Why Home Insurance Rates Are Rising in Florida
According to Insurify, the average homeowner's insurance policy premium has risen by 55% during the past three years. While homeowners insurance rates are on the rise everywhere, Florida residents already pay some of the highest insurance rates in the nation compared to other states.
If you have concerns about your policy premium increase, contact the agents at Choice One Insurance in Cutler Bay, Florida, today. They can help you understand your coverage and shop around for the best combination of value and price.
Why Are Florida Residents Paying More for Homeowners Insurance?
Florida's insurance providers had a net income loss of $1 billion at the end of 2021, in part due to weather-related risks, losses from lawsuits and insurance scams.
Florida homes are prone to damage from weather, including an active and destructive hurricane season. When a storm causes widespread damage, insurance companies must pay multiple large claims in a short amount of time.
In 2021, more than 100,000 lawsuits were filed against insurance companies about Florida properties. Nationwide, 75% of all property insurance lawsuits happened in Florida, while only 8% of property insurance claims were filed in the state.
How To Lower Homeowner's Insurance Rates
Your homeowner's insurance premiums are based on several factors, including your location, your claims history, the value of your home, and information about your policy, like your deductible amount.
Talk with your agent to make sure you are getting the correct discounts. Using the same insurer for your auto and home policies may trigger a multi-policy discount.
You may be eligible for wind mitigation discounts if you take measures to protect your home and roof from wind-related damages.
Your agent may also suggest you increase your home insurance deductible to help lower your homeowner's insurance premiums. Make sure you can easily cover your deductible with your savings if you need to make a claim. Insurance companies typically subtract the deductible from a claim.
Contact Choice One Insurance today to learn more about how you can lower your homeowner's insurance rates.