How to get cheap homeowners Insurance in Florida?
What is wind mitigation?
One way to save money on insurance is to fortify your home against wind damage. Making additions and renovations to your home can make it more resistant to hurricane damage.
For example, you might seal the roof deck to keep storm water out. Or, you might install shatterproof glass. Such improvements can significantly reduce the price you pay for windstorm coverage. In fact, such discounts cut your insurance premium by up to 88 percent, according to the Florida Division of Emergency Management.
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Why do I need flood insurance in Florida?
If you have Florida home insurance, don't assume you are covered in the event of a flood. A homeowners policy in Florida does not cover flood damage -- the most common natural disaster in the U.S., according to III.
In the U.S., the federal government offers flood insurance to florida homeowners through the National Flood Insurance Program (NFIP). Fail to buy this type of policy, and you will be out of luck if flood waters roll through your home.
How do hurricane deductibles work?
As noted above, an increasing number of insurance companies are turning to percentage deductibles when insuring homes. This is especially true for windstorm coverage.
A percentage deductible can be considerably more expensive than a traditional deductible. Instead of paying a flat fee of $1,000, you could be charged a percentage of your overall Florida home insurance coverage amount. A 2 percent deductible on coverage of $100,000 leaves you on the hook for $2,000.
Although this might seem onerous, III points out that such deductibles make insurance more affordable for policyholders who live in homes near the coast that are frequently in harm's way.
The good news in Florida is that windstorm deductibles apply per season, not per storm. So if you have the misfortune to be hit by three storms in one year, just one single deductible will apply to them all.
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What do I do if I can't get homeowners insurance in Florida?
Some people struggle to find coverage. The Florida Market Assistance Plan allows these homeowners to locate and purchase coverage from authorized insurers in the private market. The toll-free telephone number is 1-800-524-9023.
Citizens Property Insurance Corp. is another option for homeowners who can't find good Florida home insurance coverage. For example, many Floridians use Citizens for windstorm coverage if they live in wind-pool areas near the coast that make their homeowners insurance company unlikely to provide windstorm protection.
Are sinkholes covered?
Sinkhole coverage might or might not be part of your homeowners policy coverage. Insurers have the right to inspect your property and -- if evidence of sinkhole activity is found -- to decide not to offer you the coverage. They can also refuse coverage if your home is within a certain distance from confirmed sinkhole activity.
Is mold covered?
Mold that results from a covered peril -- such as a burst pipe -- typically is covered under a Florida home insurance policy. However, the amount of mold coverage often is capped at around $10,000. It might be possible to increase such limits by paying an additional premium amount. It's important to note that some policies do not cover mold damage at all.
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What is an ordinance or law exclusion?
In some cases, a law or local building ordinance can make it more expensive to repair or replace your home. If this happens, your insurer typically is not obligated to pay this higher amount. However, some policies include ordinance or law coverage. In that case, the insurer would be obligated to pay the extra amount.
Where do I get claims processing info or file a complaint?
If you have concerns about how your claim was handled, call the Florida Department of Financial Services at 1-877-My-FL-CFO (1-877-693-5236). The department recommends that you keep records of all dates and times and names of company representatives when you communicate with your insurer about a claim. Keep copies of written records and correspondence as well.
If you are unable to resolve a claim dispute with your insurer, mediation might be available. In this process, a trained, neutral mediator works with both sides and tries to reach a mutually satisfying agreement. The insurer pays for the service, and neither the insurer nor you are obligated to accept the result. To find out if you are eligible, call 1-877-My-FL-CFO (1-877-693-5236).
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