5 Essentials When Buying Home Insurance in Florida

5 Essentials When Buying Home Insurance in Florida

When you are renewing your existing policy or purchasing Florida home insurance for the first time, details matter. The right insurance policy will give you peace of mind and a safety net for the unexpected. Taking your time to compare the best policies will reward you with a process that is easier and, in some cases, less expensive.

Before you buy home insurance for the new year, keep these five essentials in mind.

1: It’s Smart to Compare Your Options As with any important purchase, you need to compare your options to ensure that you’re getting the best deal for your needs. Buying insurance is an interesting process because, in addition to cost, you also need to think about the long-term benefits. Low-cost insurance policies often omit essential areas of coverage that are beneficial for you and your family. Spending a little more gives you peace of mind and better protection when the unexpected occurs.

There’s no ‘one-size-fits-all’ rule when it comes to the relationship between price and policy. Typically, more extensive coverage costs more, but it’s still possible to find excellent policies at prices you can afford.  At Moran Insurance, we go above and beyond to meet your needs for the fairest price. Remember, the lowest premium is only one aspect of value. Making sure you have the right coverage is what matters the most.

According to the latest data,  the average cost for homeowners insurance in Florida is $2,055 per year. Use this as a baseline as you compare policies.

2: Combining Policies Could Result in Discounts In many cases, you can talk to an agent about discounts for combined coverage. Moving your Florida homeowners insurance, health insurance, life insurance, auto insurance, and even your boat insurance to the same agent often results in significant discounts. You’ll also enjoy the convenience of dealing with a single company, which will save you time and streamline your policies and billing.

Ask your agent about the discounts or value-added benefits they offer.

3: You Can Negotiate Your Deductible Deductibles and premiums are directly related. Policies designed around per-event deductibles typically result in lower premiums, making your insurance more affordable if you don’t make a claim within a calendar year.

Ultimately, the best option depends on your needs. A higher premium will reduce out-of-pocket costs when you make a claim, but if you don’t file any claims in a calendar year, you will pay more for insurance. Alternatively, a lower premium will increase out-of-pocket costs, which could be financially devastating if your home suffers a significant event that requires a claim.

Balance is important here, as is your financial situation. If you typically don’t have the cash available to shoulder high out-of-pocket costs, it makes more sense to choose the policy with the lowest deductibles.

4: You Need the Right Protection for Liability and Contents Insurance In addition to coverage for your home and detached buildings like a garage and guesthouse, you also need protection from liability and for the contents in your home. The trick here, as with your deductible and premium, is to strike the right balance for your needs. Getting the perfect amount of coverage will ensure that you can replace your items in the case of loss or theft while keeping your premium within a range that you can afford.

Insurance agents usually provide coverage based on an estimation of the replacement value of all items in your home. However, when you have rare, unique, or particularly expensive items, it pays to have a separate Florida homeowner insurance rider added to your policy.  Examples of items that need itemized coverage include musical instruments, expensive electronics, jewelry, antiques, and collectibles.

Liability insurance provides coverage for damage or injuries suffered by third parties on your property. When you have a pool or other high-risk features, talk to an insurance agent about how liability insurance can protect you from lawsuits and related expenses in the case of accidents.

5. Florida Home Insurance Coverage is Essential It doesn’t matter whether you are making payments on your home or you own your home outright, a Florida home insurance policy is essential. Insurance protects the investment you’ve made in your home and the items within it. Get the right policy, and you’ll have coverage for detached buildings and liability, as well.

Even letting a policy lapse for a few weeks could put your finances at serious risk. Home insurance is all about having protection for the unexpected. Keep the old but still very relevant adage of Murphy’s law in mind. If anything can go wrong; it will go wrong. Eliminate risk by finding an affordable policy today.

Where to Buy the Best Homeowners Insurance in Florida

When you’re in the market for a new policy or your first policy, Moran Insurance can help. We are experts in all aspects of personal insurance, from homeowners to life insurance, and even renters insurance. We will work closely with you to identify your needs and develop policies that fit.

Need a quote? Talk to an expert and get covered with homeowners insurance in Florida.