Getting Homeowners Insurance in Florida
Older properties that need some work and construction may be a good investment but they are a problem when it comes to buying home insurance Florida. More often than not, most insurance companies are somewhat reluctant in insuring old homes primarily because they aren’t fully updated. But, there are few tips and tricks that would help in acquiring just the right insurance coverage you need.
The answer to the abovementioned problem definitely lies in choosing the right Florida homeowners insurance companies and the right type of insurance policy. Note that, you should choose one that is designed to meet the insurance coverage that your old home needs.
Steps in Choosing the Right Insurance for an Old Home
- Decide whether the best home insurance Florida policy for you is the vacant, standard home, or rental policy. If you are residing in the home while constructions are ongoing or while you work on it, you are more likely to qualify for a homeowners’ policy. Meanwhile, when the home is vacant during the renovation period, you will require a vacant dwelling policy. Note that, vacant dwelling policies cost more than the homeowners’ policies. That is primarily because they pose a greater risk for fire and vandalism when the property is vacant.
- Determine whether the property will be occupied by yourself or whether you will put it up for rental. If it is to be rented by someone, then you may choose from various types of rental property insurance coverage. There are three common classifications for rental dwelling insurance policies; these are the basic (DP1), broad (DP2), and special (DP3) policies. The basic (DP1) policy primarily offers a very limited insurance policy but employs the loosest standards for underwriting. If your rental property is located in an area with poor conditions, you may still have a chance of finding an appropriate coverage. The DP2 and DP3 policies are progressive and broader in terms of scope of coverage; however, they have tighter standards for underwriting. To put it simply, you may need to go with DP1 first before you work your way up to the DP3 policy as soon as your old home is improved.
- Make your old property qualify for the best home insurance companies in Florida. If you are trying to qualify for a homeowners’ insurance policy, you should know about the three key factors that the Florida homeowners insurance companies would look into when they’re trying to determine whether an old home will qualify for a coverage. More often than not, insurers like to know that your home has been re-wired and circuit breakers are installed; new roof systems are put up as replacement to those that are more than 10 years old; and updated plumbing systems. Note that lead or galvanized pipes are usually frowned upon by insurance companies. If you are renovating your property, then you might as well finish that first before filing for insurance. This will most likely make your home more desirable to insurers. In fact, some companies will allow you into their homeowners’ program without any updates as long as you are willing to make improvements in the particular areas of your home within a specific time period
- Address issues on liability. Another factor that home insurance companies assess is the risk for liability claims. Ensure that your old home is free of hazards; install handrails and make sure your property is free of dilapidated outbuildings, abandoned wells or uneven pavements.
- Make your home presentable. Some insurance companies have their underwriters review photos of every party of your home that is required to be submitted for the policy; others rely on agents that inspect the home. Either way, you may want to make your property more presentable to get affordable Florida home insurance. As much as possible you might want to trim shrubs and clear loose bushes that are growing close to your property. Replace missing or damaged gutters and re-paint as needed. Mend anything that is broken and cracked including handrails and glasses.
- Evaluate all your options. As soon as you have settled on an insurance company that will offer the best homeowners insurance Florida for your home, review their policies again to ensure that you haven’t missed out on any details.