In Florida, homeowners have the choice of many insurance companies. Some companies offer more coverage. Some are more costly than others. Compare several quotes from different companies before making a decision. Also, take note of the discounts for wind mitigation. These features can help protect your home and lower your insurance premiums. You may even be able to get them free. They may be free of charge if you ask your insurance company.
State Farm
State Farm announces plans to cancel almost 700,000 homeowner insurance policies in Florida after a difficult year. The company also plans to cancel nearly 80,000 condominium policies, 62,000 renter insurance policies, and 58,000 boats policies. This rate hike was prompted by the Florida hurricane season of 2004, when the company's Florida affiliate had to borrow $750million from State Farm Mutual of Illinois. As of August, this debt remains unpaid, and the Florida affiliate reported its surplus had dropped by $201 million during the first three quarters of 2008.
Among the many benefits offered by State Farm homeowners insurance, there is coverage for injuries caused by flooding, fire, and other natural disasters. The policy also includes an "increased residence limit", which automatically increases your home's value by 20%.
Allstate
Allstate is the best choice if you are looking for homeowners insurance in Florida. In addition to competitive rates, this insurance company offers above-average service. Allstate is a major insurer, making it easy to get it from anywhere. To get the best deal, compare Allstate's rates with at most three to four other insurance providers.
This company is very popular with homeowners in Florida. Its roots date back to 1864. AM Best gives it an A++ rating in financial strength. Additionally, it offers a number of endorsements and discounts that can save you money. These include hidden water damage coverage, a loyalty discount, a multi-policy discount, and discounts for smart-home security. You can also adjust your insurance coverage to suit your specific needs by selecting the right deductibles and coverage levels.
Travelers
Travelers offers standard insurance coverage and additional coverage packages for a greater value. Travelers offers customer service that will help you tailor your coverage to protect more assets. For example, you can add a green home upgrade to your policy to cover the costs of repairing or replacing green materials. Regardless of which type of coverage you choose, you can expect to receive average customer service and coverage satisfaction from this insurance company.
Travelers also offers personal loss compensation, which covers the cost of replacing your personal property with a replacement at the replacement cost. This coverage covers the cost of replacing personal property without depreciation. The policy covers many items including medical expenses, property loss, and loss of use.
Chubb
The Chubb Florida homeowners insurance includes a variety of additional features. For example, the company offers extra coverage for sewer backups, which you might not think about when considering your home insurance coverage. You can also bundle these policies with other insurance products to receive discounts. Chubb has more information.
Chubb's home insurance covers total losses up to $500,000 if your home is burned. The company will provide you with temporary housing in nearby hotels or similar homes. Chubb will also reimburse you for expenses for food and lodging. In addition, it covers damages caused by natural disasters, as well as liability lawsuits.
Universal Property
Universal Property Insurance offers a number of discounts to homeowners. Some of these discounts include automatic bank and credit card payments, electronic statements, claims-free discounts, and automatic payment from your bank account. You can also save money by installing protective devices around your house. Universal also provides replacement cost coverage for property that has been damaged.
Universal Property & Casualty Insurance Company has been a Florida-based insurer since 1997. The company offers home insurance throughout Florida and in many other states. The company has a 9.7 percent share of the state's homeowners insurance market. The company sells home insurance directly to consumers as well as through independent insurance agencies.