Florida’s insurance companies offer many kinds of policies to residents besides common homeowner plans. These policies help Floridians manage risk and plan for potential catastrophes with the backstop of additional insurance. Here are just two of the many FL insurance types you can choose from.
Florida’s geography and nearness to water makes it prone to flooding. While your homeowner’s insurance covers a wide range of potential risks to your home and your belongings, you have to purchase flood insurance in order to collect on damage to your home caused by flooding. Many lenders require flood insurance if you have a mortgage on a house in a flood zone.
While it’s possible to purchase flood insurance on the private insurance market, the overwhelming majority of policies are currently written through a program of the Federal Emergency Management Agency. This National Flood Insurance Program is regulated entirely at the national governmental level. FL has the largest number of flood insurance policyholders of any state.
Who Is Eligible for Flood Insurance?
In order for your property to be eligible for flood insurance protection through the federal government, the town or city that you live in must join the NFIP and promise to abide by federal regulations regarding flood plain management and stewardship. Residents of qualifying communities are then able to purchase flood insurance, with a thirty-day waiting for the policy to take effect after signing up.
Due to recent federal legislation, flood insurance has become much more costly for the average FL insurance customer. Even though Floridians pay four times more in premiums than they get in return in claim payments, the cost of policies could soon go even higher. For that reason, the Commissioner of the Florida Insurance Regulation Office has begun to work alongside Florida insurance providers to encourage them to offer more private-market policies to homeowners at prices lower than the federal government.
If you’re purchasing a house in FL, you’re wise to insure it with Title Insurance. Title insurance makes sure that owners and the lenders that underwrite mortgages for home sales are protected against the possibility of an invalid or defective title on a piece of property. Title insurance can also guard against incurring liability if the existence of a hidden lien or other claim is discovered after you take possession of your property. Some title insurance policies can also cover personal property besides homes over similar disputes.
How Does Title Insurance Work?
Before your insurer gives you a title insurance policy to cover your home, their agent will verify that there are no defects in the documents that change hands at a home purchase closing that could affect your right to legally own, control, use, or resell your property. These defects might include:
- Liens on the property from contractors or other businesses
- Unpaid property taxes
- An easement
- Possible claims by heirs of the previous owners
These so-called Title Agents search public records thoroughly on your behalf, and give an assessment of the likelihood that someone could later challenge the validity of your ownership rights to your house and land.
What Else Can Title Agents Do?
Title agents can perform a handful of services to their customers, including preparing and obtaining title searches, examining existing titles for accuracy, issuing title insurance, writing closing documents for home purchases, presiding over the closings themselves, and even distributing funds to appropriate parties at closing.
Title insurance is different from most other kinds of FL insurance as it is purchased only once, and is in force for as long as you or your heirs keep the property.
Now that you know about these FL Homeowners specifics, you can get a quote and start saving money today.
Vampire fiction is quite a hot topic these days. From Interview with Vampire all the way to the latest Twilight craze. What is with people’s fascination with the vampire lifestyle? Is it their charm? Is it their mysteriousness? Perhaps their pale skin?
In fact, there are some people out there that follow through with the vampire lifestyle. As a Florida resident, avoiding the sun can be quite tough. You would, for the most part, be stuck in your home. Why not use the sun as an advantage and use solar panels?
Vampires vs the Sun
All Vampires’ worst enemy is the sun, but why not win the war and use solar panels? It’s important to understand if your solar panels are covered by your Florida homeowners insurance. Not only are solar panels perfect for the hot Florida sun, but they also are on the rise in popularity.
If you already have solar panels or are deciding to install them for your home, you will want to make sure that you are fully protected if damages occurred. The most frequent damages being hurricane-related, high winds and flooding could damage your property and your solar panels.
Whether or not your solar panels are covered by Florida homeowners insurance is another matter. Your policy will determine if you are covered or not. Many policies will include your solar panels. In fact, most solar panels are considered to be a permanent attachment to your home. Therefore, they will be considered as a permanent attachment. Keep these factors in mind when it comes to solar panels.
Always Remember That Your Coverage Limits Will Vary
Installing solar panels in your home can cost thousands of dollars. Before you decide to take out any type of insurance coverage, you need to be sure that you understand your policy limits.
Not Every Single Peril Out There Is Covered
For the most part, you will only be covered for perils listed in your Florida homeowners insurance. These perils consist of lightning, fire, theft, vandalism, etc. Usually, if your panels are destroyed due to hurricane damages and flooding you will need to purchase extra coverage.
Paying Your Deductible Is a Must
Your deductible is the amount of money that you will pay out of your own pocket before your policy kicks in. A typically deductible is around $500, but you can adjust accordingly.
Solar panels are a great way to save some cash on your energy bill. It’s important to review your Florida homeowners insurance policy and make sure they are completely covered. You definitely do not want a gap in coverage or else you will be paying thousands out of pocket.
Ethanol is an alternative for people who want to go green without the option of driving diesel engine cars. It is completely made of renewable crops and is produced similarly to beer and wine. Plant materials such as corn, trees, or grasses are converted to sugar, then refined into an alcohol rich fuel, that is not suited for human consumption.
Ethanol is cleaner burning than pure gasoline. However, ethanol produces less energy than gasoline. Almost all gasoline here in the United States contains a ratio of ethanol. However, have you ever stopped and wondered if it costs more to insure these biofuel cars with Florida car insurance?
Does It Cost More to Insure Biofuel Cars?
We all are aware that Florida car insurance is easy to get. Therefore, the first thing you need to know is if it costs more to insure a biofuel car. As per usual, your location and your driving history could impact your insurance rates. Usually, the type of fuel your car uses does not.
In fact, recent studies have proven that it doesn’t cost more to insure a biofuel car than it does a standard gas engine version. Sometimes it can be cheaper. That’s very surprising, right? Florida car insurance does not depend on the fuel type of your vehicle. If you are looking to purchase coverage for your vehicle keep reading below to find out how.
How to Save on Your FL Car Insurance
Let’s discuss some best-kept information when it comes to car insurance in FL. This information will be able to help you with discovering some affordable automobile coverage. If you follow this information correctly, we guarantee some of the best deals out there! So let’s not wait around here is the first step you can take to get that affordable coverage.
Try Opting for a High Deductible
Yes by going for the higher deductible you will be able to save some money. Just keep in mind it will also make you less likely to file a claim in order to avoid a premium increase. It is important that you determine how big of a loss that you can handle without it disrupting your life, then set your insurance deductible accordingly.
Limit Your Claims
We all that know that filing a claim will result in higher premiums from most insurers. It could even cause an insurance company to drop you. Always be sure to limit your claims when it comes to your policy.
Know What Discounts You Are Eligible For
By doing your research you should be able to find some discounts that you qualify for. Discounts can vary. A few of the most common discounts are bundling discounts, making your home disaster resistant, improving home security, and more.
Compare Your Quotes
That best deal for FL car insurance will be found by collecting quotes. It is up to you to successfully search the web and to collect each one. This process will take some time, but in the end, you will be rewarded with spectacular savings. When it comes to Florida car insurance online, you will be thankful that you found that deal.
Remember when you collect quotes, to answer each question as truthfully as possible. Your answers will affect the rates you are given. So be honest, that way you will have a general idea on what you will pay for rates.