Florida Home Insurance Quotes

It was only a short time ago back in 2011 that the The New York Times referred to Florida's housing market as "ravaged." And it was.

The market had been trounced in the wake of the crash that was the result of several factors, which included loans to people who were not able to buy a home, homeowners who had borrowed against their homes, and predatory adjustable rate loans that adjusted contrary to what actual interest rates were doing.

However, only two years later, the Chicago Tribune reported that the state's housing market was "heating back up." Home values had seemed to find their floor, and were now on firm footing with which to recover.

Why this is happening is beyond the scope of this article, but it is important to know that when you buy a home in Florida, the following years show a great deal of promise, not only because real estate is more affordable compared to other areas of the country, particularly in the northeast, but also because people are leaving more populated states to live there, which will be discussed in the conclusion of this piece.

When it comes to purchasing property, the need for homeowners insurance cannot be overemphasized. The first step in this process is knowing where you want to live, because it can make a big difference.

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Where You Live Makes a Difference

Florida is a big state with a wide variety of places to live, from coastal cities like Miami to swamp-ridden inland towns like Groveland (fastest growing place in Florida from 2000-2010). There are also year-round tourist spots like Orlando/Kississimee, and Summer escapes like Key West and Fort Lauderdale.

With all of the pluses and minuses to every potential home, there are different prices that come with each real estate market and their insurance premiums, as well.

For example, coastal towns are more susceptible to catch the brunt of a hurricane, such as was seen in the Great Miami Hurricane in 1926, and then another just two years later.

Inland towns are not without issues when it comes to major storms, but the system dies down as it travels over land, making it less expensive to live away from the coast. Having said that, those who love the ocean for swimming and salt water fishing know that it is a small price to pay.

Once you have decided where you want to live, the next step is to decide who will you go through for your coverage.

Should you go with a local or national insurer?

When it comes getting an insurance policy, there are pros and cons to going to a big or small agency.

For example, if you choose a big agency then you know that in the wake of a major event you'll be able to reach someone on the phone because the call center will likely be out of state, or perhaps even in a different country.

However, a local insurer will be eager to service your needs because he or she will be going through the exact same thing you are, making the problems you have very personal. While a big insurer is available, he or she may not be able to relate to/understand the situation that is at hand.

Larger agencies may be able to offer bigger discounts because of the size of their customer base, and it is also nice to know that you can have all of your insurance and investment needs taken care of in one place, which will also lead to potentially bigger rebates.

However, there are many small agencies with professionals who are licensed in the same areas, but the big difference is that when you go with a local agent, the premiums you pay support a local business, meaning that the money stays in the local economy, fueling potential job growth.

This can go a long way.

Extra Ways to Save Money on Florida Homeowners Policies

The next step after figuring out where you want to live and choosing who to use for your insurance is to follow up on ways you can save money.

Three of the more popular ways to save money are to:

• Adjust your deductible
• Get discounts you qualify for
• Maintain a good credit record

Your deductible is the amount that you agree to pay in the event that your house is damaged. For example, if you have a $500 deductible and there is $100,000 worth of damage done to your property, then the insurance company will pay, per the agreement, $99,500.

The lower your deductible, the more likely you will need to make a claim, and, therefore, the higher your annual premium. By raising a $500 deductible to $1,000, $2,000, or even $20,000, you can decrease this cost, but the cost you incur is in the event that you have damage to your home.

While getting older may not be the most joyous aspect of the years that bring wisdom, insurance customers know that only a fool leaves money on the table.

For this reason you need to find out what discounts are available for the various groups you fall into. This can include senior groups like AARP, buying groups like Costco, or special interest groups like veterans of the US military and other uniformed service groups.

Lastly, a good credit score can take you a long way. If you have no credit, that is alright, too. The key is not to have bad credit. For those who do have damaged credit histories, the best you can do is go forward with the idea that you are going to get it repaired.

According to the The Wall Street Journal, 9 out of 10 people with bad credit pay more for their premiums than those who do not. This actually applies to homeowners and auto insurance.

The reason for this is because people who have proven to be irresponsible when it comes to paying their bills are deemed to be more likely not to take care of their things.

While this certainly does not apply to everyone, and some who have bad credit do so because of fraud, the truth is that if your credit history is riddled with dings and marks, then you are going to pay more than you should for the very same coverage you would get if you had a history of paying all of your creditors on time, or one in which you never had creditors.

Prospects of the Florida Housing Market

Along with all of the census data showing that people were leaving New York and going to Florida, it is not merely retirees but working families and single people. This can be found in the fact that Northrup Grumman (which once employed 30,000 Long Islanders) is consolidating a major office in Melbourne, adding 1,000 jobs!

These are highly skilled and well educated professionals who will be earning significant incomes that will then go into the local communities. Additionally, as they purchase homes, this will lead to increased home sales - greater demand - and values of homes in the areas where they live will increase.

While buying a home is no matter to get in and out of, it is comforting to know in the wake of the housing market issues that came with the last decade that there is a bright shining light at the end of the tunnel. As homes appreciate and net worth increases, Floridians will become wealthier, which will benefit the state as a whole.

The last things to take away from this is that buying a home in Florida has a lot of promise, but you cannot do so without making sure you take care of the basics. These include figuring out where the right place is for you to live.

For some, it is measured in miles from the in-laws and for others it is miles from the beach. After you have figured out the ideal spot to buy a home, you must figure out who you want to go through to get your policy. After that, it is going to be up to you to get the discounts you deserve.

Discounts include those for moving all of your policies under the umbrella of a single agency, adjusting your deductible, and taking advantage of group rates, rebates, and deals.

Use the FREE comparison tool below to search for the best home insurance rates!