Florida Home Insurance - Are You Getting The Lower Premiums?
Premiums for home insurance in Florida can seem as daunting as the onset of another hurricane season.
But there has been reform and according to the Office of Insurance Regulation, property insurance companies are now required to pass along discounts to policyholders in the state based on savings they have received.
You can find out what these "Presumed Factors" that your insurance company has filed to lower costs statewide at the Office of Insurance Regulation Web site.
The idea here is basically that insurance companies need to pass on savings from low claim hurricane seasons to policyholders.
You may also get discounts for hurricane loss mitigation.
Insurance companies file requests with the state when they want to change rates.
These tend to be rate increases -- especially because the companies view homes as being at higher risk in Florida -- but the government has been busy denying many of these requests.
Since rates for homeowner insurance do vary from company to company, it's also a good idea to get some comparison quotes and see if you can save some money.
It's recommended to get at least three quotes for comparison.
The Office of Insurance Regulation site also features a page where you can look up information on a company doing business in the state, including any complaints.
You want to make sure you are doing business with a company licensed in Florida with a strong financial rating.
To get your quotes you can either: 1.
Call different agents and companies.
2.
Go online to the various Web sites of the companies that do business in the state and request quotes.
3.
Go to an insurance comparison Web site that provides several different quotes back after you fill out one form.
To get accurate comparisons, provide the same information for each quote, such as deductibles and amount of coverage.
Also, keep in mind any upgrades you've made to your home for hurricane mitigation, or in general such as electrical upgrades or burglary and fire alarm systems.
These may get you additional discounts.
But there has been reform and according to the Office of Insurance Regulation, property insurance companies are now required to pass along discounts to policyholders in the state based on savings they have received.
You can find out what these "Presumed Factors" that your insurance company has filed to lower costs statewide at the Office of Insurance Regulation Web site.
The idea here is basically that insurance companies need to pass on savings from low claim hurricane seasons to policyholders.
You may also get discounts for hurricane loss mitigation.
Insurance companies file requests with the state when they want to change rates.
These tend to be rate increases -- especially because the companies view homes as being at higher risk in Florida -- but the government has been busy denying many of these requests.
Since rates for homeowner insurance do vary from company to company, it's also a good idea to get some comparison quotes and see if you can save some money.
It's recommended to get at least three quotes for comparison.
The Office of Insurance Regulation site also features a page where you can look up information on a company doing business in the state, including any complaints.
You want to make sure you are doing business with a company licensed in Florida with a strong financial rating.
To get your quotes you can either: 1.
Call different agents and companies.
2.
Go online to the various Web sites of the companies that do business in the state and request quotes.
3.
Go to an insurance comparison Web site that provides several different quotes back after you fill out one form.
To get accurate comparisons, provide the same information for each quote, such as deductibles and amount of coverage.
Also, keep in mind any upgrades you've made to your home for hurricane mitigation, or in general such as electrical upgrades or burglary and fire alarm systems.
These may get you additional discounts.