How Much Should I Be Paying for Homeowners Insurance?

Are you looking to buy a new home? You are likely preparing yourself for several costs, from renovations to inspections and repairs.

Before you seal the deal, start researching homeowners insurance. This insurance protects your home and belongings from the moment you move in.

But how much does homeowners insurance cost? And what coverage does an insurance company include in their policy? Keep reading to find out more about average homeowners insurance costs and coverage.

What Coverage Does Homeowners Insurance Include?

Most homeowners policies cover damages related to fire, smoke, theft, weather, and vandalism. Personal property coverage should include your physical home and replacement costs for the belongings within the home. However, the average homeowners insurance policy does not include all potential damages.

Problems such as water damage, tree removal, foundation repair, roof damage, or leaks are not always included. You should also expect to pay more for coverage on swimming pools or high-value items.

Comprehending your homeowners insurance policy coverage is essential to understanding the monthly payment. 

How Much Does Homeowners Insurance Cost on Average?

The cost of homeowners insurance varies based on what coverage you need and where you live. Though the national average price sits at $1,383 annually for a $250,000 home, there are no guarantees that this estimate is accurate for your state.

What Does Homeowners Insurance Cost in Florida?

Because Florida has a higher cost of living than many other parts of the country, the average cost of homeowners insurance is higher. The average annual premium sits at $1,648. Thus, the monthly homeowners insurance cost is $137. 

How Can I Save on Homeowners Insurance?

Following are some tips to help you save money on homeowners insurance costs.

  • Ask for discounts. Some companies offer discounts for paperless billing, automatic monthly payments, non-smoking households, and public servants.
  • Increase your home security. Some companies offer up to a 5% price reduction for equipping your home with an alarm system and deadbolt locks. Furthermore, if you have a monitored alarm or sprinkler system, you could save up to 20% on your policy.
  • Raise your deductible. Raising your deductible can help you save an additional 12% annually. However, make sure you save accordingly, as you may need to cover an unexpected out-of-pocket expense.
  • Work on your credit score. A bad credit score can raise your rates. Aim for a FICO score of more than 630. You can attempt to switch insurance companies when you achieve this to see if you can lower your rates.
  • Find a company with good reviews. Companies featuring good reviews from customers are less likely to rip you off and provide better rates than others.

Want to Know More about the Average Cost of Homeowners Insurance?

If you’re looking for homeowners insurance in Pinellas Park, FL, contact Gator Insurance Service. We provide fair and competitive rates plus potential discounts if you decide to bundle your home and auto insurance. Call us at (727) 544-0064 for a free quote today!