Best Homeowners Insurance Agencies in Jacksonville

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• Why do Jacksonville residents typically face higher home insurance premiums than the U.S. average?

  Jacksonville residents often pay more for home insurance due to Florida's heightened susceptibility to intense natural events, such as hurricanes. Also, the state experiences a surge in home insurance-related legal cases. These challenges elevate expenses for insurers, prompting them to set steeper premium rates to compensate for the elevated risks and legal disputes in the area.

• If a Jacksonville resident decides to lease their residence, is there a need to modify their standard homeowner's insurance?

  Yes. A Jacksonville homeowner should transition to dwelling property insurance when renting out their home. This adjustment is essential even for temporary leasing situations. Standard homeowner policies typically don't provide coverage for tenants. To safeguard their property and interests, it's crucial for homeowners in Jacksonville to reconsider their insurance choices when taking the rental path.

• In Jacksonville, does a standard homeowners insurance policy cover both wind damage and flood damage caused by a storm or hurricane?

  Yes, standard homeowners policies in Jacksonville typically provide coverage for wind and hurricane damage, unless excluded for financial reasons. However, it's vital to understand that flood damage resulting from rising groundwater due to storm surges or storms is not included in ordinary plans. Jacksonville residents must obtain a separate flood insurance policy to ensure protection against flood-related losses.

• What is the impact on your premium when you file a claim in Jacksonville, especially if it's a result of a natural disaster like a hurricane?

  In Jacksonville, filing a claim can lead to an increase in insurance premiums, but not always due to the claim's magnitude. Catastrophic claims, like those from hurricanes, tend to have a milder effect on rates compared to claims from theft or dog bites. Historically, first claims result in around a 9% premium rise, while a second sees a 20% jump. This uptick is driven by data indicating a heightened probability of subsequent claims within three years.

• In Jacksonville, does a standard homeowner policy cover personal items carried on vacation or stored outside the insured residence?

  A standard homeowner policy in Jacksonville offers coverage equivalent to 10% of the limit for personal items (Coverage C) or a minimum of $1,000, whichever is higher. This coverage is valuable for travel and short-term scenarios. For belongings surpassing these limits or property kept away from the primary residence for extended durations, it's advisable to consider additional protection to ensure comprehensive coverage.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.