Survey: 40% of Florida Homeowners Don’t Know How Much They Pay for Insurance
Fri Apr 27 2018
A recent survey from Kin Insurance found 40 percent of Florida homeowners don’t know the cost of their home insurance. What’s more, about 36 percent of respondents haven’t shopped their insurance in more than five years.
Florida Homeowners Are Missing Out on Cheaper Insurance
- Florida homeowners shopped for insurance:
- Last year: 41%
- 2-3 years ago: 14%
- 4-5 years ago: 9%
- 5 or more years ago: 36%
- When asked if they know how much they pay for insurance (within $50 of accuracy):
- 59% of homeowners said yes.
- 20% said no.
- 21% said no, but they could easily find out.
These results are based on a representative sampling of 100 Florida-based homeowners ages 25 through 65+ of all genders.
Why Shopping Around Matters When It’s Time to Renew Your Home Insurance
Even if you already have a home insurance policy, it makes sense to see what other offers are out there when it’s time to renew. As the survey results illustrate, nearly 59 percent of homeowners haven’t recently investigated home insurance offers, and the cost of their coverage may reflect that. Here’s why:
- The marketplace is competitive. A good offer a few years ago may not stand up to the competition today.
- Your credit score might’ve improved. A good credit score may positively impact your rates.
- A home changes. You may have added safety features or updates that reduce your risk – and your insurance premium. Conversely, you might’ve removed risk factors (e.g., a trampoline or swimming pool) that increase your costs.
- You may have a longer history of being claim-free. Carriers reward zero claims with lower insurance costs.
- You may be able to take on a higher deductible. If you’re in a financial position to pay a little more out of pocket when you need to make a claim, accepting a slightly higher deductible can reduce your premium.
Even if you don’t plan on switching insurance providers, it doesn’t hurt to take a few minutes to make sure you’re getting a good deal on your coverage. Plus, if you’ve made significant updates to your home or purchased expensive personal items, you may need to adjust your home insurance, and renewal time is the perfect opportunity to make sure you’re adequately protected.
See if you’re getting the best deal on your coverage. Get an instant quote from Kin today.
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