Did you buy a home here in Miami? Are you aware that the costs of purchasing a home can be pretty substantial? Home insurance in Miami is quite expensive. Southern Florida residents experience double the national average price rates. While the national average is around $900, FL residents will pay $2,000. So why is it so expensive? Keep reading below.
Risk Of Natural Disasters
The risk of natural disasters remains high here in southern Florida. Due to this factor alone, rates will be higher than usual. Additionally, claims related to sinkholes have also increased. Sinkholes are more common here in Southern Florida than in any other state in the US. This risk, too, has led to an increase in home insurance in Miami, according to the article.
Crime Rate
Unfortunately, Miami has the highest violent crime rate in the nation. Therefore, crime is another negative factor affecting rates.
Additionally, factors such as the age and location of your home can also impact your premium. The area of your home can significantly affect your insurance premium.
A quality Miami home insurance policy will consist of these things:
- Replacement cost coverage for your dwelling and personal belongings.
- Protection for other structures such as garages, fences, and sheds.
- Loss of use coverage if you temporarily relocate to a new home.
- Personal liability covers you in case someone gets injured inside your home.
Medical payments coverage will cover medical expenses if someone becomes hurt or injured while on your property.
Home Insurance In Miami
Living in Miami should also prompt you to consider hurricane coverage. Luckily, this is included in a standard Miami home insurance policy. Additionally, consider flood and sinkhole coverage, which is often not included in standard policies.
If your home has a mortgage, you must purchase Southern Florida home insurance from https://floridainsurancequotes.net/florida-homeowners-insurance/. You should price shop for your coverage as you shop for your home. It can help you determine how much to budget for your home expenses.
Another factor to keep in mind is that you can’t purchase a policy during a hurricane. Insurers typically suspend selling policies for up to 24 hours before a storm and for a few days after a hurricane has passed. Therefore, do not hesitate when considering home insurance in southern Florida, especially if you are shopping during hurricane season.