Know the Reasons for High Rates of Homeowners Insurance Premium in Florida
A carrier will use various things to estimate the homeowner’s insurance premium. Many things affect the insurance premium rates, so the company raises the rates.
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Here are a few things that are included in the premium calculation let us know about them in detail:
Construction
The major thing on the insurance premium is home construction. There is a separate premium in Florida for the coverage of wind to get high deductibles. In case, you are looking to save money on insurance premium opt for a concrete home.
Home size, price to re-build, and quality
If your home is large in size and nice, then the price to re-build it will be more. The main driver in the insurance premier is the building limit.
Low deductibles
Earlier, people had very low deductibles from $500 to $1,000. These days, all the insurance carriers implemented wind, hail, and hurricane deductibles. In case, you opt for a large deductible, then you can get the portion of the claim amount.
Mitigation Credits
Florida State introduced wind mitigation after the destruction occurred in 2004 during hurricane season. Credits will be given for:
- Roof age – Constructed on or after March 2002
- Roof shape – Roofs in hip shape
- Attachment for roof deck – In case there are longer nails close to the roof deck
- Opening protection – In case, all the doors and windows are affected by a hurricane
In addition to these, many other things are included in it like insurance score, prior claims, distance to fire and police station, etc.
Many online companies offer services to make insurance easy and quick, choose the best one, and take advice today.
