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Have you been trying to find homeowners insurance in Florida
for your dwelling. Chances are there have been some problems
finding a policy in your budget, or for that matter, just
finding a Florida homeowners policy. Florida home owners insurance
has become somewhat of a negative topic in Florida these days.
When trying to secure a policy for a Florida home one must
know exactly what they are paying for, what will be covered
under the insurance policy, and what will not be covered.
Here are a few general topics that should be discussed with
any potential homeowners insurance company in Florida.
Most Florida homeowners pay for their insurance through
the lending institution and their escrow account. The
lender may determine the insurance amount, based on the purchase
price of the property or the mortgage amount. One should make
sure the insurance amounts are adequate to replace the home.
Standard homeowners policies in Florida do not cover damage
from floods, including storm surge from a hurricane, which
is considered flooding. Much of the damage from Hurricane
Ivan in west Florida to homes on barrier islands was caused
by storm surge. Insurance for flooding and storm surge is
available from the National Flood Insurance Program.
70 percent of the homes in Florida have a special deductible
for hurricane damage in the amount of 2 percent of the policy
limits. In return for the higher hurricane deductible,
consumers receive a premium discount on the wind portion of
the policy, usually 10 to 20 percent.
A Florida homeowner needs enough insurance to cover the cost
of rebuilding the home at current construction
costs. The cost of rebuilding could be more or less than
the price paid or could sell it for today. Some banks require
you to buy homeowners insurance to cover the amount of your
mortgage. If the limit of your insurance policy is based on
your Florida Home Loan, it may
not be enough to rebuild your home.
For a quick estimate of the amount of homeowners insurance
in Florida you need, multiply the total square footage of
your home by local building costs per square foot. To find
out construction costs in your Florida
Golf Community, call your local real estate agent, builders
association or insurance agent.
Building codes are updated periodically and may have changed
significantly since a home was built. If your home is not
up to date with these Florida codes, the home owners insurance
will tend to cost more than expected.
These are only a few of the major points of what to look
for when purchasing homeowners insurance in Florida. Please
do as much research as you can, and good luck hunting for
the perfect homeowners insurance in Florida. Florida
Golf Course has listed some of the Florida homeowners
insurance companies still doing business in the state.
Florida Homeowners Insurance Companies
- GMAC Home Insurance
- Travelers Insurance Company
- Tower Hill Insurance Group
- Mercury Insurance Group
- Liberty American Insurance Group
- Bankers Insurance Company
- Citizens
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