The Real Cost of Homeowners Insurance in Florida
Choosing the best homeowners insurance Florida for your property is a very essential task. You need to make sure that you will acquire the right comprehensive insurance coverage with an affordable premium. In order to determine how much is home insurance in Florida, you should need to determine the average cost. Note that premiums vary depending on which part of Florida your house is located in.
Computation of the Average Cost
Location is one of the factors that is considered in computing the cost of homeowners insurance Florida. Take for instance, the home insurance in Palm Coast, Florida area in 2009 is approximately $1,020. The average cost of the homeowners insurance Florida rates is directly proportional to the market value of the real estate. Therefore, in computing the average cost, ratios are used which are about $350 to every $100,000 worth of residential property value. This provides useful, rough estimates.
The I-95 Difference
Like the case throughout the east coast of Florida, the Interstate 95 (I-95) plays a vital role in the price of the homes and the cost of Florida homeowners insurance by county. Properties that are located on the east side of I-95 which is the ocean side have higher values and would require an even more expensive home insurance policy. Homes located to the west of I-95; however, generally have lower appraisal value and require affordable Florida home insurance.
On top of the basic cost of home insurance in Florida, this policy is designed to cover the contents of the home (personal property). The amount of personal property that can be insured in the home is another factor that would increase the cost of insurance premiums. It is important to note that the value of insurable personal properties vary from one home to another.
Aside from the insurance coverage that protects the loss of the home and its contents, there are also supplemental coverage available. For instance, there is supplemental coverage that offers assistance in paying for a place to stay in when the damage to the home would render it not suitable for living. This will also add to the total cost of your home insurance premium.
One of the most common misconceptions about the best home insurance in Florida is that it includes flood damage in its coverage. Note that the standard home insurance generally does not cover these types of damage. Furthermore, after a hurricane, damages are mainly due to the water damage caused by storm surges; thus, even though you have coverage from your insurance for wind damage, anything attributed to water damage won’t be covered even if it’s due to the same cause (the hurricane). You need to acquire a special policy for flood insurance.