Home owners Insurance-
Home owners insurance insurance market in Florida has had many ups and down since Hurricane Andrew. Subsequent to that there have been several buildings code changes along with several insurance companies leaving the state due to the unpredictability of mother nature. However in the past 10 years no hurricane has come ashore which has increased the appetite for a number of new companies to write new insurance.Home Owners Insurance offer stability to the real estate market.
Home owners insurance in Florida
The government run Citizens Insurance has increased to a staggering policy count. Since that time the primary goal for Citizens has been to de-populate its policy count.
To do this they have instituted a “ take out program” The program authorizes for several new companies, ( none of them big national insurers that you have ever heard of) to take over selected homeowners policies. You can opt out and stay with Citizens if you choose, but you have to do so in writing. Also the policyholders should bear in mind that Citizens can raise their premiums by 50% on any given moment.The i’s on Insurance: Your Homeowners Insurance
If your home was built in the last 10 years or so, after the adoption of post-Andrew building codes pioneered by Miami-Dade County you will receive substantial discounts. You may be able to get rate discounts by retrofitting “wind mitigation” measures such as hurricane-impact windows or roof improvements if your home is older.
Depending on the location of the property it may include Windstorm Coverage. However in some coastal properties and other locations you will have to purchase a separate Windstorm Policy. This will vary according to the proximity to the water.
The typical Home Insurance policy consist of
- Coverage A: Dwelling Coverage
- Coverage C: Personal Property
- Coverage E: Liability
- Coverage D: Loss of Use
- Coverage F: Medical Payment
Optional Coverages that can be added to your Home Insurance
- Personal Injury
- Water Backup and Sump Overflow
- Identity Theft Protection
- Dog Liability
- Increased Replacement Cost on Dwelling
- Golf Cart Physical Damage and Liability
- Scheduled Personal Property
- Screened Enclosure/Carport Coverage
- Increased Special Limits Coverage
Home owners Insurance Association-protecting home owners offering stability to the home market in Florida