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Many homeowners in Florida have their properties insured by Citizens Property Insurance Florida because other insurers turned them down or left the state.
Natural events frequently occur in Florida, often causing billions in damages. According to FLASH (Federal Alliance for Safe Homes), many Florida properties are susceptible to several perils. These include thunderstorms, wildfires, extreme heat, tornadoes, hurricanes, sinkholes, and floods. Many insurance companies that once served the Florida market have pulled out due to heavy losses resulting from these natural events.
Citizens Property Insurance, for years, has been a “lifeline” for homeowners that need to cover their property which otherwise could not find coverage. Compared to almost all private providers in FL, the state-owned Citizens Insurance Florida Corporation is often the only option. Without Citizens Home Insurance, millions could go without property coverage.
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Cheap Citizens Insurance Coverage
Citizens is often considered a “last resort” provider for Florida homeowners. A significant benefit: Citizens Insurance is a not-for-profit insurer and, as a result, has affordable home insurance plans. This helps those FL homeowners who cannot find or purchase coverage from private providers save money while still getting quality insurance. As more and more insurers exited the Florida market over the past twenty years, Citizens Property Insurance has grown into a large enterprise.
Florida is one of many states where homeowner insurance is difficult to get. The same thing has happened in many southeastern United States that are susceptible to severe natural events like hurricanes in areas such as coastal Louisiana.
In the Southeastern United States, such as Florida and North Carolina, many properties are listed under the “hard-to-insure” category. It means the properties have higher risk factors than those in other areas, and the homeowners have to pay expensive premiums for coverage. Due to extreme weather and probable disasters, these houses usually need more expensive risk coverage. Premiums can be costly and out of a homeowner’s budget in these high-risk areas, but there are available options and ways to save money on coverage.
Citizens Insurance Florida can get “hard to insure” properties covered, even if you reside in a home on the coast, subject to severe storms. For insurers in North Carolina and Florida, the insurability of all properties located near lakes and coasts is always in question. If the properties do get covered, expect an increased monthly premium. If a severe weather event occurs, like a tornado or hurricane, rates will rise more than usual.
Find out with Citizens Insurance Florida Company if anything other than Natural Disasters Affects Insurability
In most cases, home insurance is not merely protecting a house from natural disasters but also vandalism. Your house may be located in a safe place where the impact of natural disasters is unlikely to reach it. Even so, Citizens Insurance Florida has some other reasons to categorize your property as “hard to insure.”
When your house is in a particular area where crimes are often significant issues, like home theft and vandalism, you may have difficulties getting it insured. It is also worth mentioning that when a home is frequently vacant, there is a greater risk of crimes like theft taking place.
Your home might be near a sinkhole, which could result in a total loss. If you are in this situation, you will be required to leave if authorities deem the area unsafe. Compare homeowners insurance rates in about five minutes. Apply for your no-obligation quote.
The Conditions of Your Property also Affect Insurability
Some aspects of a homeowner’s house, such as a swimming pool, pond, or trampoline, can be problematic. You can expect to pay more for coverage if you have an aggressive pet, like a pit bulldog. A bite from a pitbull can result in a hefty claim made against you and will cause your rates to rise quite a bit.
A combination of pets and bugs, like termite damage, can often create problems. Some pets or dog breeds, including but not limited to Rottweiler, Pit Bull, German Shepherd, Siberian Husky, and Chow, often get into trouble when they are nearby swimming pools, ponds, or trampolines.
Although the danger is probably not as great as disasters, the presence of high-risk pets in the house can raise your hurt premiums. Of course, you can train the pets to behave or not damage anything. However, insurers will still consider some breeds as high-risk pets. From the standpoint of a policy, a more significant risk means a higher price for home insurance coverage.
Your Best Bet is to Get Citizens Insurance Florida
All things considered, if you have properties in Florida, your best bet will be Citizens Insurance Florida. This not-for-profit insurer provides coverage even for high-risk properties when other providers simply won’t. There is, however, a small problem. If Citizens has insured you, you may need to make changes to the payment concerning deductibles and other related matters due to policy changes and new rules. Several deductibles also change with the new regulations. It means you may need to consult insurance agents about the specific details.
It is always recommended that homeowners or renters should always compare quotes from many insurance companies. Compare as many quotes as possible from both regional and national carriers. This way, you will get the best coverage based on your own circumstances. You can find an insurance broker or independent agent to make quote comparisons. An agent might be able to get the best insurance coverage for you, but you may need to pay more for the agent’s service.
Since Florida is an area where natural disasters are not uncommon, you must get your properties insured as soon as possible. Once again, Homeowner Insurance from Citizens Insurance Florida is the best place to go. In most cases, everything from applying to signing the policies will be quicker. This is because the insurer does not care if your house is exposed to a high risk of damages due to natural disasters. You can rest assured that the home insurance application will be accepted; the only thing to think about is whether you purchase the correct coverage type to protect your property correctly.
Why is CPIC the Best Option in Florida?
The climate in Florida is both exciting and terrifying at the same time. It’s famous for its sunshine, but hurricanes and heavy rain are also part of Florida’s life. As previously mentioned, storms are not uncommon, meaning properties or houses are always in danger of being destroyed. The CPIC (Citizens Property Insurance Corporation) started in 2002 as a government attempt to accommodate the difficulties of getting insured by companies in Florida.
Some companies will require you to pay costly premiums for Florida coverage. With that said, the protection is likely not enough, considering the risk of damage. Because coverage from private companies is often more expensive, the CPIC comes in and usually has much lower rates. As a matter of fact, most insurers decided to abandon their businesses in Florida because the claim may result in outrageous expenses. With many providers leaving the state, CPIC is an excellent choice if you cannot find coverage at a cheaper rate.
Switching to Citizens Home Insurance
Homeowners also gladly make the switch from their previous insurers to Citizens Home Insurance for various reasons. Since the state owns CPIC, it is not in the business of making a profit. The primary purpose is to protect the people of Florida without gaining any corporate profit. To be able to keep doing its job, it has to take a high monthly premium. While some people consider Citizens Insurance Florida a last resort, the corporation is the best option and should not be avoided.
The best thing is that it is safe; when the corporation is your insurer, it is also certain to say that the government protects your properties. Being a non-profit insurer means the company will not use the monthly premium for other purposes of any kind. The money will be used merely for insurance. Of course, you are always allowed to choose to be insured by other Florida home insurance firms available, which are possibly cheaper. You can do a little research online to find the most suitable insurer for your properties based on your personal preferences.
Florida Is Not A Dangerous Place to Live
Florida is not the most dangerous place to live. The state’s weather issues make even some notable names in the insurance industry abandon businesses in the state; it suggests that even the most expensive insurer is not always reliable. Nevertheless, the threats of total property destruction by natural disasters are real. Thankfully, Citizens Insurance or CPIC makes it easier for anyone who lives in Florida to get their houses appropriately insured.
Citizens Property Insurance Florida is a straightforward solution. It will not abandon its state in times of trouble. In case your house is located in a high-risk place, the homeowner insurance is probably expensive. However, the properties, as investments, are always better when well-protected. However, if your house is in a more secure location, you may want to compare some private insurers to get the cheapest rates. The coverage for homes that are not exposed to the danger of natural disasters should be less expensive. Rates will vary quite a bit based on your Florida zip code.
Final Considerations about Citizens Insurance Florida
If you think the premium rates for CPIC are too expensive, consider consulting an independent insurance agent to get the best homeowners insurance. Such agents do not work for any company but try to give you the best options depending on your circumstances. You can even search online and compare the quotes from many companies available in Florida.
As insurance companies compete against each other, the prices for coverage become cheaper. Suppose your research is thorough enough, and you are working with a good agent. In that case, there is always a possibility that you get affordable homeowner insurance without spending too much, yet you have the protection you need.
Many people like the convenience and privacy of comparison shopping home insurance quotes online. You can even use your smartphone to compare quotes and buy your policy.
Start your free online quote now, or call to get a quote over the phone from a licensed agent.