Affordable Home Insurance in Tampa, FL
Are you buying a house in Florida? If so, you need homeowners insurance! The Florida housing market is red hot, with cities like Tampa and Jacksonville lead
ing the nation with new home sales. But how can you get affordable home insurance? Let us help! If you’re new to the world of insurance, let us guide you on the ins and outs of protecting your new property.
A Primer on Buying Home Insurance in Florida
Florida has a hot and humid environment, which is part of the reason it’s so desirable for new residents. However, the state is often hit by hurricanes, causing significant property damage.
Over the years, home insurance prices have risen because of big storms like Michael and Andrew. So, compared to other states, Florida is one of the most expensive for new buyers.
That said, you can mitigate these costs and still find affordable home insurance in the Sunshine State. We can help you figure out which elements can help you save big.
Factors That Affect Your Home Insurance Rate
When trying to get the most affordable coverage, you have to pay attention to various factors and elements that can go into your policy rate. The top three elements insurers pay attention to are:
Age of the Home
As a rule, newer homes are stronger and more storm-resistant than older properties. Part of the reason is that an old building has wear and tear damage, while a new one has fresh, new materials. Another big reason is that more recent homes follow stricter codes, many of which help strengthen the building’s weak points.
Most hurricanes hit the Florida Keys and Miami before moving to any other part of the state. So, if you’re buying in these cities, you’ll wind up paying a lot mo
re for insurance no matter what. Gulf-side cities like Tampa or places in the panhandle are often more affordable because they’re less affected by hurricanes and other storms.
Codes and Upgrades
Even if a home is old, previous owners may have upgraded or retrofitted the property with storm-resistant elements. For example, perhaps the roof is reinforced with braces, and the windows all have storm shutters to prevent breakage from flying debris. So, homes with these upgrades can often see a substantial reduction in home insurance prices.
What’s Included with Your Florida Home Insurance?
The purpose of buying homeowners insurance is to protect your home and its contents. Also, if you’re getting a mortgage loan, lenders require comprehensive insurance. But what’s included? Here’s a rundown of what you can expect to be covered by your policy:
- Building and Other Structures Protection – Your policy covers damage to the building itself and any detached structures on your property. For example, maybe you have a pool house or a gazebo in the yard. Insurance pays for damage related to incidents like falling objects, wind and hail (not hurricane-related, though), and fire. Insurers also pay the replacement cost value for the home, so you don’t have to worry about depreciation.
- Personal Belongings Protection – Your belongings are just as important as the home itself. Typically, a homeowners policy covers personal items from the same perils included in the building protection. However, standard policies only pay the actual cost value for your belongings. That said, you can upgrade to replacement cost protection for an added fee.
- Additional Living Expenses – If you have to move out of your home because of a covered peril (i.e., a fire), you’ll receive compensation to live elsewhere while your house is repaired. ALE can cover hotel and transportation costs for a specified period, such as 12 months.
- Liability Protection – As a homeowner, you’re responsible for any personal injuries that occur on your property. However, liability protection only covers visitors and non-residents. If you slip and fall down the stairs, you’ll have to rely on your own health insurance. If a guest does that, this coverage helps pay any legal fees if they decide to sue. Your policy may also include medical payments coverage, which can cover healthcare costs related to the incident.
What About Hurricanes and Flooding?
Standard homeowners insurance does not cover hurricanes, earthquakes, or flooding. So, you need to supplement your coverage with additional policies. In Florida, home insurance companies often charge a hurricane deductible to cover wind-related damage to the property. This deductible is a percentage of your home’s value, such as five or 10 percent. So, you need to pay that deductible before your insurer covers anything. Fortunately, you can only be charged a hurricane deductible once per season, not per storm.
As for flood insurance, the easiest option is to buy a policy from the National Flood Insurance Program (NFIP). This government-backed insurance program helps homeowners find coverage when they can’t get a policy from a private company. However, flood insurance is somewhat limited, with policies capping at $250,000 for residential homes.
Get an Affordable Home Insurance Rate Today!
Buying affordable home insurance in Tampa, FL doesn’t have to be a hassle! Contact us today at Affordable Car Insurance Tampa to see what policy options for home, life, and car insurance are available and find out how much you can save!