After Hurricane Ian struck Florida last week many people have been facing damages to their properties like never before. Many people are faced with complex questions regarding how to deal with these damages, am I equipped with hurricane insurance, how can my insurance help me receive compensation for the destruction that occurred? Not to mention that there are so many different insurance companies how do I know which one is best suited for me and my priorities?
By Florida law, it is not required to have home insurance but banks do require it as a condition of your mortgage until your loan is paid off. Going without insurance puts you at risk for life-altering financial loss. Hurricane Ian is the perfect example of how having insurance could make or break you in a situation like this.
Headlines are blaring that the state's insurance industry could be crippled. Six Florida property insurance companies were declared insolvent this year and others are canceling or renewing policies. One of the major problems Florida’s insurance companies face isn’t mass destruction it's litigation.
Industry analysts say years of rampant and consistent litigation and scams have brought Florida’s home-insurance market to its knees with many larger insurance companies reducing their exposure to the state in the past decade.
According to the Insurance Information Institute, “Florida has one of the most generous attorney-fee mechanisms in the country.” This can cause policyholders’ attorney fees to cost insurers more than the awards to homeowners and create a “favorable litigation environment.”
The Office of Insurance Regulation reports that Florida accounts for about 9% of homeowner insurance claims in the nation but 79% of homeowners insurance lawsuits.
According to MoneyGeek’s scoring system, you can find the best insurance in Florida according to your type of home and the coverage you prioritize.
https://www.moneygeek.com/insurance/homeowners/best-homeowners-insurance-florida/
The Best Overall Homeowners Insurance Companies In Florida
1. State Farm
Their standard homeowner's insurance covers all the basics; your home, structures on your property and possessions within your home, as well as liability and medical bill coverage.
You can expect an offer from State Farm within 30-45 days of sending in a complete demand package.
MoneyGeek scored 85 out of 100
Rated 4.4 out of 5 for affordability
Rated 4 out of 5 for User Satisfaction
Rated 5 out of 5 for Financial Stability
2. Allstate
Their standard homeowner's insurance covers all the basics; your home, structures on your property and possessions within your home, as well as liability and medical bill coverage.
It takes 90 days for them to send your full settlement payments after your claim has been accepted.
MoneyGeek scored 85 out of 100
Rated 4.8 out of 5 for Affordability
Rated 4 out of 5 for User Satisfaction
Rated 4.5 out of 5 for Financial Stability
The Best Homeowners Companies In Florida For Service Quality
1. Citizens Property Ins Corp
they play a unique role as a low-cost homeowners insurance provider. They provide very basic homeowners insurance coverage.
MoneyGeek scored 89 out of 100
Rated 4.5 out of 5 for Claims
Rated 4.5 out of 5 for User Satisfaction
Rated 4 out of 5 Financial Stability
2. Chubb
It sells homeowners, flood and auto insurance as well as specialty insurance products designed to cover things like collectibles boats and cyber threats.
MoneyGeek scored 82 out of 100
Rated 4.6 out of 5 for Claims
Rated 3.4 out of 5 for User Satisfaction
Rated 5 out of 5 for Financial Stability
The Best Homeowners Companies In Florida On A Budget
1. Travelers
According to Marketwatch, their survey discovered respondents who filed a claim were satisfied with Travelers’ customer service and a 4.2 rating for satisfaction with the claim outcome.
MoneyGeek scored 91 out of 100
Pros:
- Home insurance coverage is affordable at an average of $1,083 per year
- Discounts are available for bundling, being claims-free and having security devices at home
Cons:
- Discounts are not available for having a new home or doing home renovations
- MoneyGeek satisfaction rating of 3.55 out of 5
Florida mandates all Florida drivers to operate motor vehicles in the state to have car insurance. Before you register a vehicle with at least four wheels in Florida you must show proof of Personal Injury Protection (PIP) and Property Damage Liability (PDL) automobile insurance.
PIP covers 80 percent of all necessary and reasonable medical expenses up to $10,000 resulting from a covered injury, no matter who caused the crash. PDL coverage pays for damage to another person’s property caused by you or someone else driving your insured vehicle.
Any vehicle with a current Florida registration must:
- Be insured with PIP and PDL insurance at the time of vehicle registration
- Have a minimum of $10,000 in PIP and a minimum of $10,000 in PDL.
- Have continuous coverage even if the vehicle is not being driven or is inoperable. Surrender the license plate/tag before canceling your insurance.
- Purchase the policy from an insurance carrier licensed to do business in Florida.
- Maintain Florida insurance coverage continuously throughout the registration period regardless of the location of the vehicle.
