Florida Consumers Consider Factors That Drive Up Home Insurance Rates This Home Buying Season
Deerfield Beach, Florida (PRWEB) July 29, 2016 -- Peak home buying season has hit Florida, with more house hunters buying new homes during the summertime than any other season. With a rebounding housing market, it’s especially important to look beyond aesthetics to those home characteristics that drive up insurance costs.
“It’s easy to fall in love with a home that seems just perfect and overlook a home’s blemishes,” said Craig Smith, Vice President of Underwriting, People’s Trust. “But those blemishes can significantly increase your home insurance costs for years to come. That’s why prospective Florida home buyers should carefully consider things like the home’s age, the construction materials used to build it, plumbing pipe durability, the type of roof, and the home’s location and the distance from emergency services.”
Because older homes tend to develop problems more often than newer ones, an older home will likely cost more to insure. But homeowners may be able to reduce their insurance rates with some renovations designed to prevent common problems with electrical wiring, plumbing, roofing, and other hazardous conditions.
“While many factors can drive up insurance rates, smart precautions like alarm systems, security fences, and wind mitigation enhancements to the structure can help keep insurance rates lower,” said Smith. “In fact, many Florida home insurance companies offer discounts for buying a newer home because brand-new structures typically meet the latest safety codes.”
The state implemented the http://www..iccsafe.org/states/Florida2001/ [Florida Building Code __title__ Florida Building Code] in 2001, designed to protect lives, help reduce property losses in a major storm, and provide a guide for home insurance companies to determine rates. Prospective homeowners should know that wood frame homes are more expensive to insure than those constructed of brick, and the shape of a roof plays an important role in determining a homeowner’s insurance rates in Florida.
Florida’s relatively high homeowner’s insurance rates are a result of the state’s moderate to high risk of hurricanes and floods, as well as the threat of sinkholes throughout the state. Coastal homes may face higher premiums to compensate for the elevated risk. In addition to unpreventable natural disaster, assignment of benefits (AOB) fraud for water loss claims continues to run rampant in Florida, driving up rates for all homeowners year after year.
For more information on factors that affect home insurance rates, visit People’s Trust Insurance at http://www.peoplestrustinsurance.com.
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ABOUT PEOPLE'S TRUST INSURANCE
Founded in 2008, People's Trust Insurance has emerged as one of Florida's top 10 home insurance companies, providing homeowners with affordable rates and benefits not available anywhere else. Honored with the 2013 Enterprise Florida Governor's Innovators in Business Award, People's Trust provides a "Better Way" for more than 150,000 Floridians to insure their homes. With more than 650 employees in its family of companies and an affiliation with Florida's largest residential insurance restoration general contractor, People's Trust is Florida's best-prepared home insurance company and a full partner in policyholders' recovery after loss.
Brooke Gold, People's Trust Insurance, http://www.peoplestrustinsurance.com, +1 5614171121, [email protected]
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