How to Shop for and Compare Home Insurance Policies in Florida

Homeowner's insurance in Florida has a separate deductible for hurricane damage.

The homeowner's insurance market in Florida entered a state of turmoil after the heavy hurricane season of 2004, and has still not recovered as of December 2010. By Gov. Charlie Crist's own admission, "Many Florida homeowners are finding it difficult and frustrating to compare the cost of homeowners insurance" as a result, according to the state's Shop and Compare website. The market is changing there annually, but there are some tools available to help you navigate the market successfully.

Instructions

1. Visit Florida's Shop and Compare website. This is a tool created by Gov. Crist and Insurance Commissioner Kevin McCarty to help Floridians better understand and navigate the homeowner's insurance market in the state. Click the "COMPARE Homeowner's Insurance Rates" button to advance to the next screen.

2. Choose one of the construction models available on the second screen. One model is an example of pre-2001 construction, and the other is for new construction. Your home may not fit the exact model shown, but the models help you understand the insurance options for similar homes so you can make an informed decision when you buy.

3. Choose your county from the third screen. This opens a list of insurers and the average approved annual premium charged by that insurer in that county for the model home listed, according to the most recent available data. You can see which insurers are most affordable in your area.

4. Contact each of the insurers you prefer to request quotes.

5. Compare the quotes you receive. Standard homeowners insurance includes dwelling, other structures, contents, loss of use, liability and medical coverages. The level of each coverage should be uniform across all quotes for a true comparison. Some policies protect against wind damage while others do not. Verify that the deductibles are the same for all quotes. Remember that homeowners insurance in Florida has a separate deductible for hurricane damage, which might be a dollar amount or percentage of the loss.

6. Choose the quote that offers the best coverage at the most reasonable cost.

Tips & Warnings

• The Home Insurance Buyers Guide offers more detailed information about individual insurers than is available on the state's website. Though you must purchase this guide (see Resources), the information may help you make a better decision.

• An insurer is only as good as its willingness and ability to cover your claim. Visit Florida's Office of Insurance Regulation website to see information about customer service and complaints for insurers you are considering. Also check their financial strength at A.M. Best or Standard & Poor's.

References

• Shop and Compare: Compare Homeowner's Insurance Rates
• Shop and Compare: Select a Rating Example
• Shop and Compare: Compare by County
• Government Technology: Florida Governor Launches "Shop and Compare Insurance Rates" Web Site

Resources

• Home Insurance Buyers Guide: Purchasing the Buyers Guide
• Florida Office of Insurance Regulation: Welcome to the Office of Insurance Regulation
• A.M. Best: Welcome to A.M. Best
• Standard & Poor's: Home Page