homeowners insurance rates by state
State Fund Insurance Massachusetts – Homeowners Insurance
What is the best way to market homeowners insurance in Florida?
I”m a relatively new property and casualty insurance agent in Florida.
There is a perceived homeowners insurance crisis in Florida. Many of the big boys (ie Allstate, State Farm, Nationwide) are not writing any new business, policies are being nonrenewed, and if you’re lucky enough to not get dropped, premiums are going up by more than 30% a year. Because of this, the average consumer “thinks” there’s no alternative but pay what your Allstate, State Farm, or Nationwide agent gets you, which is usually a high rate with Citizens (the state run insurance company of last resort).
However there ARE several small companies writing policies in Florida with great rates, but the captive agent of the big boys can’t write them so people don’t really know.
I honestly haven’t had a single lead who I couldn’t save hundreds, maybe more than a thousand dollars a year. But I just don’t know how to get the word out. Any ideas?
MIchael, I’ve seen some of these new small startups. They aren’t rated by AM Best, which would mean (in every e&o policy I have ever seen), that your e&o won’t cover any claims related to issuing that type of policy.
The last one, where I looked at the financials (a captive of Allstate, I believe) had enough reserves to pay for 500 houses. Not something I’d recommend.
SO, IMO, Florida DOES have a homeowners crisis.
If you’ve got an A RATED CARRIER, that writes new homeowners in Florida, within 10 miles of the water, PLEASE let me know who. Heck, email me your contact information, and I’ll send business your way. I won’t recommend unrated carriers, and I won’t recommend any carrier rated lower than an A with AM Best.
Which is why I STILL recommend Citizens, for new business.
Don’t Expect to Find Typical Homeowners Insurance Rates
Whether you live in a different state or own a larger home, your homeowners insurance rates will always be different from the person living next to you. Fortunately, if you aren’t too happy with your current rates, there are steps you can take to make sure you’re paying a price that you are comfortable with.
The first, and most important, step is jumping online to compare homeowners insurance quotes from a variety of different companies. Several sources, such as the Insurance Information Institute, suggest you compare and contrast typical homeowners insurance rates in your area from at least three companies to pick the most attractive rate available to you.
Although the biggest factor in determining your homeowners insurance rates is the state you live in, you can still control the fate of typical homeowners insurance rates by decreasing yours. You can accomplish this by:
- Safeguarding your home. By installing smoke detectors, fire extinguishers, deadbolt locks, motion sensor lighting, and a modern security system in your home, you can prove to your insurance provider that you are a low-risk homeowner.
- Upkeeping your home. Consistently fixing minor problems in your home is another way to lower your insurance. By maintaining the upkeep of your home, you are proving to your insurance company that you take the quality and safety of your home seriously.
Have an Impact on Typical Homeowners Insurance Rates
The state you reside in plays a major impact on the price of typical homeowners insurance rates, but that doesn’t mean you can’t take steps to lower them. By becoming a low-risk homeowner and turning your home into a safe haven, you can prove to your insurance provider that you deserve cheaper rates. Contact a home insurance agent and learn more about lowering the typical homeowners insurance rates in your area.
Staff contribution: Rafael Onak