Tips for Lowering Your Homeowners Insurance Costs
Shop and compare rates.
Use AllQuote to obtain multiple home insurance quotes. AllQuote is the only internet
website providing the consumer with immediate feedback on Florida home insurance.
Check your personal credit report.
Many Florida homeowners’ insurance companies
check credit histories as part of their evaluation and rating process. If you find
some problems, try to address the issues before you apply for new coverage.
Select the highest deductible you can reasonably afford.
A higher deductible can
significantly reduce your homeowners insurance premium.
Know your current home insurance policy.
Take the time to study your Florida home insurance policy and determine what is
covered. You may not need all the coverage based on your current situation.
Save with discounts.
Ask your advocate regarding any discounts for which you may qualify. You may get a
discount if you are a senior citizen or can consolidate other coverages.
Protect your home.
A burglar alarm that is monitored by the security company, or tied directly to
the local police station can not only protect your home and belongings – it can
save you money. A monitored security system will lower your home insurance premium,
typically by 5% or more.
Review your policy regularly.
Insurance companies change their rates often, so you should compare the cost of
other home insurance policies to your own at least once a year. Shopping around
could save you money. In addition, you should review your policy for any changes
that may have occurred that could affect your premiums. For example, a recently
installed security system could save you 5% or more. Also, ensure you have adequate
coverage for any major purchases or additions to your home.
Home insurance is necessary. It protects one of your most important investments
– your home and your belongings. But buying home insurance can be intimidating.
Our home insurance guide covers all the basics of home insurance so you can make
an informed decision. Contact a licensed Florida insurance
advocate with any questions.
Home insurance provides financial protection against disasters. The policy covers
both damage to the structure and your personal belongings. Home insurance policies
also provide liability coverage, or legal responsibility, should you or your family
members cause injury or damage to other people on your property. Damage caused by
most disasters is covered with some exceptions. Home insurance policies do not
cover flooding, damage by certain pests, pets or poor maintenance. Flood coverage
is available in the form of a separate policy. Flood policies are not quoted as
part of the AllQuote process. Please ask a licensed advocate for info regarding flood insurance.
In general, a home insurance policy includes the following types of coverage:
Coverage for the Structure of the Property
Your insurance policy will pay to repair or rebuild your home if it is damaged or
destroyed by a disaster listed in the policy. Most policies also provide some coverage
for any unattached structures that are part of the house, such as a garage or shed.
When determining the amount of coverage for your property, the amount should not
include the value of the land. You should obtain coverage for the amount necessary
to replace the structure. The amount is listed on your current policy declaration
page, under "Coverage A" or "Dwelling Coverage". In addition, a recent home appraisal
may serve as a source for determining the amount of dwelling coverage. A licensed
advocate can also help you determine the appropriate replacement cost of your home.
Coverage for Your Personal Belongings
Your home insurance policy will cover your furniture, clothes, and other personal
items in your home if they are stolen or destroyed by a disaster listed in the policy.
Typically, this amount of coverage is 50% of the amount of the insurance on the
structure of the property. Certain items, like jewelry, furs, and silverware are
covered, but they are typically limited to specific amounts. Additional coverage
limits can be added as an endorsement for your special personal property. Additional
premiums related to your special property are not included in AllQuote FL estimates.
Your home insurance policy protects you against financial liability if someone is
injured in your home. Most insurance companies automatically include $100,000 of
coverage for liability protection. You can increase your coverage to higher limits.
A licensed advocate can assist you in making the adjustments to your quote.
Additional Living Expenses
Your home insurance policy will pay for the additional costs of living away from
home if it becomes inhabitable due to damage from a disaster. Most insurance companies
provide coverage for about 10 - 20% of the insurance on the house for additional
Insurance companies take into consideration certain risks in determining the premium.
Factors such as certain dog breeds, exotic pets, farm animals, no fenced swimming
pools, diving boards, slides, trampolines and proximity to coastal water are all
used to determine eligibility and pricing. The additional risks are not included
in the AllQuote estimates and may change your final quote or preclude you from coverage.
An advocate will be able to further assist you navigate through the details.
- Each insurance company differs slightly on excluded coverages. Read
your policy thoroughly and know what they are.
- A higher deductible means a lower premium, but make sure your deductible
is financially affordable.
- Review the available discounts to save you even more money. A licensed advocate
can review your policy to ensure all available discounts are applied to your final
- Consider mortgage insurance to protect your family. In the event
of a tragedy, your family would be dealing with a terrible loss. For a reasonably
priced insurance plan, it provides a degree of comfort knowing your home is protected
during a tragic loss.
- Let an experienced advocate review all your auto, business and life
policies as a package. In some cases, bundling your coverages can result in additional
There are many types of home insurance policies. AllQuote FL provides quotes
for the most common types:
This is the most common type of home insurance policy. This policy is for people
who own (even if you have a mortgage) a home or townhome. It protects your home
from various types of losses or disasters (called “perils”), including
- fire or lightning
- riot or civil commotion
- damage caused by aircraft or vehicles
- volcanic eruption
- falling object
- weight of ice or snow
- accidental discharge of water or steam from a plumbing system or appliance
- sinkhole (IF SELECTED)
- windstorm or hail, including hurricanes (IF SELECTED)
A home insurance policy includes coverage for the structure of the home and for
your personal belongings (“contents”). It also includes liability protection against
the cost of lawsuits for bodily injury or property damage that you or your family
member may cause to other people while on your property, as well as damage caused by pets.
Most policies also include coverage for additional living expenses, should you have
to be away from home if your house is inhabitable due to damage from a fire or other
This policy is for people owning a condo or co-op, and it provides protection for
your personal belongings and the structural parts of the building that you own.
It generally protects against all the same losses or disasters as the Homeowners
type policy described above.
This policy is for people renting a home, townhome, or apartment they live in, and
it provides protection for your personal belongings. It generally protects against
all the same losses or disasters as the Homeowners type policy described above.
Other Types of Home Insurance
There are several other more specialized types of home insurance. If your home has
any of the following characteristics, you may need a different type of policy:
- An older, historic type home
- A mobile home
- A home that is owned by you but rented full time
- A high value home (over $1million)
If your property fits into one of these 'Other' categories, an advocate will need
to provide an accurate quote for your specialized needs.
In general, home insurance polices provide replacement cost coverage on the structure
and actual cash value coverage on your personal belongings, unless you choose “replacement
cost coverage” for your contents. What is the difference?
Actual Cash Value
Actual cash value coverage means that the insurance company will pay for damaged personal property
that is covered under your policy at the amount you could expect to receive for
the item in the marketplace, taking into account depreciation - or the wear and tear -
of the item prior to the claim. This amount may be similar to an amount you would
receive if you were selling the item “as is”.
If you select replacement cost coverage for your personal property, or “contents”,
then the insurance company will pay the dollar amount needed to replace your damaged
contents with items of like kind and quality. Most companies charge an additional
amount for this level of coverage, but it is typically well worth it.
AllQuote Florida can help you select the right home insurance policy.
Shopping around is smart. Online shopping is an easy and efficient way to shop for
many things. With AllQuote Florida, you can now shop for home insurance online.
After completing a one page quote form, we display as many as
insurance quotes. Other websites only collect your information to submit it to agents.
Frequently, you may receive three or less quotes since an advocate is appointed only with a
handful of insurance companies.
Consult an Expert
AllQuote understands quality is important also. Licensed advocates can assist
you in making your home insurance decision and help you determine which insurance
company is best suited to meet your specific needs and budget. Licensed advocates have
relationships and experience with each of the insurance companies quoted and can
answer any questions you may have.