Factors That Affect Your Insurance Premiums in Fort Lauderdale

If you’re one of the many Floridians concerned about unaffordable insurance premiums, you might be wondering why you’re paying such a high amount. Who calculated how much you should pay? How did your insurance company come to its conclusions? If you’re asking yourself these questions, you might want to familiarize yourself with the various factors that can affect insurance premiums in Fort Lauderdale.

Your Location in Florida

One of the most important factors that affects property insurance premiums is your home’s geographical location within Florida. Some areas in Florida are much more vulnerable to certain environmental hazards than others. Generally speaking, properties along the coast face higher risks of floods, hurricane damage, and other extreme weather. That said, some properties inland also face flooding risks due to their elevation and their proximity to bodies of water.

All of Fort Lauderdale (and Broward County) is in a relatively high-risk flood zone. If you live in a Zone A, AE, AH, A1-30 flood zone, flood insurance may be mandatory. This could dramatically increase your insurance obligations.

The Condition of Your Home

Another factor that affects your premiums is the condition of your home. Generally speaking, properties that are in excellent condition are associated with lower premiums. This might include a recently replaced roof, a solid foundation, and good-quality windows. However, this logic also leads to a bit of a catch-22.

The more you spend on your home, the more valuable it becomes. The more valuable your home, the higher your premiums are. This is because insurance depends on the cost of replacing your home. A new, well-built home might be less prone to storm damage, but it also costs more to replace.

Your History of Making Claims

An insurance company also bases your premiums on your history of making claims. If you have filed claims in the past, the insurer will assume that you will file claims in the future. As a result, the “risk” of insuring you goes up. Even if your past claims were completely legitimate and you did nothing wrong, you may still face higher premiums in the future.

This might not seem fair, especially if your past claims were due to things completely outside of your control. If you believe that your insurer is engaging in misconduct against you, consider speaking with an experienced property insurance lawyer. You may be paying high premiums, but having your claim wrongly denied feels even worse. 

Contact Our Fort Lauderdale Property Insurance Lawyers Today

At Fuxa & Tyler, our legal team is made up of a diverse combination of attorneys who are well-positioned to protect the legal rights and financial interests of policyholders. If your property insurance claim was denied, we can help. For a free consultation, please call us today at (954) 990-5251. With an office in Sunrise, we represent policyholders in Broward County and throughout the state of Florida.

Sources:

experience.arcgis.com/experience/8dfc61c972e148f8b12953ddffe299c9/

broward.org/Environment/FloodZoneMaps/Pages/FloodMaps.aspx