Emerald Coast Homeowners Insurance: Understanding Coverage and Cost

When protecting your investment with insurance, there are many important factors to consider! Shopping for homeowners insurance can often be overwhelming and confusing – what coverage do I need at what cost?

This blog post will explore how much homeowners insurance typically costs in the Emerald Coast area.

Emerald Coast Homeowners Insurance Coverage and Cost

Flood Insurance

If two or more acres of land or properties have been affected by floods, flood insurance claims can help you receive coverage for the property and its contents.

You can purchase flood insurance from the government through The National Flood Insurance Program (NFIP) managed by FEMA. Flood insurance has an average cost of $859 per year.

Hurricane Insurance

You need at least two policies for hurricane coverage: homeowner’s insurance and flood coverage. Windstorm insurance might also be required`1“`.

Homeowner’s insurance helps cover the cost of repairing or rebuilding the damaged property and replacing stolen items.

Typical policies will give homeowners coverage from fire, water damage, fallen trees, and storms.

The average cost of homeowner’s insurance is $2,047 in Florida, which generally includes windstorm insurance as part of the policy. So it would be best if you clarified that with your insurance provider.

Sinkhole and Catastrophic Ground Cover Collapse (CGCC) Insurance

Florida-licensed insurance companies must provide sinkhole coverage, yet their decision to insure a home depends on the ground infrastructure beneath it.

An insurer may deny coverage if evidence of any potential underground activity is near your property. Fortunately, if you successfully secure insurance regardless of location, it will include CGCC protection.

Before filing a claim, make sure to check the following criteria:

• The ground must collapse suddenly.
• The depression in the land must be visible.
• Structure damage to your property or its foundation is required.
• The government must condemn your property and evict you.

On average, sinkhole insurance rates can range from $2,000 to $4,000 annually.

Final Thoughts

Having the proper insurance coverage can be essential to protecting your financial well-being in an emergency. To ensure you’re getting the best protection for a competitive price, it’s crucial that you evaluate what kind of policy fits your needs and compare rates from multiple carriers before deciding on one.

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