Florida Hurricane Insurance Rates
Protecting your property from hurricane damage is possible with a Florida homeowners insurance policy. But most Floridians wonder how much hurricane insurance costs in Florida.
The average cost for a home insurance policy is $1,410 per year as of 2021.
Many policyholders are eligible for premium discounts for trying to protect against hurricane damage. Installing wind-resistant features on your home is one way to lower your rate. Contact your insurance provider to find out what steps you can take to qualify for a discount.
Another cost to consider is your Florida hurricane insurance deductible. Remember that your policy could have a separate deductible for some hurricane losses.
How much could you pay for a Florida hurricane deductible?
FLOIR states that insurers must offer specific deductible amounts:
The percent is calculated using the total insured value of the home. For instance, if your home value is $250,000 and you had a 10 percent deductible, the amount would be $25,000.
The dollar amount is usually much less for other perils. You might pay only $500, $1,000, or 1 percent of the value for a fire, hail, or lightning insurance claim.
Florida Hurricane Insurance Companies
According to the III, the top five writers of homeowners insurance in Florida are:
Universal Insurance Holdings Inc., which includes Universal Property and Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company
Citizens Property Insurance Corp.
If you already have a homeowners or renters policy, contact your insurance agent to ask about hurricane coverage and deductible amounts.
However, it pays to shop around. Check rates from multiple insurers if you’re in the market for a new policy or if it’s been a year or more since you purchased your existing coverage. You might be surprised by how much you could save.
Where should you look? Start with Insurify’s free comparison tool to compare rates and policy options.
See Also: How to Prepare Your Homeowners Insurance for a Hurricane Claim