And how to get the best homeowners insurance in florida?

So what's the driving force behind homeowners insurance rates? According to Noah J. Bank, a licensed insurance broker with The B&G Group, Inc. in Plainview, NY, it's the likelihood a homeowner will file a claim—the insurer's perceived "risk." And to determine risk, home insurance companies give significant consideration to past home insurance claims submitted by the homeowner as well as claims related to that property and the homeowner’s credit. “Claim frequency and severity of the claim play a considerable role is determining rates, especially if there's more than one claim relating to the same issue like water damage, wind storms, etc.,” says Bank.

While insurers are there to pay claims, they're also in it to make money. Insuring a home that has had multiple claims in the past three to seven years, even if a previous owner filed the claim, can bump your home insurance premium into a higher pricing tier. You may not even be eligible for home insurance based on the number of recent past claims filed, says Bank.

Neighborhood, crime rate and building material availability will all play a part in determining rates, too. And of course, coverage options like deductibles or added riders for art, wine, jewelry, etc., and the coverage amount desired also factor into the size of an annual premium.

“Pricing and eligibility for home insurance can also vary depending on an insurer’s appetite for certain building construction, roof type, condition or age of the home, heating type (if an oil tank is on premise or underground), the proximity to the coast, swimming pool, trampoline, security systems and more,” says Bank.

Depending on the breed, man’s best friend residing at your home can also raise your florida home insurance rates, says Bill Van Jura, owner, Birchyard LLC, an insurance planning firm and brokerage in Poughkeepsie, NY. “The condition of your home could also reduce a home insurance company’s interest in providing coverage,” says Van Jura. “A home that’s not well-maintained increases the odds the insurer will pay on a claim for damage.”