How Much is an Average Home Insurance Policy in Florida?
Posted 08-02-2015 at 09:58 PM by Sunshine Rules
As a real estate agent, I hear that question quite frequently. Unfortunately, there is no simple answer as to "average" home insurance policy rate.
That is because insurance rates in FL vary based on a variety of factors.
Insurers generally consider 3 main factors that can increase your insurance rates: the age of the home, the location (including how close it is to the coast) and whether the home has any hurricane mitigation items such as storm shutters or roof straps.
You'll also see higher rates if the older home still has original plumbing and electrical, ie potential water damage and fire risks. If you are buying an older home and it has been replumbed and/or rewired, be sure that information is shared with your insurance agent, it can save you money. The insurance company may require you to have a 4-Point Inspection completed by a licensed home inspector to verify the updates.
Back after the 2004 hurricane season, researchers at the 3 FL universities discovered that the building code in place when a home was built was actually more important than the physical age of the homes. Homes built under the 2002 FL Building Code held up better than homes built between 1994 - 2001. And homes built pre 1994, when building codes were less strict, did not hold up as well as 1994-2001 built homes. Homes built between the mid 1970s to early 1990s suffered the most damage. It was determined that during that period lighter weight building materials were used. As a result of that research, insurance companies started grouping the age of homes by those categories.
Here are some other factors that insurance agents take into consideration besides the age of the home: style of roof (hip is better), how the roof is tied on, how close the home is to a natural body of water, location of nearest fire hydrant, if the home has hurricane shutters or impact resistant glass, if the home has a Miami-Dade rated garage door, if the home is frame or block. Some companies will give discounts if you have an alarm system that is monitored or if your home is inside a gated community. Expect to pay a higher premium if you have a swimming pool, a trampoline in your yard or you own a dog (especially if the breed of the dog is on the vicious breeds list).
It's important to have a wind mitigation inspection completed on homes built pre 2002 code changes, especially if the roof, windows or garage door have been replaced recently or hurricane shutters/impact resistant glass have been installed. Regarding the roof, inspectors will be looking at when installed, the type of roof decking & how it's attached (nailed or stapled, length of nails, etc), are trusses attached with nails or hurricane clips, roof style (hip is best), gable end bracing (if gable roof), wall construction (block, concrete or frame), secondary water barriers on roofs (roofs installed 2008 or later).
I did find a web site awhile back by the FL Office of Insurance Regulation that provides valuable information for consumers for homeowners, auto and health insurance that allows you to do some rate comparison.
http://www.floir.com/choices.aspx
Another important consideration when buying a home in Florida is flood zones and flood insurance. But that is a complicated topic best saved for a separate blog discussion.
That is because insurance rates in FL vary based on a variety of factors.
Insurers generally consider 3 main factors that can increase your insurance rates: the age of the home, the location (including how close it is to the coast) and whether the home has any hurricane mitigation items such as storm shutters or roof straps.
You'll also see higher rates if the older home still has original plumbing and electrical, ie potential water damage and fire risks. If you are buying an older home and it has been replumbed and/or rewired, be sure that information is shared with your insurance agent, it can save you money. The insurance company may require you to have a 4-Point Inspection completed by a licensed home inspector to verify the updates.
Back after the 2004 hurricane season, researchers at the 3 FL universities discovered that the building code in place when a home was built was actually more important than the physical age of the homes. Homes built under the 2002 FL Building Code held up better than homes built between 1994 - 2001. And homes built pre 1994, when building codes were less strict, did not hold up as well as 1994-2001 built homes. Homes built between the mid 1970s to early 1990s suffered the most damage. It was determined that during that period lighter weight building materials were used. As a result of that research, insurance companies started grouping the age of homes by those categories.
Here are some other factors that insurance agents take into consideration besides the age of the home: style of roof (hip is better), how the roof is tied on, how close the home is to a natural body of water, location of nearest fire hydrant, if the home has hurricane shutters or impact resistant glass, if the home has a Miami-Dade rated garage door, if the home is frame or block. Some companies will give discounts if you have an alarm system that is monitored or if your home is inside a gated community. Expect to pay a higher premium if you have a swimming pool, a trampoline in your yard or you own a dog (especially if the breed of the dog is on the vicious breeds list).
It's important to have a wind mitigation inspection completed on homes built pre 2002 code changes, especially if the roof, windows or garage door have been replaced recently or hurricane shutters/impact resistant glass have been installed. Regarding the roof, inspectors will be looking at when installed, the type of roof decking & how it's attached (nailed or stapled, length of nails, etc), are trusses attached with nails or hurricane clips, roof style (hip is best), gable end bracing (if gable roof), wall construction (block, concrete or frame), secondary water barriers on roofs (roofs installed 2008 or later).
I did find a web site awhile back by the FL Office of Insurance Regulation that provides valuable information for consumers for homeowners, auto and health insurance that allows you to do some rate comparison.
http://www.floir.com/choices.aspx
Another important consideration when buying a home in Florida is flood zones and flood insurance. But that is a complicated topic best saved for a separate blog discussion.
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