Homeowners insurance in Florida: Why Floridians need homeowners insurance

A home is the largest investment most people ever make.  The investment people make into their homes is more than just money, though and this makes them even more valuable.  Losing your home due to hurricane, fire or even losing your belongings due to theft can be devastating.  Having homeowners insurance helps to decrease the impact should any of these things ever happen to you.  While some things such as photo albums may not be able to be replaced, everything else usually can if you choose the right kind of coverage.

Increased Premiums covering for decreased homeowners

Over the past 3-4 years there has been an increase in homeowners insurance premiums in Florida, and a reduction in the number of homeowners in the state. This is due to the amount of storms like hurricanes, thunderstorms, or hail that destroy thousands of homes a year, leaving large numbers of families without a home.  Many of these families have either been unable to afford to rebuild their homes because they were not insured, or they have simply chosen to move elsewhere after the hurricanes.  It would seem that insurance companies have raised their rates to make up for the loss of some homeowner policies.

Insurance premiums

Florida’s average annual premium is $810, mainly due to the fact that this state is known as “hurricane central”.  While Florida’s homeowners’ insurance rates may seem high, they are certainly better than paying the average $1,328 that the same insurance in Texas would cost you.  In fact, Florida is fourth on the list of “most expensive states to buy homeowners’ insurance”.  There are several grass roots organizations that are working to reduce the homeowners’ insurance rates in Florida and if they are successful the people of Florida will certainly have reason to celebrate.

Be prepared

Taking as many preventative measures as possible will help give you a lower rate and help your home to minimize damages in the event of an emergency.  To live well after a disastrous storm destroys your home and all your belongings, you will need to be prepared with homeowners’ insurance. Paying $810 a year for homeowners insurance in Florida is better than waiting until a hurricane hits and leaves you homeless.  If disaster ever strikes your home, you will be grateful you spent the money on the insurance.

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