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Three Factors That Affect Your Property Insurance Rates

Three Factors That Affect Your Property Insurance Rates

When shopping for property insurance, every homeowner should try to find the best coverage and cheapest rate possible. Whether you have bought property insurance for years or are just shopping for your first policy, you should understand the factors that affect the premiums of Florida property insurance programs.

Location

The most important factor in insurance premium cost is the location of the property. For real estate located near the coast, homeowners can expect to pay more for property insurance due to the risks posed by hurricanes and flooding. Homeowners that leave near a forest might pay more due to potential for fires. Finally, for houses located in remote areas, insurance premiums could go up due to difficult accessibility for first responders. Regardless of the location of your house, understand that you will pay more if it is in a floodplain.

Amenities

While home amenities like hot tubs, swimming pools, and docks are fun to have, they can add a tremendous amount to the cost of a homeowner’s insurance premiums.

Coverage

Finally, the more comprehensive the coverage in your property insurance policy, the more you can expect to pay. If you are looking to save money, often tweaking coverage limits is the best way to do so.

While each insurance policy is different, the most expensive ones are due to certain factors inherent in Florida property insurance programs.

 

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