Florida residents have many options when it comes to insurance. Certain companies provide more coverage than others. Some are more costly than others. Compare quotes from several companies before you make a decision. Also, take note of the discounts for wind mitigation. These features can help you protect your home, and decrease your insurance premiums. You may even be able to get them free. Check with your insurance company for any discounts if you decide to install them.
State Farm
After a long, difficult year, State Farm is announcing plans to cancel nearly 700,000 homeowners insurance policies in Florida. The company will also cancel almost 80,000 condominium policies and 62,000 renter policies. It will also cancel 58,000 boat insurance policies. Rate increases are a result of the 2004 hurricane season, which caused the Florida affiliate of the company to borrow $750 millions from State Farm Mutual of Illinois. This debt is still unpaid and the Florida affiliate reported that its surplus for the first three quarters 2008 had fallen by $201million.
Among the many benefits offered by State Farm homeowners insurance, there is coverage for injuries caused by flooding, fire, and other natural disasters. It also provides an "increased domicile limit" option that automatically extends the replacement value of your home by 20%.
Allstate
Allstate is a great choice if your goal is to get homeowners insurance for Florida. The insurance company provides excellent service, as well as competitive rates. Allstate is a major insurer, making it easy to get it from anywhere. Nevertheless, you should compare Allstate's insurance rates with at least three or four other insurance providers to find the best deal.
This company is a favorite among Florida homeowners. It dates back to 1864. AM Best has given it an A++ rating for financial strength. There are a variety of discounts and endorsements available that can help you save money. These include hidden-water damage coverage, loyalty discount and multi-policy discounted, as well as 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 home insurance coverage and optional coverage packages for a better value. You can customize your coverage to include more assets by contacting the company's customer service team. For example, you could add a green home renovation to your policy in order to pay for green materials. No matter which coverage type you choose, you can expect average service and coverage satisfaction from this insurer.
Travelers also offers personal item replacement cost settlement. This will pay you for your personal items at replacement price in the event that they are damaged or destroyed. The coverage pays for the cost of replacement for personal property, without depreciation. The policy covers a wide range of items, including medical expenses, property damage, and loss of use.
Chubb
Florida homeowners insurance from Chubb comes with many additional features. One example is that the company offers sewer backup coverage, something you may not have considered when looking for home insurance. These policies can also be combined with other products for discounts. Chubb has more information.
Chubb's insurance provides cash settlements to cover total losses if your home is set on fire. 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. You also get coverage for damages due to natural disasters as well as liability lawsuits.
Universal Property
Universal Property Insurance offers homeowners several discounts. Some of these discounts include automatic bank and credit card payments, electronic statements, claims-free discounts, and automatic payment from your bank account. In addition, you can save money by installing various protective devices around your home. Universal also provides replacement costs coverage for any damaged property.
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 holds 9.7 percent of Florida's homeowners insurance market. The company sells home insurance directly to consumers as well as through independent insurance agencies.