About Insurance in Gainesville

Before I owned my first home, I never realized the complexities of home owners insurance. When your buying your home in Gainesville or Alachua County there are some things to keep in mind. First, your home owners insurance will not cover floods. To get flood protection through the National Flood Insurance Program, you will need to speak with your insurance agent. It is important to verify the status of your new home or property and its' designation in the flood map. In Gainesville, I work with qualified surveyors who can assist you. Typically the rate for insurance is set nationally based on the type of flood zone (decided by FEMA) that the home is located.

Make sure to compare apples to apples. When speaking with insurance agents about quotes on your new home or property you will need your new address, the age of the home, the age of the roof, type of construction, the heated and total square feet of the home and purchase price. It may be necessary to have the quote based on a set value of the home (usually the cost to replace it) versus your actual purchase price. Remember too that the land's value is included in your purchase price and would not be included in the replacement value for insurance purposes.

Each insurance policy will have a deductible that you would need to pay prior to making a claim on your insurance. Make sure that if you are comparing insurance policy quotes that you are also using the same deductible. However, the deductible for windstorm (aka Hurricane coverage) is set by the State of Florida. It is a standard 2% of the value of your home. So for example, if you own a $200,000 home and have damage to your home during a windstorm, you would need to pay the first $4,000 in repairs. 

Ways and tips to reduce the cost of property insurance:

1. In Gainesville it is usually possible to have your home monitored by a security company for fire, burglary, etc and that will help reduce your annual insurance premium.
2. It became law in 2002 that insurance companies must give discounts to homes that have construction features that mitigate damage from windstorms. To take advantage of this feature, you must have your home inspected by certified wind mitigation inspector. There is no guarantee the home will have features to reduce your premium. Typical insurance inspection is $150 to $200.
3. Some discounts are available to home owners who also insure their cars with the same company.
4. Raise your deductible. For instance, you might not make a claim on your insurance for a repair that cost $250. Or $500. Whatever your comfort level, increasing the deductible may save you money. Although I have encountered where the maximum deductible is 1% of the value of the house.
5. Be sure to shop around and use a local agent who is familiar with the area and can give you great service should disaster ever strike.

I work with a great group of local insurance agents from companies throughout Gainesville and other areas of the county. Feel free to contact me for a list of contact names selling property insurance in Alachua County.