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Article Directory :: Finance & Investment Articles
Homeowners in Florida still face a confusing market and a limited number of home insurance companies to choose from. Despite two straight years of legislative tampering with the market, Florida home insurance is still overpriced and hard to find - especially for homes that are older or closer to the coast. With the exit of nearly all of the national insurance companies homeowners are faced with a limited number of relatively new, smaller, local companies to protect their largest investment.
With all of the uncertainty in this market, what can you do to create competition for your Florida home insurance and save the most money?
For starters, you need to understand that while there are over 450 companies licensed to write homeowners insurance in Florida, only around 40 are actually writing any new business at this time. And of those 40, only a portion of those companies are willing to cover your home. Why? Because each company establishes underwriting guidelines for the type of homes they want to insure. The two biggest factors companies use to decide whether to cover your home is its age and how close it is to the Florida coast.
Let's say that there are 25 companies of the 40 out there right now who are willing to cover your Florida home. The best way for you to create the most competition and to get the lowest cost home insurance would be to get a quote from each and every one of them. So how do you do that?
For starters each insurance company offers their insurance through agents that represent them. This results in a fragmented market where consumers like you run a high risk of not getting to all the companies that want to cover your Florida home due to the following:
Companies do not offer their insurance through each and every agent.
Agents do not want to represent each and every company.
Some companies make their agents captive and only allow them to write policies only for their company exclusively.
Some companies sell directly to the public and bypass the agent network completely.
What does all of this mean to you?
If you shop for Florida home insurance by only contacting one insurance agent, you are guaranteed to miss out on many of the companies who want to cover your home. Getting quotes from only one agent limits the competition for your Florida home insurance business and dramatically increases the chances that you will pay a lot more to cover your home.
You could use quote generator websites that require you to enter personal, sensitive information. You will find some companies using this method, but you will not get to all the companies that want to cover your home. And you many get tons of unwanted phone calls and emails from multiple agents that are all representing the same company.
So what's the best way for you to get quotes from all of the Florida home insurance companies who want to cover your home?
Follow these steps to create the most competition for your Florida homeowners insurance business and you could save thousands:
Use independent Florida insurance agents - not captive agents that only represent one company.
Work with more than one independent insurance agent. If the first agent doesn't carry some of the companies that want to cover your home, the second agent just might.
Use large independent agents that represent many Florida home insurance companies. An agent that has only four companies is too small for you. Look for agents that represent at least 10 companies or more that are actively writing new business.
Last but not least, don't ignore the Florida home insurance companies that sell directly to the public through their own agency. Contact these companies directly and get quotes from them either by phone or through their website.
These steps will dramatically increase your chances of getting to all of the companies who want to cover your Florida home. Each additional company you find and get a quote from creates more competition and has the potential to save you thousands on Florida home insurance.
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