Florida Home Insurance Rates Guide

Ever wonder why there is so much emphasis placed on comparison shopping when it comes to Florida home insurance rates? The truth is that rates for are affected by a number of factors and can vary a great deal from one company to another. Since FL home insurance rates vary so widely, comparing them from as many insurers as possible will likely result in getting the best possible price for your coverage.

Factors that Impact Consumer Rates

In Florida, coverage rates are affected by a number of factors including the age of the home, purchase price, and county in which it is located. They are also affected by the level of deductible for hurricane and non-hurricane related damage. Rates can also vary by whether or not wind mitigation features are present on the home. Homeowners who install hurricane shutters and have a home with the proper roof shape, roof straps and have passed a wind inspection performed by a registered wind mitigation inspection company can save up to half off on their windstorm insurance premiums. Finally, whether or not the customer has been claim free over the course of the previous three year period is also a factor in cost setting.

How Rates Fluctuate among Companies

Florida's Governor Charlie Christ and Insurance Commissioner Kevin McCarthy put together a website to illustrate that home insurance rates do in fact fluctuate a lot from company to company. It shows two rating examples. The first is for a pre-2001 construction home with a replacement value of $150,000, and the second is a new construction with a replacement value of $300,000. It demonstrates that you can get a wide variety of premiums from different companies for the same level of coverage on the same property. They also urge citizens of Florida to perform price comparisons prior to buying home insurance.

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