Home Insurance Solutions for Florida High-Value Coastal Property Owners

18 Jun
Jacksonville Florida Home

Homeowners in Jacksonville, FL seek better home insurance rates state-wide.

According to MarketWatch, most basic home insurance policies in the United State do not suffice for the needs of homeowners. This is especially true of high-value property owners, many of whom have their houses dotting the coastal regions of Florida.

In fact, according to the news publication, these homeowners with properties worth $1 million and more may have to actually buy up to four policies to secure their houses from the vagaries of nature that Florida is so prone to, the malicious intents of man, and the quirks of fate. They have to also buy policies that protect their various valuables like art, jewelry and wine collections, antique furniture, and cars and yachts. Sometimes owners of multi-million dollar worth of properties buy home insurance policies that provide coverage from possible lawsuits.

But high-value homeowners in Florida have a few wrinkles on their brows, mostly due to two notable developments in recent times.

Higher Costs

Firstly, home insurance premiums in Florida have seen increases by as much as 5 percent in recent times triggered by a rise in the number of claims made. This is not surprising considering that the state and especially its coastal areas have experienced a spate of natural disasters like hurricanes, tropical storms, and floods in recent years. What is more, the premium prices on high-value homes also naturally tend to be higher because the costs of repairing, rebuilding, or replacing materials by skilled workers are much more than those in homes that are priced less.

Policy Adjustment

Secondly, the Citizens Property Insurance Corporation has announced that it will restrict the amount of coverage provided to coastal property owners in Florida. So high-value homeowners have no choice but to approach private insurers.

Contingency Planning

Although many Florida high-value property owners will not mind spending extra money to insure their homes and valuables, their choices are now limited. And this is all the more reason they should be very careful before signing up for a policy. After all, the more expensive a property, the complicated is the process of insuring it. So high-value property owners should consider buying insurance coverage for sewer and drain backups and mechanical and electrical equipment breakdown.

A Business Predilection

Many insurance companies decline to provide protection to homeowners if they consider their homes to be not adequately protected against damage from natural disasters. Those who live in hurricane-prone areas like Palm Beach can install additional wind-resistant reinforcements in their homes so that they may increases their chances of attaining the nod of approval from insurance companies and also buy policies at appealing and fair rates. Similarly, high-value homeowners in earthquake-prone California can install adequate resistant measures to better their chances of obtaining coverage.

More Assets Covered

High-value homeowners in Florida can also consider pooling policies with a single insurer to increase their chances of acquiring home insurance policies at discounted rates. For instance, these homeowners can buy their home and automobile insurance policies from the same insurer. Also buying coverage plans for their second homes elsewhere from the same insurer too can help them secure policies for their high-value homes at solid rates.

High-value homeowners in Florida may have been inconvenienced somewhat by the recent developments in the home insurance market. But their woes might be lessened if they adopt a few prudent measures such as safeguarding their homes against damage from natural calamities and bundling policies with the same insurer.

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