Insurance in Florida

Buyers of overseas real estate should take into account that an important item will be added to the cost of maintaining your property in the United States - annual insurance. However, real estate prices in Hollywood and other cities in Florida do not become less attractive.

Features of Real Estate Insurance in the USA

Almost all types of property insurance in the U.S. are voluntary. According to analysts of the financial service Bankrate, the average American household allocates about 2-3% of the family budget per year to buy an insurance policy.

U.S. Insurance Trends

Over the past two years, there has been a steady increase in the cost of home insurance in the United States. According to the Insurance Information Center Triple-I, insurance policies taken over the past year are almost 5% more expensive than previously issued home insurance contracts.

Features of Home Insurance in Florida

Home insurance in Florida is a vital necessity. Despite the high rates of insurance companies, residents of the state take out insurance products in the hope of protecting themselves from material losses associated with natural disasters.

Insurance companies are reluctant to operate in Florida for fear of bankruptcy. Therefore, now the most influential insurer is Citizens Property Insurance Corp, which has a high share of state participation.

Florida Property Insurance Cost

According to the Insurance Information Institute, the average cost of annual insurance in the country does not exceed $1,600. However, the same figure in Florida is approaching $4,235 per year. Properties in Hollywood, Florida, cost as little as $70,000. Therefore, for some buyers, the cost of insurance is high.

Insurance of rental housing and residential premises for offices

Rental housing most often has a full type of insurance. Such an insurance policy takes into account all possible types of damage. According to such insurance, the insurance company is responsible for compensation for damage caused to the property through the fault of the tenant or third parties.

Residential spaces in Florida are not only often rented out, but are used as offices and workshops by small entrepreneurs. In this case, real estate insurance is carried out under SBI (Small Business Insurance) insurance products. Insurers closely monitor the actions of insured small businesses.

How to Make Insurance More Profitable

Often, when issuing an insurance policy, a clause is added about taking into account inflation correlations. However, it is possible to choose a more profitable insurance with a deductible. This type of insurance assumes that the client covers a minimum percentage of the loss on his own. Insurance with a deductible allows the client to reduce the cost of the account by more than 20%.

If you insure a house on land, you can separately insure utility blocks, garden plants, etc. This will be 5% - 10% of the cost of the house itself.