Why Does Homeowners Insurance in Florida Cost so Much?

Florida homeowners may feel like they are paying extra for their home insurance. It’s true. It costs more to insure a home in Florida for several reasons. Both Florida and Louisiana are in the same boat. Even though homeowners insurance is much higher in Florida than in other areas of the country, it doesn’t mean that homeowners can’t take a few steps to lower their overall risks and make their policies more affordable.

Why Is Homeowners Insurance So Expensive in Florida?

One of the key reasons for the high cost of Florida homeowners’ insurance policies is location. No other state in the contiguous United States has both an East and a West Coast. This means hurricane risks can come from either direction and cause widespread, catastrophic damage. Another problem is that there are fewer insurance carriers in Florida. This means fewer carriers bear a much larger risk percentage than other areas in the country. When a hurricane hits, multiple homes and businesses are damaged. Everyone is affected in some way or another.

How To Find Affordable Homeowners Insurance in Florida?

You can do several things to make your homeowners insurance more affordable. If you are shopping for a home, there are several things you may consider before putting a bid on a new home. The general location of the home, its condition, and the amenities and features are big factors when calculating the cost of your homeowners insurance and what your monthly premiums will be. One of the first things you need to do is sit down with your insurance agent and discuss your options. Even though Florida is considered a high-risk state, you will be able to mitigate those risks in your favor if you know what to look for.

Shopping for a Home

If you are shopping for a new home in Florida, you will be ahead of the game. You can set your criteria for the property by choosing areas that are at a lower risk for hurricanes and flooding. Look for homes with technological updates that include environmental sensors, a professionally monitored home security system, and smart appliances that are energy efficient. If you want a home with a swimming pool, make sure that it has a privacy fence and other exterior security options to protect you and your family.

Staying in Your Current Home

Many people love their current home and wouldn’t think of ever moving. Choosing to stay in your home doesn’t mean you are stuck paying the high price of your current homeowners insurance policy. You can make upgrades on your own that will allow you to lower your monthly premiums. While you can’t do much about the weather or controlling hurricanes, you may be able to do things to your home that will allow it to withstand hurricane winds. Even little things like installing a DIY home security system can lower your risk of damage caused by a break-in.

Final thoughts

Just because you live in Florida, it doesn’t mean you should have to pay the maximum price for your homeowners insurance. Contact us at Locke Insurance Group today to learn more about how you can manage your insurance costs. While most people know about bundling, it isn’t your only saving way. Schedule an insurance review with one of our agents today and give them an opportunity to show you different ways you can save.

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