Great News for Florida Homeowners Insurance Rates
Finally, some good news for Florida homeowners when it comes to the cost to insure their homes. Sunshine State residents have seen their insurance premiums go up dramatically over the last decade. In fact, according to Insurance.com, Florida has the most expensive homeowners insurance premiums in the country with an average premium of $3,575.
If you are a State Farm customer, you may soon see a decline in your yearly premium. According to a recent press release, State Farm is reducing their homeowner insurance rates by an average of 14.4 percent. The rate reduction will vary depending on what part of Florida you call home. The total savings across all of Florida should add up to approximately $95.9 million.
“State Farm Florida is always evaluating how we can best serve our customers. We are very pleased to be able to offer this rate decrease,” said Dan Krause, State Farm Senior Vice-President in the press release. “There were several factors supporting the decision to lower rates. Among them were stable, non-catastrophe loss trends and the strength of State Farm Florida.”
The rate decrease is effective May 15 for new business and July 1 for renewals.
State Farm did point out the following in their press release: “Overall changes in premiums for individual homeowners will vary. Rates depend on a customer’s policy and chosen coverage. New and existing customers can contact their local State Farm agent to discuss their individual situation.”
How to Save Even More
While State Farm is lowering their premiums, there are other ways to save some money when insuring your home. Here are a few tips to help lower your premium:
- Shop Around: Insurers rate risk differently which can result in dramatic differences in premium quotes. Shop your coverage on a yearly basis and get Florida home insurance quotes from at least five different insurance companies. Always compare apples to apples in regard to coverage levels and deductibles. At HomeInsuranceKing.com, we can shop and compare multiple rates all in one place. Start your Florida home insurance shopping today!
- Discounts: Insurance companies offer dozens of discounts so make sure you are getting all of the discounts that you are qualified to receive. Ask your agent to do a discount review to verify you are getting all available discounts. While some discounts may be small, they all add up to significant savings.
- Update Your home: Florida weather can be extreme. Hurricanes and other severe weather can do major damage to your home which pushes rates up for everyone. Consider replacing an old roof with a wind resistant one or add storm shutters to help minimize damage. You should receive a significant discount for any updates, make sure you notify you insurer when the changes have been made to your home.
Helpful Article: Pros and Cons of Florida Home Insurance