The Average Cost of Home Insurance in Palm Coast, Florida
Selecting the most suitable home insurance for your Palm Coast, Florida, residence is an important task. You must balance the need for appropriate, comprehensive coverage with an affordable policy. One of the starting points in this process is determining the average cost of home insurance in Palm Coast, Florida.
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Computation
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A number of factors play into computing the cost of home insurance. In considering the Palm Coast, Florida, area generally, in 2009, homeowners are paying approximately $1,020 for home insurance. The average cost of home insurance is directly related to the value of the real estate. In calculating average costs, using a ratio of approximately $350 to every $100,000 in residential property value provides useful estimates.
The I-95 Difference
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As is the case throughout the east coast of Florida, the Interstate 95 corridor plays a role both in the price of the homes as well as the cost of home insurance. Residences located on the east side of I-95--the ocean side--have higher valuations and require more expensive home insurance. Homes to the west of I-95 have lower appraised values and require less expensive home insurance.
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Personal Property
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On top of the base cost of home insurance, this type of policy is also designed to insure the contents of a home--personal property. The amount of insurable personal property within a residence is one factor that increases the cost of home insurance. The value of insurable personal property varies significantly from residence to residence.
Supplemental Coverage
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In addition to home insurance coverage to protect loss to the physical premises and personal property, some residences also opt for supplemental coverage. For example, a common type of supplemental coverage provides assistance in paying for a place to stay if the damage to a home renders it unlivable. These additions to the base coverage increase the overall cost of home insurance.
Misconception
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The most common misconception about home insurance in Palm Coast, Florida, is that it covers flood damage. Standard home insurance never covers flood damage. Moreover, in the aftermath of a hurricane, a good deal of damage is attributed to water damage caused by a storm surge. Therefore, while you will will have coverage through a home insurance policy for wind damage, anything attributed to water damage will not be covered, despite the fact that this damage originated from a hurricane. You will need to obtain a special flood insurance policy.
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- Photo Credit Image by Flickr.com, courtesy of Rick Flores
