Before contacting a local insurance agent, or even before consumers visit an insurance company website, homeowners should do a little ground work to determine which insurance company offers the best insurance rate to fit the homeowner's insurance needs.
The State of Florida provides a helpful tool for its residents that allows them to compare insurance rates using hypothetical homes. While the hypothetical home may not have the exact same underwriting basis such as home value, required deductibles or construction information as the home a consumer is looking to insure, it's a good way to see how various insurance companies respond to the same type of insurance risk.
Compare before Purchase
Florida residents looking for homeowners insurance should pay a visit to the State sponsored Shop and Compare Rates website. This should be the first step even before contacting an insurance agent.
Once on the Shop and Compare Rates site, select one of the home types that best match the characteristics of the home to be insured. To make this process easier, there are only two houses to choose from. The first home is a pre 2001 constructed house valued at $150,000. The other house is a newly built home valued at $300,000. For homeowners looking to insure a home that falls in between the criterion listed, it's best to take the extra time and view the insurance rates on both sample homes.
After selecting a sample home, click on the county in which the home is located. Doing so will bring up a list of approximately 30 insurance companies that offer coverage in the area. Next to each insurance company's name are two sets of insurance rates. One rate is the average premium charge for homes with no wind mitigation, and the other is the rate for homes with maximum wind mitigation.
Keep in mind that the rates displayed are average rates. The actual rate will vary depending on specific home details and the homeowner's underwriting information.
Contact the Insurance Companies
After reviewing the rates, consumers can select the insurance companies that offer the most attractive rates. Clicking the insurance company name will display the name, address, phone number and web address for the insurance company.
Armed with this preliminary information, consumers looking for the lowest Florida homeowner insurance premiums can bypass those insurance companies with known higher rates. Other consumers looking for the special value added services that are usually associated with insurance companies that charge a higher premium can go use their time wisely by contacting the moderately to higher priced insurance companies.
Don't Let Premium be the Only Factor
It can be dangerous, however, allowing price to be the only determining factor in selecting a homeowner's insurance policy. The Shop and Compare Rates website is a nice tool, but remember, it's only a tool. It provides information on one aspect of selecting a homeowner's insurance policy. Ultimately, consumers should ensure that their insurance policy will make them whole again in the event of a catastrophic loss.
Felicia A. Williams - Felicia A. Williams is a full time freelance writer with over 20 years of business writing experience.
