Affordable Florida Condo Insurance
Finding affordable Florida condo insurance can be more difficult than in other states due to the high risk of hurricanes and flooding. However, there are still ways to find more cheap condo insurance in FL if you shop around and compare quotes. Here are some tips for getting the best rates on Florida condo insurance that can save you hundreds.
Compare Florida Condo Insurance Quotes From Multiple Insurers
The first step when shopping for Florida condo insurance is to get quotes from several different insurance providers. Rates can vary widely, so it pays to cast a wide net and check out at least ten quotes.
Compare quotes online at sites like this and also contact independent insurance agents who work with multiple insurers. You can also go directly to insurer websites and get quotes online. Here are some of the top condo insurers in Florida to get quotes from.
- State Farm
- Universal P&C
- Citizens Property Insurance Corporation
- Universal North America
- United Property & Casualty
- FedNat
- Heritage Insurance
- First Protective Insurance
- TypTap
- Cypress Property & Casualty Insurance Company
Comparing many quotes side-by-side makes it easier to spot the best deals. Also, don’t just renew your current policy without shopping around first.
Subscribe to our newslater
Consider Higher Deductibles
Consider Higher Deductibles
One way to lower your premiums is to choose a higher deductible. This is the amount you pay out-of-pocket before the insurance coverage kicks in. Selecting a $2,500 deductible rather than a $500 deductible could reduce your annual premiums by 20% or more. Just be sure you have enough savings to cover the higher deductible amount in the event you need to file a claim.
Florida HO6
Premiums of $525 per year for a $250K
Rental Property
High-risk nature of Florida’s environmental factors
Best Offers
Risk of hurricanes are all factors to consider
Dwelling Insurance
fundamental component of homeowners insurance
Your credit matter to us
Increase
Your Credit Score
Insurers refer to your credit-based insurance score when setting rates. Maintaining an excellent credit score can help lower your condo insurance premiums. Pay all bills on time, keep balances low on credit cards, and avoid applying for too much new credit all at once to help optimize your insurance score.
Enroll in a Policy
Discount Program
Many insurers offer discounts for bundling multiple policies or taking defensive driving courses. Ask agents what discounts your condo complex might qualify for. For example, discounts may apply for having a newer roof, impact-resistant windows/doors, security systems, or fire sprinklers. Every bit of savings helps maximize value.
Review Your Coverage
Carefully
When reviewing and comparing quotes, verify that coverage amounts and deductibles match up across insurers. Otherwise, it’s not an apples-to-apples comparison. Make sure to account for any differences in coverage as you evaluate policy premiums.
Drop Unneeded
Coverage
Review your condo policy to see what’s covered. You may be able to remove certain add-ons you don’t really need. For instance, if you don’t have expensive jewelry or collectibles you may be able to remove scheduled personal property coverage. Just be sure to understand each policy component before removing anything
Shop Around
Annually
The insurance market fluctuates over time. It pays to shop around each year at renewal to ensure you still have a competitive rate. Insurers periodically adjust their pricing models and new carriers may enter the market. So the lowest premiums may shift around between companies from year to year.
Maintain a Good Payment History
Make sure to pay your premiums on time every year without any lapses in coverage. Insurers view consumers with spotty payment histories as higher risk and will charge more. Maintaining a solid payment history helps keep your rates low when it’s time to renew.
Get covered with the best!
Review Your Policy Annually for Changes
Update your condo insurer regarding any significant life changes that could impact your coverage needs or risk profile. For instance, inform them if you get married, have a baby, do major renovations, or add expensive possessions like jewelry or art. They can then adjust your policy limits and premiums accordingly.
Sample Florida Condo Insurance Quotes
To give you an idea of typical condo insurance rates from top providers in Florida, here are 10 sample quotes a consumer received for a 2 bedroom, 2 bath condo with a replacement value of $250,000 and $5,000 in personal contents.
Insurer & Annual Premium
- State Farm – $2,500
- Universal P&C – $2,800
- Citizens – $3,000
- Universal North America – $2,700
- United P&C – $2,900
- FedNat – $3,100
- Heritage Insurance – $2,400
- First Protective – $2,600
- TypTap – $2,200
- Cypress P&C – $2,800
As you can see, annual premiums range from $2,200 to $3,100 for similar condo coverage from top insurers. This highlights the importance of shopping multiple quotes to find the best deal. Rates will also vary based on your specific condo details, location, and several other factors.