Florida homeowners have the option of choosing from many insurance companies. Certain companies provide more coverage than others. Some are more costly than others. Before you make a final decision, compare several quotes from different companies. Wind mitigation discounts are also worth considering. Those features can protect your home and reduce your insurance premiums. They may also be free. Check with your insurance company for any discounts if you decide to install them.
State Farm
State Farm has announced plans to end nearly 700,000. homeowners insurance policies in Florida, after a hard 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. As of August, this debt remains unpaid, and the Florida affiliate reported its surplus had dropped by $201 million during 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. The policy also includes an "increased residence limit", which automatically increases your home's value by 20%.
Allstate
If you're considering getting homeowners insurance in Florida, Allstate is a solid choice. Allstate offers a superior service and competitive rates. Allstate is a large insurer so you can access it from nearly anywhere. However, it is important to compare Allstate's insurance rates against at least three or more other insurance providers in order to get the best deal.
This company is one of the most loved by homeowners in Florida. Its history dates back to 1864, and it carries an A++ financial strength rating from AM Best. It also offers discounts and endorsements that could save you money. These include hidden water damage coverage, a loyalty discount, a multi-policy discount, and 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 insurance coverage and additional coverage packages for a greater value. Travelers provides customer service to help you personalize your coverage and cover 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 loss compensation, which covers the cost of replacing your personal property with a replacement at the replacement cost. The coverage covers personal property replacement costs, including depreciation. The policy covers many items including medical expenses, property loss, and loss of use.
Chubb
There are many extra features included in Chubb Florida homeowners insurance. Chubb homeowners insurance in Florida includes extra coverage for sewer backups. This is something you might not consider when looking at your home insurance coverage. These policies can be combined with other insurance products to get discounts. Visit Chubb's site for more information.
Chubb's home insurance covers total losses up to $500,000 if your home is burned. The company will arrange temporary housing for you in nearby hotels, or similar homes. Chubb will also reimburse you for expenses for food and lodging. Additionally, the policy covers damages resulting from natural disasters as a well as liability suits.
Universal Property
Universal Property Insurance offers homeowners a variety of discounts. Some of these discounts include automatic payments to your bank account or credit cards, electronic statements and claims free discounts. Installing protective devices around the home can help you save money. In addition, Universal also offers replacement cost coverage for damaged property.
Universal Property & Casualty Insurance Company (Fla.) was established in 1997. This Florida-based company provides home insurance in Florida, as well in other states. The company has a 9.7 percent share of the state's homeowners insurance market. The company offers home insurance direct to customers as well as through independent agents.