Florida residents have the freedom to choose from many insurance providers. Certain companies provide more coverage than others. Some companies are more expensive than others. Before making a decision, compare multiple quotes from different companies. Consider the discounts that are available for wind mitigation. These features can protect your house and help reduce your insurance premiums. In addition, they may be free of charge. 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. State Farm will also be cancelling nearly 80,000 condo policies, 62,000 renter policy, and 58,000 boat policies. The rate hike is a response to the hurricane season of 2004, which forced the company's Florida affiliate to borrow $750 million from its parent company, State Farm Mutual of Illinois. The debt is still not paid and the Florida affiliate reported a drop in surplus of $201 million over 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. It also provides an "increased domicile limit" option that automatically extends the replacement value of your home by 20%.
Allstate
Allstate is the best choice if you are looking for homeowners insurance in 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. To get the best deal, compare Allstate's rates with at most three to four other insurance providers.
This company is highly regarded by Florida homeowners. Its history dates back 1864 and it holds an A++ financial strength rating by AM Best. It offers many discounts and endorsements that can save you money. These include hidden-water damage coverage, loyalty discount and multi-policy discounted, as well as discounts for smart-home security. You can also customize your insurance coverage by choosing deductibles and coverage levels that best fit your needs.
Travelers
Travelers provides standard coverage for home insurance and offers optional coverage packages for an even better price. Travelers offers customer service that will help you tailor your coverage to protect more assets. You can also add green home upgrades to your policy to pay for the costs of green materials. You can expect average customer service from this company, regardless of the type of coverage that you select.
Travelers also offers personal injury replacement cost settlement. This covers personal property up to the value of its replacement. This coverage covers the cost of replacing personal property without depreciation. The policy covers a wide variety of items, including medical bills, property damage, loss of use, and other expenses.
Chubb
The Chubb Florida homeowners insurance includes a variety of additional features. The company provides extra coverage for sewer backups. To get discounts, you can combine these policies with other insurance products. Visit Chubb's website for more information.
Chubb's insurance provides cash settlements to cover total losses if your home is set on fire. The company will offer temporary housing in hotels and similar properties nearby. Chubb will also reimburse expenses for food or lodging. Additionally, the policy covers damages resulting from natural disasters as a well as liability suits.
Universal Property
Universal Property Insurance offers homeowners several discounts. These discounts include automatic payments from your bank account or credit card, electronic statements and claims-free discounts. Installing protective devices around the home can help you save money. Universal also provides replacement cost coverage for property that has been damaged.
Founded in 1997, Universal Property & Casualty Insurance Company is a Florida-based insurer that offers home insurance in Florida and many other states. The company holds 9.7 percent of Florida's homeowners insurance market. The company sells homeowners insurance directly to consumers and through independent insurance agencies.