How Much Is Homeowners Insurance In Florida? Average Cost Of Home Insurance

Nationwide can also be considered one of NerdWallet’s best home insurance companies and presents insurance policies in Florida through independent agents, however rate data was not available. Because you would be liable if your canine bites someone, coverage for animal liability might increase the cost of your house insurance. It’s necessary to notice that some insurers won’t cover canine bites whatever the breed, so you’ll need to seek the advice of your policy to see if you’re covered. If you’re working a business out of your house, you might be denied coverage or pay a higher home insurance rate.

  • It could be easy for an insurance company to lose all of its income after a single event if it didn’t charge the correct amount — hence the higher than average premiums in comparison with the remainder of the states.
  • For example, the typical monthly price in any low-cost state may be greater or decrease than $77, however the average monthly price for all the low-cost states is $seventy seven.
  • Instead of paying a flat charge of $1,000, you would be charged a percentage of your total Florida home insurance coverage amount.
  • If this happens, your insurer typically isn’t obligated to pay this greater amount.
  • For example, a property in the Keys will likely face a lot greater insurance premiums than a city positioned in the midst of the state.

For those on the lookout for Florida-based providers, Security First is a great choice to start looking for the best homeowners insurance policy as it’s the most affordable on our list. You can choose your insurance primarily based on your own home’s age and obtain discounts for living in a secured community and having wind-resistant home features. Security First additionally has a number of optional coverages, including flood, golf cart coverage and coverage for screened enclosures. The average annual home insurance premium in Florida is $1,353, just barely greater than the national average rate of $1,312 per year. The average cost of homeowners insurance quote in Florida is $3,643, more than the national average of $1,211.

Home Insurance Issues In Florida

However, the company stands out for its personalised customer service and friendly agents. State Farm is a nationwide insurance company with a long-established history of top-notch customer support. There are 19,000 agents with more than 3,000 policies around the nation, so you’ll remember to find a State Farm agent with the best coverage in your space. State Farm is a good insurance provider for homeowners who need a respected company with good customer support, flexible coverages and low premiums. Homeowners in Florida should still find affordable insurance by comparing prices from a number of companies and profiting from discounts.

Jacksonville FL – In my experience, average Homeowners Insurance rates in Jacksonville FL vary from $900 to $1300 per year. But a 50 year old home near the seaside with multiple claims can cost over $2,000 per year in Jacksonville. Universal Property & Casualty could also be a great selection for Floridians who’re on a finances. ValuePenguin tabulated the rate increases within the U.S. homeowners insurance market using the RateWatch software from S&P.

Hurricanes are typically excluded from commonplace Florida homeowners insurance insurance policies because of the increased hurricane risk in the state. Although this will not always be the case throughout all insurance carriers, it could be a good idea to examine your policy and add additional coverage for storm-associated losses if wanted. To purchase homeowners insurance in Florida, you will need your personal figuring out data and monetary information. Your Florida insurance agent may even need to know a number of particulars in regards to the home you’re insuring, corresponding to when it was constructed and what renovations or improvements have been made. There will also likely be some discussion relating to your home’s resistance to hurricanes and whether there may be additional kinds of coverage or discounts wanted.

Private flood insurance can also be an choice, and these policies could have higher limits than what you get through the NFIP. Allstate’s home insurance provides a number of options that are typically not out there in standard insurance policies. Its yard and garden coverage increases limits for damage to bushes and landscaping, something residents of a storm-prone state like Florida can appreciate. Similarly, specialized coverage that pays for restoring misplaced laptop data can turn out to be useful after a big weather occasion. Travelers has a number of coverage choices that can be added to its commonplace policy. Ideal for owners of high-worth homes, Chubb offers quite a lot of coverage choices you might not usually find in a home insurance policy.

Financial Disclosure

The distinction between the high and low rate is what you can doubtlessly save by comparison shopping. Floods occur typically in Florida because of the state’s coastal location. According to the Federal Emergency Management Agency , Florida homeowners were paid for 34,995 flood claims in 2019. After a serious hurricane, it’s possible for heavy rains and storm surges to cause in depth flooding and water damage. However, commonplace home insurance doesn’t cover flood damage, so you’ll need to purchase a separate flood insurance policy. Keep in thoughts that homeowners insurance rates in Florida will be heavily impacted by geographical location.

Due to the potential for harm, insurance companies consider trampolines and pools to be “engaging nuisances,” and will raise the cost of your homeowners insurance. Some companies gained’t cover trampolines, and many require a fence or locked gate, a minimum of 4 feet high, round a pool so as to qualify for coverage. When researching average home insurance prices, it’s important to pay attention to the source of the information and the year. Rates are at all times altering and any data that is a number of years old will not be related.

Frame homes usually tend to be damaged by a fire or hurricane, so insurance insurance policies cost extra for these properties. As an analytical person, I have spent considerable time researching this necessary topic. I began by calculating the average cost of home insurance paid by our shoppers. The average I calculated is predicated on thousands of purchasers who are all situated in Florida.

For $300,000 dwelling coverage with a $1,000 deductible and $300,000 liability limits, the average rate of $5,187 in Miami ZIP code is the very best for town. Among the most expensive ZIP codes for home insurance in the state is 33070, $6,295 for Islamorada Village of Islands. All of Tallahassee’s ZIP codes got here in with rates round $2,000, and are the cheapest Florida home insurance rates by ZIP code.

Because costs are not uniform, it’s essential to buy around for the best home insurance rate. Before we dive into the opposite analysis on prices and companies, you need to know what you’re buying and why, and how much you need. So, let us take a look at the basic parts ofhome insurance, and how a lot to get to make sure you’re not underinsured.

American Strategic Insurance is a Florida-based mostly insurance provider worth your consideration whenever you reside in a high-risk area. ASI offers coverage for extra living expenses, flood insurance through NFIP, and coverage for seasonal and funding home insurance. Chubb homeowners insurance provides intensive coverage for Florida homeowners. A few of its policy highlights embrace extended replacement cost coverage to rebuild your house or a money settlement possibility if you determine to not rebuild after a coated loss.

Companies with sound financial strength will not have points paying out claims, whatever the amount. However, companies with weak monetary strength may not be capable of pay out claims. We measured this using AM Best’s ratings, which makes a speciality of assessing the financial energy of insurance companies. Allstate’s discounts add as much as lower premiums, making the corporate a good choice for anybody who’s looking to save a few dollars on their premium costs.

However, insurers have the best to examine your property and — if proof of sinkhole exercise is discovered — to decide not to offer you the coverage. It is important to notice that the reviewal findings usually are not binding to the policyholder or the insurer. State law dictates that all insurance companies licensed in Florida must “offer” sinkhole coverage, based on the Florida Department of Financial Services. In most circumstances, this coverage is out there as an endorsement to your main policy, and can cost additional.

Although flood insurance doesn’t are available in a standard policy, adding it to your policy in states like Florida is a should. One potential downside is that the corporate serves “just about” each Florida city, which doesn’t guarantee that coverage is on the market in your space. Also remember that the company solely presents a number of reductions, and due to that, it won’t be your cheapest option.

Ratings are primarily based on the provider’s ability to follow through with a payout when a consumer information a claim. State Farm has local agents in additional than 100 places throughout Florida. Although homeowners in the state may need to make extra claims because of Florida’s typical extreme climate, State Farm’s above-average rating in the 2020 J.D. Power U.S Auto Claims Satisfaction Study and A++ financial power rating from AM Best mirror its ability to make claim payouts effectively. If you take additional precaution by installing impact-resistant roofing supplies, you could even qualify for an extra low cost. Options you choose – You can add on coverage for jewelry, sinkhole, water and sewer backup and replacement cost on contents.

So, the person alongside the coast with much less snowfall may pay less because of a lower risk of freeze losses. Or, then again, if that person living proper along the coastline might pay more because of elevated risk of ocean windstorm-associated damage. One a part of a state might need larger rates because there is more crime. Or another part of the state could have decrease rates as a result of extreme climate losses are much less frequent.

Augustyniak Insurance is an independent insurance agency positioned in Jacksonville, Florida. South Florida area – And a mean home in South Florida ranges extensively from $3,000-$5,000. Age of Roof – Homes with new roofs pay less than homes with older roofs. If you just got a brand new this may be a good time to buy and compare your choices.

The best method to learn how a lot your own home should cost is to work with a good independent insurance agent. Credit – Whether you agree or not, many insurance companies use an credit based insurance rating to determine your price. So keeping great credit or working to bettering your credit, may help lower your costs. Claims you filed – Customers which have filed claims might pay greater than those who have not. Construction of Your Home – Concrete Block houses cost less to insure than frame constructed homes.

This average additionally contains insurance policies written by over 32 different companies together with Nationwide, St Johns, AAA, Progressive and lots of others. Last editorial replace – January 7, 2021, updated reviews of insurance companies and added advice to homeowners insurance buying guide. Some insurance policies will cover the home’s construction, while different insurance decisions have a couple of exceptions. It’s best to speak together with your insurer to search out the best coverage in your Florida home. Deductibles normally cost between 2% and 5% of the value of your property.

Score is predicated on company’s customer experience, monetary stability, and coverage options. The supplier is value contemplating if you are in search of intensive coverage on your home and your belongings. Nationwide is an effective option for homeowners who plan to renovate their property and for newly bought homes.

Any feedback posted underneath NerdWallet’s official account usually are not reviewed or endorsed by representatives of economic establishments affiliated with the reviewed products, unless explicitly acknowledged in any other case. The scoring formula takes into consideration consumer grievance and customer satisfaction data. With a mean temperature hovering between sixty five and 77 levels and a popularity for clear skies, Florida is a perfect place to stay for these looking to avoid traditional winter climate. The Sunshine State additionally boasts plenty of massive cities, seashores and theme parks that help make it the third-largest U.S. state by inhabitants. This could affect which products we review and write about , but it on no account affects our suggestions or advice, that are grounded in hundreds of hours of research.

Their main homeowners’ insurance policies embrace dwelling, personal property, personal liability and even credit card coverage. This supplier’s premiums are usually on the upper end, but that may be attributed to the value of the coverage you’re getting. Most Florida homeowners insurance policies come with normal coverages corresponding to on your home’s construction, detached structures, personal property and lack of use. Common perils similar to theft and fire are included with basic coverage as well. However, to be best ready for state-specific losses, Florida homeowners will probably need to contemplate purchasing additional coverage.

Flood damage — whether a byproduct of a downpour or a hurricane —just isn’t coated by homeowners insurance insurance policies. To insure your home towards flood damage, purchase insurance via FEMA’s National Flood Insurance Program or through a private insurer. Mold that outcomes from a coated peril — such as a burst pipe — typically is covered underneath a Florida home insurance policy. It might be attainable to extend such limits by paying an additional premium amount. It’s necessary to notice that some insurance policies do not cover mould damage at all.

So, your actual offer terms from an advertiser could also be completely different than the offer terms on this site. And the marketed presents may be subject to additional terms and conditions of the advertiser. All data is introduced without any warranty or guarantee to you. Update Information Click at least 2-3 companies to seek out the easiest rate.

Instead of paying a flat charge of $1,000, you can be charged a percentage of your general Florida home insurance coverage amount. A 2% deductible on coverage of $100,000 leaves you on the hook for $2,000. An increasing variety of insurance companies are turning to percentage deductibles when insuring homes.

While it is not actually a policy, “hurricane insurance” means coverage for flooding and wind damage. Wind damage is a part of a normal homeowners insurance policy, however hurricane-associated wind damage works somewhat differently in Florida from in other components of the nation. If you reside in a state prone to severe climate points like tornadoes, hurricanes, and hail, you would pay extra for home insurance than homeowners in states that aren’t plagued by catastrophic weather.

Kin Insurance is among the newer suppliers obtainable available on the market today, nevertheless it’s one that is worth a better look. It’s principally obtainable to homeowners in Florida and California, two states known for their many land- and weather-related hazards. Kin uses a unique formulation to price its insurance policies, utilizing local market values, property data and satellite tv for pc imagery to evaluate worth and risk. Its coverage is particularly designed to protect homeowners from hurricanes, sinkholes and floods for additional peace of mind.

As you’ll see within the chart above, the cheapest Florida home insurance rates are these with the very best deductible amount and lowest liability limit. Let’s look just at dwelling coverage of $200,000 as an example, outlined below. The premium with the best deductible of $2,500, with the bottom liability limit of $100,000 $3,164. If you have a mortgage, many lenders require windstorm coverage in Florida, and flood coverage is just as crucial if you’re in or near a flood zone.

State home insurance suppliers are required by law to offer coverage for sinkholes. However, an insurer might require a property inspection to get the coverage, and if the danger level is too high, the corporate may deny coverage totally. Residents of Florida still have plenty of options when it comes to homeowners insurance. NerdWallet examined rates and coverage from greater than 15 insurers across the state to seek out the best homeowners insurance in Florida. As you’ll see in the homeowners insurance cost by state chart below, Oklahoma is the costliest state for home insurance, $2,a hundred and forty greater than the national average for the coverage level analyzed. We show average home rates for 3 different widespread coverage levels at the end of this text.

Established in 2005, the corporate ranks among Florida’s top 10 local carriers. Experience handling hurricane claims is considered one of its most relevant promoting factors for Sunshine State property owners. Policyholders can file claims not just by phone but in addition online — a nice contact for a neighborhood supplier — and reap the benefits of a strong studying center on the corporate website. AM Best gives Florida Peninsula an A on its Financial Strength Rating .

Its website has a complete pet insurance section, and if you’re already a Nationwide customer, you get 5% off pet insurance if you buy it. Nationwide’s On Your Side Review is a free customized insurance evaluation that helps you establish what coverage is best as life occasions change your coverage wants. Another add-on you can buy will help pay the additional cost replace damaged heating or cooling methods with power efficient ones.

If you embody hurricane coverage as part of your Florida homeowners insurance coverage, you should have a standard deductible and a hurricane deductible. A hurricane deductible will solely apply if you file a claim for hurricane-associated damage. Most coastal insurance agencies will encourage particular coverage for hurricane-related damages. We additionally suggest asking your insurance agent about including flood insurance to your policy. Home insurance companies in Florida have started filing rate will increase for 2021.

Travelers’ inexperienced home coverage will help repair, replace or rebuild with eco-pleasant materials after you experience a loss. J.D. Power scores are based on surveys for buyer satisfaction and product high quality. Give us a call, stop by, or request a quote online to learn the way much we are able to save you in your insurance.

The average cost for home insurance in Florida is $1,405 per year or $118 per month. Average premium prices are about average compared to the rest of the US — though Floridians do pay 5% more per year. The best method to get a reasonable homeowners insurance policy in Florida is to get quotes from as many insurance companies as possible. Unlike car insurance, homeowners insurance is not managed by state laws. Even so, main gaps exist in home insurance rates on a state-by-state foundation. Policy prices in states might range based on the total number and value of homeowners claims filed in that particular state, and rely upon the value of the belongings and buildings covered by the policy.

We’ll ask easy questions about your property when you quote online, then you’ll be able to customise your coverages and begin date. For example, concrete block homes typically cost less to insure than wooden body houses because they’re less prone to fires and powerful winds. Your insurer may also ask about your siding type, flooring supplies, and even how you heat the home to evaluate the danger of insuring it. Daniel stated insurers might deem a high-crime neighborhood or ones with no nearby full-time fire division and nearby fire hydrants as high risk. If you resolve to extend your deductible, make sure you set aside sufficient money to pay for the higher deductible in case you must file a claim. For occasion, someone who lives in New England near the ocean won’t get as much snow as someone 25 miles inland.

homeowners insurance florida cost

In some circumstances, a law or local building ordinance can make it more expensive to repair or replace your home. If this occurs, your insurer typically just isn’t obligated to pay this higher amount. According to the Citizens website, homeowner insurance policies would increase by a median 6.1%. The Florida Market Assistance Plan permits these homeowners to find and buy coverage from approved insurers in the non-public market. Insurance companies in Florida must offer a hurricane deductible of $500, 2%, 5% and 10% of the policy dwelling or structure limits, III says. However, Florida is the only state during which the government — not particular person insurance companies — units the deductible quantities.

Universal prides itself on its superior customer support, and it has guaranteed help from a real person. You’ll also earn a reduction for bundling with certainly one of Allstate many different insurance options. Allstate grants members 10% off an auto policy and 25% off home premiums for bundling auto and home insurance. You can bundle your policy with life insurance as well at varying reductions. We recommend calling a neighborhood agent as they will ensure you get every low cost out there and will have more particular alternatives. USAA offers impressive coverage for U.S. army members and veterans.

For a storm-heavy state corresponding to Florida, Chubb’s pre-included “extras” may also benefit homeowners with tree elimination and home inspections to forestall issues before they escalate. There are a number of methods to save in your premium, corresponding to being a new home purchaser or having a great payment history. As vacation homes contribute more than $27 billion to Florida’s financial system, Allstate’s HostAdvantage home-sharing insurance might come in handy, which offers coverage for damage and theft attributable to renters. Insurance Company Selected – Let’s face it, totally different insurance companies do better with different types of homes.

Over the last year, she has coated insurance suppliers, claims handling, coverage and more. She has been featured in Allconnect.com and holds a Master’s Degree in Theory and Research of Communications from the University of Puerto Rico. Coverage — As there isn’t one company to fit everybody’s needs, we evaluated companies by the amount of coverage choices and add-ons available. State Farm offers above-average customer support together with competitive pricing and solid coverage options. For these new to home possession, its Simple Insights blog can tell you every thing you need to learn about home ownership generally. You might save as much as 10% on your premiums if you join your new policy a minimum of 7 days before the present one expires.

Learning how to calculate your home replacement cost or worth is necessary, because the quantity helps you establish how a lot dwelling coverage to purchase. Figuring out an correct replacement cost can be accomplished through the use of online tools, calculating it your self or by hiring an appraiser. You should buy enough dwelling coverage to match the total replacement cost of your own home. It’s a good idea to get a minimum of $300,000 of liability coverage to make sure enough coverage. HomeInsurance.com, LLC, is a licensed insurance producer resident in North Carolina with license number , with its principal office at Brixham Hill Avenue, Suite 300, Charlotte, NC 28277.

Allstate is also generous in their coverage, providing as much as $10,000 for unintentional damage. Travelers Insurance is an organization with over 165 years within the insurance business providing an impressive number of insurance policies across insurance industries corresponding to auto, travel, occasion and umbrella coverage. Their comprehensive options allow their clients to bundle their multi-policies to save lots of more cash on their total premium costs. To avoid being caught with vital out-of-pocket expenses following a storm, a supplemental policy may be purchased forward of time. Some home insurance insurance policies could include wind coverage, however Florida homeowners could face greater deductibles due to the elevated risk of hurricanes.

Allstate, for instance, plans to increase its rates by 13.8% within the new year. As rate changes trickle in all through 2021, the document-breaking hurricane season that hit the state within the final year could mean many owners will see greater rates. If you wish to save, contemplate carrying your home and auto policies with the same insurance company.

For example, if the principal balance in your mortgage is $250,000 but the honest market worth of the home is $200,000, your home is underwater. In other phrases, you can not promote the home and make enough from the sale to repay your mortgage. Florida is the tied with Arkansas as the third most costly state for home insurance.

These are sample rates and must be used for comparative purposes only. Orlando and Central FL – A home in Central Florida averages from $1,500 to $2,000 per year. We may help you get the best price and value on your home owners Insurance rates.

If approved by the Office of Insurance Regulation , the 2021 rates would go into effect for policies renewed after Aug. 1, 2021. Citizens Property Insurance Corp. is another option for homeowners who cannot discover good Florida home insurance coverage. For example, many Floridians use Citizens for windstorm coverage if they live in wind-pool areas near the coast that make their homeowners insurance company unlikely to provide windstorm protection. A percentage deductible may be significantly more expensive than a traditional deductible.

Note that the value for any state is the average cost of homeowners insurance for all states combined in a given class. For example, the average monthly price in any low-cost state may be greater or lower than $seventy seven, but the average monthly price for the entire low-cost states is $77. More claims mean higher insurance premiums and can trigger your insurer to drop you. In fact, filing claims will improve your rates more than almost the rest.

HomeInsurance.com, LLC services are solely obtainable in states where it is licensed, and insurance coverage by way of HomeInsurance.com may not be obtainable in all states. Customer Experience — The amount of complaints a company receives is an indicator of the general customer experience because it expresses dissatisfaction. According to the Insurance Information Institute , Florida is situated in an space considered a high-risk market. The Sunshine State confronts a disposition of natural disasters similar to hurricanes, tropical storms, tropical depressions, tornadoes, wildfires and common floods. State Farm’s complete web site makes it simple to get an in depth quote in minutes. You can even pay your bill, file and handle a claim, and handle most maintenance duties either online or by way of the corporate’s app.

Areas with lower construction prices usually enjoy extra favorable home insurance rates as well. What you pay for coverage depends on many factors, however one of many main variables is the place you reside. By using our home insurance calculator beneath, you will get a home insurance estimate for your ZIP code for varied coverage levels. You’ll see the typical rate, as well as the very best and lowest fielded from main carriers. The point of displaying the high and low rates is to demonstrate how much rates can range amongst insurance companies — no two cost the equivalent amount for a policy.

Your policy coverage may help cover repair costs if there’s ever a break-in or severe storm. Overall, home insurance is great to cover property damage, belongings, and repairs that may come from severe weather, theft, or anything that life throws at you. To be sure to have sufficient coverage, be sure you perceive exactly what’s coated in your flood insurance policy. Flood insurance protects you within the occasion of water overflow triggered from issues like hurricanes, landslides and earthquakes.

Articles may reference merchandise from our partners, so here’s extra data on how we make money. Andrew Hurst is a Data Writer at ValuePenguin who writes about insurance. His analysis has been featured in Forbes, MSN, USA News and Fox News, among others. He beforehand taught composition and analysis at Wright State University. As a licensed insurance agent, Ross is responsible for researching and writing about all issues associated to insurance.

If your belongings get damaged or stolen, the company will cover the full cost of repairing or replacing them. The homeowners even have a $1,000 deductible and a separate wind and hail deductible . Homeowners insurance claims are frequent in Florida, especially for homes alongside the shoreline. There are plenty of choices for home insurance in Florida, however not all are created equal. Power & Associates U.S. Home Insurance Survey evaluates top insurance providers primarily based on customer satisfaction. As a regional provider, Security First Insurance is not included in the survey, but all different companies make an look, with Allstate and State Farm receiving the highest scores from our picks.

homeowners insurance florida cost

You additionally select a home insurance deductible amount, which applies to claims for damage to your home or belongings, but not if you’re sued or a medical claim is filed by someone injured in your home. Deductibles often come within the amounts of $500, $1,000, $1,500, $2,000 and $2,500. Our analysis discovered that Nationwide had the most cost effective choice per average annual premium for Florida homeowners insurance starting at $963. Travelers Insurance quoted the second most affordable choice with a mean yearly premium of $1,246.

Also, make certain your policy covers “wind-driven rain.” Having this additional line item protects you from rain that causes damage because wind pushed it in an opening. If you need a Florida-based home insurance provider, Florida Peninsula Insurance Company has turn into one of the state’s top contenders in the homeowners market. If you’re in search of home insurance reductions that stretch to the end of the universe, contemplate Universal Property & Casualty. Floridians looking to save money have the best alternative with Allstate.

Florida home insurance companies lately received approval to increase rates in 2021, with the hikes ranging from 12% to 31%, based on a information report in the Herald-Tribune. If you need to rebuild your home, Nationwide’s “replacement cost plus” coverage pays up to a further 20% greater than your policy limit if it prices more to rebuild your home. That means if you have a car insurance policy and it’s broken in the identical occasion as your own home, your auto deductible shall be waived. While State Farm’s average home insurance rate ($4,237) for Florida is greater than other major carriers researched, it got high scores for customer support.

Florida has more flood insurance insurance policies in pressure than some other state. As of 2019, 1,727,853 flood insurance insurance policies had been energetic in Florida, representing $439.9 billion in coverage. If you have Florida home insurance, don’t assume you might be covered in the event of a flood. A homeowners policy doesn’t cover flood damage — the most common natural disaster within the U.S., according to III.

However, it makes up for that by providing a few of the lowest rates relying on what you need. Home Insurance Study, State Farm was rated 7 out of 24 for general buyer satisfaction. The company has also proven monetary stability with an A++ rating from A.M. The largest home insurer in the state by written premiums, Universal P&C, has increased its rates by 24.6% since 2016. State Farm, the second-largest insurance provider in Florida, really decreased its rates by 20.8% over the identical time. Homeowners insurance rates climbed by more than 34% in the state from 2016 to the present — the very best in the nation.

Insurers gauge risk by looking on the variety of burglaries, vandalism and climate-associated claims in an area. Insurance companies usually use zip codes when gauging an space, however your neighborhood and even your road can affect your own home insurance rates. Your home’s claims history — The claims historical past includes both your filed claims and ones that earlier owners filed. If you file more than one claim in a 10-year period, you’ll be able to anticipate your insurance rates to extend. That may even trigger your insurance company to drop you since you’re considered too much of a risk. Home insurance companies analyze potential risk when devising home insurance rates.