Insurance in the Sunshine State
In recent years, many insurance companies have been reducing their exposure to risk in Florida by raising rates, reducing coverage options, or dropping policyholders altogether. This has led to concerns about affordability and accessibility of homeowners insurance in the state. By partnering with IZC Insurance, you can feel confident that we will shop your insurance to multiple carriers to provide you with coverage options and pricing options to fit your needs and your budget.
IZC is ready to offer quotes for your insurance needs in Florida including homeowners insurance, wind insurance, flood insurance, auto insurance, umbrella insurance and commercial insurance. Regardless of your assets or risks, IZC is here to help.
Where the Wind Blows: Hurricane Insurance in Florida
Hurricane insurance is a critical consideration for homeowners in Florida due to the state's susceptibility to severe weather events, especially on barrier islands like Amelia Island, the Florida Keys, and Vero Beach. However, obtaining comprehensive hurricane coverage can be challenging due to the high risk and potential cost of damage. Many homeowners insurance policies in Florida include a separate hurricane deductible, which can be significantly higher than the standard deductible for other types of claims. This deductible typically applies to windstorm damage and is based on a percentage of the home's insured value, usually between 2% and 10%.
Coverage options for hurricane insurance typically include coverage for wind damage, as well as damage from other related perils such as hail, rain, and storm surge. Flood insurance may also be necessary, as homeowners insurance policies typically do not cover damage from rising water. Other types of coverage, such as debris removal and temporary living expenses, may also be included in a comprehensive hurricane insurance policy.
Florida is a popular destination for second homes and vacation homes. In 2020, the National Association of Realtors reported that Florida had the highest number of vacation homes of any state, with over 1.5 million properties.
Ultimately, obtaining adequate hurricane insurance coverage in Florida requires careful consideration of the risks and challenges associated with this type of coverage. Homeowners should work with an experienced insurance agent like IZC Insurance to assess their coverage needs and identify the carrier and policy that best meets their unique circumstances.
If your home is in a coastal county like Miami-Dade, Monroe, Bay, Collier, Okaloosa, or Pinellas county, insuring your home could be challenging. The insurance experts at IZC are ready to help you insure your home and have the breadth of markets necessary to get you the coverage you need at a price that works for your budget.
Sinkholes: The Risks and How to Insure Them
Florida is well known for its high occurrence of sinkholes, especially in locations like Tampa, Lakeland and Ocala. Sinkholes occur when the ground beneath a home or structure collapses, often resulting in significant property damage. Sinkholes can form due to a variety of factors, including natural geological conditions and human activities such as groundwater pumping or construction.
Homeowners in Florida can protect themselves against the risk of sinkhole damage by purchasing sinkhole coverage as part of their homeowners insurance policy. Most homeowners insurance policies in Florida include some level of sinkhole coverage, although the specific terms and conditions may vary depending on the carrier and the policy.
When purchasing sinkhole coverage, it is important to understand the terms and conditions of the policy, including the deductible and coverage limits. Sinkhole coverage typically includes a separate deductible, which may be higher than the standard deductible for other types of claims. The coverage limit for sinkhole damage may also be capped at a certain percentage of the insured value of the home.
Water Damage: A Key Cause of Loss in Florida
Water damage is a common risk in Florida due to its high humidity, frequent heavy rains, and proximity to the ocean. This can lead to issues such as flooding, leaks, and mold growth.
Homeowners in Florida can insure against water damage by purchasing a standard homeowners insurance policy or adding an endorsement to their policy. A standard policy typically covers water damage from sudden and accidental events, such as burst pipes or appliance leaks. However, coverage for flooding and gradual damage (such as leaks that develop over time) is usually excluded and may require additional coverage, such as flood insurance.
Hurricane Irma, which struck Florida in September 2017, resulted in over 1 million homeowners insurance claims and over $11 billion in insured losses.
To limit water damage, insurance companies in Florida often have specific restrictions or requirements in place for coverage. For example, some insurers may require homeowners to have certain types of roofing or storm shutters installed to reduce the risk of damage from wind-driven rain. Some companies may also limit coverage for water damage in their policy verbiage by adding water damage sub-limits.
It is important for homeowners in Florida to understand the specific risks associated with water damage and to carefully review their insurance policy to ensure they have adequate coverage. They should also take preventative measures, such as regular maintenance and inspections, to minimize the risk of water damage to their property.
"Where Palm Trees Sway and Dreams Come True"
Whether you love the beach, the warm weather, or the rich history of the state, there is always something to enjoy in Florida. Florida has the longest coastline of any state in the contiguous United States, which allows homeowners a better opportunity for that ocean view, but also comes with some risks. Because of this, it's important to have the right homeowners insurance coverage to protect your investment and your home. At our agency, we are committed to helping you find the right policy to meet your needs. Give us a call today at (404)-795-4807 or complete our free, no hassle online quote request below. We look forward to serving you!
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