What is the Average Cost of Homeowners Insurance in Florida?

It is nearly impossible to calculate the exact average cost of homeowners insurance in Florida. There are too many variables that influence the cost. The premiums vary from city to city and town to town. The value of a property, the coverage sought and the role of deductibles make an assessment of an average quite difficult.

There are many companies offering homeowners insurance in Florida at
https://floridainsurancequotes.net/florida-homeowners-insurance/ . Some have exorbitant premiums while a few are more reasonable. There are policies that cost more than three thousand dollars. There are policies with annual premiums of less than two thousand dollars. You are unlikely to get a comprehensive coverage for less than fifteen hundred dollars. Four thousand dollars a year and you can insure the most expensive homes rather comprehensively.

The lowest annual premium for homeowners insurance in Florida is five hundred dollars. The maximum you may pay is ten thousand dollars. However, these extremes do not reflect the needs of most Floridians.

Being a coastal state and one that endures hurricanes as well as other weather extremes from time to time, the cost of homeowners insurance in Florida is among the highest in the country. You will hear that Florida is the most expensive state to have homeowners insurance. Unfortuneatley this is true.

There are more than seventy levels of coverage. There are dozens of deductibles and scores of liability limits. Cost of insurance varies by zip code, choice of insurer, risks a property is naturally prone to and other strengths as well as vulnerabilities. The average cost of homeowners insurance Florida residents purchase is pegged at three thousand and five hundred dollars. This is more than two thousand dollars higher than the nationwide average. The national average is just over twelve hundred dollars. This average is calculated on the basis of a dwelling coverage of two hundred thousand dollars, deductible worth a thousand dollars and liability worth a hundred thousand dollars.

All homeowners insurance companies with
https://floridainsurancequotes.net/florida-homeowners-insurance/ consider the dwelling, potential liability and likely medical payments to determine the premiums. Fifty percent of the coverage is usually for personal property, ten percent for other structures and twenty percent for loss of use. Deductibles play a key role in reducing the annual premium as the insured pledges to endure some expenses before claiming the insurance. You must make the most of such deductibles as there is little you can do to save money on the premium for overall coverage. You must protect the value of your dwelling so voluntary declarations of paying for some expenses prior to the insurance claim is the best way to reduce the cost of home insurance.