Homeowners Insurance Florida – Citizens Insurance

Company Trusted For Over 25+ Years*

Homeowners Insurance Florida

Citizens Homeowners Insurance Florida involves many rules, and there are limitations to the coverage provided. Florida state law does not require homeowners insurance. However, the government encourages you to purchase home insurance to better protect yourself from financial loss due to hurricanes and windstorms. 

Florida is famous for its hurricanes and sinkholes. These natural events can wreak havoc on a home, and in some cases, cause catastrophic damages. The cost of home insurance in Florida is higher than the national average, with average rates of about $1,350 per year. Many insurers have pulled out of the Florida market due to heavy losses from hurricanes and other natural disasters. 

Homeowners Insurance Florida

Citizens Property Insurance 

One of the few carriers that has served the Florida market for decades is Citizens Insurance Florida, through good times and the many difficult times. Citizens Insurance Corporation has been a lifeline for homeowners that not only need coverage but affordable property insurance. Compare online home insurance quotes in about five minutes. Start by entering your zip code. 

Citizens Property Insurance Corporation offers affordable home insurance in Florida and is a source of coverage for those that cannot otherwise get their property covered. If you are a Florida resident and have been turned down for homeowners coverage, Citizens Home Insurance will step in and protect your property. 

Citizens Insurance will cover your property from catastrophic events, such as 

  • Hurricanes
  • Flooding
  • Fire damage
  • Windstorms
  • and other catastrophic events

Citizen’s home insurance sells basic policies that reflect HO-3 components. It’s important to note that Citizens Property Insurance offers replacement cost home coverage, up and to the policy limits. For example, if your policy has limits of 200,000 and your home will cost $225,000 to rebuild, you will need to make up the difference of $25,000.  

The state’s government entity manages the Citizens Property Insurance Corporation. However, it is crucial to keep a proper balance between a homeowners’ interest, the government’s interest, and, of course, private insurers’ interest. Some of the most relevant rules you should know of are as follows.

Homeowners Insurance Florida and Flood Insurance

Homeowners insurance in Florida covers damages caused by hurricanes or windstorms and all related damages, except flood. Insurance companies are required to offer separate flood insurance for homeowners, so there is no confusion afterward. You can buy flood insurance from private insurers or the National Flood Insurance Program. Before purchasing the different coverage, it is recommended to discuss the matter with an agent to get a clear understanding of possibly uncovered losses.

Replacement Cost

Citizens Homeowners Insurance Florida, run by both the government and private entities, should pay the total replacement cost of damaged properties. It does not matter if the owner only needs to repair any damaged property, and the payout should be the full replacement cost. To get this benefit, homeowners must purchase replacement cost coverage.

Termination of Coverage

Florida Citizens Property Insurance or any private homeowners insurance company in the state is not allowed to cancel your policy. After it has been effective for at least 90 days unless you fail to pay the premium, lie on policy application, fail to comply with insurance regulation, or when there is a substantial change of risk. In case a company decides not to renew your policy, it is required to give you a 90-day notice period.

Hurricane Deductibles

Office of Insurance Regulation in Florida states that all homeowners insurance policies have at least a $500 deductible for hurricane coverage. There are, however, 2 and 3 percent certain options. About 70% of all homeowners’ policies in Florida are with a 2 percent option; if you purchase coverage worth $50,000, your deductible will be $1000.

Age of Dwelling

It is not allowed for Homeowners Insurance companies to deny providing coverage based on the property’s age. Instead of using age as a variable to determine policy approval, insurance companies should consider the wind resistance factor and any existing structure improvement to minimize damages due to a hurricane.

Additional Information

Citizens Homeowners Insurance Florida is not the same as Citizens Insurance Company of America. The former is a not-for-profit corporation run by Florida’s government, while the latter is a homeowners insurance Michigan, a for-profit subsidiary of The Hanover Insurance Group.

Comparing Citizens Homeowners Insurance Florida Quotes Online

It’s important for Florida residents looking for coverage to compare as many rates as possible. Several quality insurers are representing the Florida market, including Citizens Home Insurance. 

The best way to compare home insurance quotes is online. You can indeed find some of the best deals with direct providers. Compare side-by-side bundled rates, which means policy quotes for car and home insurance coverage. All you need to do to start comparing low-cost homeowners coverage is to enter your zip code and fill out a quote form. You will then be matched with the best rates from up to 10 insurers. Get started comparing quotes and lower your home insurance premiums.