Florida residents have many options when it comes to insurance. Some companies offer more coverage. Some companies are more expensive than others. Before making a decision, compare multiple quotes from different companies. Consider the discounts that are available for wind mitigation. These features can help you protect your home, and decrease your insurance premiums. These features may also come free of charge. It is worth checking with your insurance company to determine if they are available for discounts.
State Farm
State Farm announces plans to cancel almost 700,000 homeowner insurance policies in Florida after a difficult year. The company is also cancelling close to 80,000 condominium and 62,000 renter policies. Rate increases are a result of the 2004 hurricane season, which caused the Florida affiliate of the company to borrow $750 millions from State Farm Mutual of Illinois. The debt is still not paid and the Florida affiliate reported a drop in surplus of $201 million over the first three-quarters of 2008.
State Farm homeowners' insurance provides coverage for injuries resulting from flooding, fire and other natural catastrophes. It also offers an "increased dwelling limit" option, which automatically extends your home's replacement value by 20%.
Allstate
Allstate is a great choice if your goal is to get homeowners insurance for Florida. This insurance company not only offers competitive rates but also provides above-average customer service. Allstate is a major insurer, making it easy to get it from anywhere. Nevertheless, you should compare Allstate's insurance rates with at least three or four other insurance providers to find the best deal.
This company is very popular with homeowners in Florida. Its history dates back 1864 and it holds an A++ financial strength rating by AM Best. It offers many discounts and endorsements that can save you money. These discounts include hidden damage coverage, loyalty discount, multi-policy discount and discounts for smart-home safety. You can also customize your insurance coverage by choosing deductibles and coverage levels that best fit your needs.
Travelers
Travelers offers standard home insurance coverage and optional coverage packages for a better value. The company offers customer service that can help you customize your coverage to cover more assets. You can add a green house upgrade to your policy, which will cover the costs for repairing or replacing environmentally-friendly materials. Regardless of which type of coverage you choose, you can expect to receive average customer service and coverage satisfaction from this insurance company.
Travelers also offers personal property replacement cost settlement, which pays you for your personal property at replacement cost at the time of a loss. The coverage covers personal property replacement costs, including depreciation. The policy covers many items including medical expenses, property loss, and loss of use.
Chubb
Florida homeowners insurance from Chubb comes with many additional features. The company provides extra coverage for sewer backups. To get discounts, you can combine these policies with other insurance products. Visit Chubb's website for more information.
Chubb's Insurance offers cash settlements for total losses covered by your home if it is destroyed by fire. The company will help you find temporary accommodation in nearby hotels or homes similar to yours. Chubb will also reimburse your expenses for food, lodging, and transportation. You also get coverage for damages due to natural disasters as well as liability lawsuits.
Universal Property
Universal Property Insurance offers homeowners discounts. Some of these discounts include automatic bank and credit card payments, electronic statements, claims-free discounts, and automatic payment from your bank account. In addition, you can save money by installing various protective devices around your home. Universal also provides replacement cost insurance for any property damaged.
Universal Property & Casualty Insurance Company (Fla.) was established in 1997. This Florida-based company provides home insurance in Florida, as well in other states. The company controls 9.7 percent in the state's home insurance market. The company sells home insurance directly to consumers as well as through independent insurance agencies.