialty policies like boats.
- Risk reduction. Installing things that reduce the risk of damage, like the shutters or roof attachments mentioned above or a sprinkler system, can reduce rates.
- Installing smart devices. A smart thermostat or window and door sensors can earn you discounts.
- Safety and security devices. Installing smoke detectors, a burglar alarm, or dead-bolt locks.
- Loyalty discounts. Some companies offer a discount for long-term customers.
- Paperless billing. Get your insurance papers online for a discount.
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“Insurers most exposed to the storm will be the Florida-only insurers, which we define as insurance companies with at least 75% of their homeowners and commercial property premiums written in Florida,” according to a report from Moody’s Analytics submitted to ABC News.
The state-run, taxpayer-subsidized Citizens Property Insurance Corp. stands to lose the most. As more local insurance companies in Florida have closed their doors, Citizens has seen its number of policyholders swell from 700,000 to more than 1 million in just the past year.
Florida state Sen. Jeff Brandes, a Republican from St. Petersburg and a vocal critic of Florida’s insurance industry, warns that if Citizens can’t pay its claims, Floridians should brace for assessments to go up on their own insurance policies under a state law that allows it to assess non-customers to pay out claims.
“Every policy holder in the state of Florida, home and auto, should be watching this storm very carefully because it could have a direct impact on their pocketbooks,” said Brandes. He predicts policy holders will see rate hikes of up to 40% next year as a result of Ian.
A spokesperson for Citizens tells ABC News that if their preliminary estimate of 225,000 claims and $3.8 billion in losses holds, the insurer of last resort would be in a position to pay all claims without having to levy a “hurricane tax” on residents.
A spokesperson for DeSantis did not immediately respond to ABC News’ request for comment.
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