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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.

Insurance Guide

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.

What Does a Home Insurance Policy Cover?

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.

Liability Protection

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 living expenses.

Additional Risks

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.

Additional Considerations

  • 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 quote.
  • 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 discounts.

What are the Types of Home Insurance Policies?

There are many types of home insurance policies. AllQuote FL provides quotes for the most common types:

Homeowners/HO-3

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
- explosion
- riot or civil commotion
- damage caused by aircraft or vehicles
- smoke
- vandalism
- theft
- 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 disaster.

Condo/HO-6

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.

Renters/HO-4

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.

What is the difference between Replacement Cost and Actual Cash Value?


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”.

Replacement Cost

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.

How Do I Select the Right Home Insurance For Me?

AllQuote Florida can help you select the right home insurance policy.

Shop Around

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 41 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.