Florida Home Insurance

The money you save by not having to pay income tax in Florida could be put to good use purchasing home insurance, whether you're a renter or property owner.

The Sunshine State has one of the top-ten largest economies in the U.S., along with the fourth largest population, despite having a land mass that ranks 22nd in size. About two thirds of Floridians were born outside of the state, which is the second-highest such rate in the country. But none of that is as important in determining home insurance prices as the climate.

Climate Considerations

The state has a tropical climate, which includes high temperatures at certain times of the year, and a significant rainy season. Consider the following:

• Florida has 1,200 miles of coastline, more than any other state.
• Only Alaska and Michigan have more bodies of water within their boundaries than Florida does.
• Not too surprisingly, Florida gets the most precipitation out of any U.S. state. Late spring through early autumn resembles a monsoon season with frequent thunderstorms.
• Lightning strikes in this state more than anywhere else in the country.
• Florida has also had more hurricanes than any other state, with 488 of them documented.
• Known hurricanes have caused well over $115 billion worth of damage, cumulatively.
• There have been only 18 hurricane seasons since 1851 that didn't include a cyclone striking Florida.
• The state has gotten a few hurricanes that occurred outside of the official hurricane season, which normally lasts from the beginning of June through the end of November.
• The only months of the year that Florida has never had a hurricane are January and March.
• Florida has the lowest peak height of any state, at just 345 feet above sea level. Most of the land below Orlando is near sea level.

Economic Issues

The two largest industries in Florida are tourism and agriculture, and if you operate an inn or a farm, the urgency for insurance is much greater. Policies for live-work farms and innspricing reflects the level of risk from weather-related events, among other things. Landlords can buy policies that will protect against the loss of rental income resulting from property damage; sometimes it costs extra to include hurricane or flood coverage, but purchasing a more comprehensive plan is worth the added investment because of the peace of mind and sense of security you get.

Flood Protection

Whether you own and occupy your own Florida home, rent from someone else, work at home, or combinations thereof, it makes sense to buy additional insurance to cover flood-related damage. This type of policy is subsidized by the Federal Emergency Management Administration for homes that lie in areas most prone to flooding, and that makes the coverage more affordable for you.

Home insurance can make living in Florida feel all the more pleasant and relaxed, because a good policy gives you peace of mind. Knowing that you're covered in case something unfortunate happens frees you from worrying.