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Buying a Florida Home – What’s Your Damage?

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Are you thinking about buying a home in the Sunshine State? Consider carefully that homeowners insurance rates are higher in Florida than in any other state, and know what to look for in a home that could lower your liability.

Why are Homeowners Insurance Rates so Much Higher in Florida?

There are many reasons you’ll pay more over time for a Florida home than for one in, say, Michigan or Oregon. Florida has more raw exposure to natural disasters than any other state, with a solid 1300 miles of coastline and an average elevation of just six feet. Hurricanes can cause incredible wind damage and flood damage.

So, how can you mitigate your risk, reduce your insurance policy premium and keep the cost of living in Florida a little lower? The process of saving on homeowners insurance can start when you’re in the home-shopping phase. If you know what to look for, you can settle on a home that has built-in defenses against high homeowners insurance rates.

Five Things to Look for in a Florida Home

Here are five things that can help mitigate your annual homeowners insurance premium.

Location

If you choose a home in a gated community, your risk for a break-in goes way down, and your homeowners insurance premium can benefit as well. You can get a credit for living in an area with heightened security.

Age

How old your home is can impact your premiums. The newer the home, the better off you’ll be. Newer homes are built to higher standards than older ones, and are considered to be more capable of withstanding high winds and driving rain.

Features

If your roof is at least a certain percentage “hip”, meaning that it doesn’t overhang the top frame of your house, you can get another credit. An even partially hip roof can significantly reduce the chance of it being ripped off in a hurricane or high wind situation.  

Materials

A home that has wind mitigation features, like storm shutters and shatter resistant glass, can put up a strong defense against Florida storm season. Ask about these features when looking at new homes, and take their presence into account when considering a home with a few years on it.

Intelligence

A “smart” home can also get you one or more credits on your homeowners insurance. Look for installations like a security system that gives you remote access, or water sensors that can send alerts about a potential leak to your smartphone. 

By using these tips when Florida home shopping, you can reduce the price you’ll pay over a lifetime on homeowners insurance for your house.  Have questions? Contact your Olympus Insurance agent today.  


This article is for informational purposes only and does not form a part of, replace, change or amend any terms, conditions, provisions or language within your Olympus Insurance policy. We encourage you to read your entire policy.

Olympus Insurance is licensed by the state of Florida. Information found on this site is intended for Florida residents only.