Most people know that property and casualty insurance (P&C) remains important, especially for those who consider their homes as their single biggest investment.
In the U.S., the decision of buying home insurance also relies on how much it costs in every state. Hawaii ranked as the most affordable state for a homeowner’s insurance, while Florida is the most expensive state.
Homeowners in Hawaii pay an average annual insurance cost of $703. P&C insurance marketing will be important for providers that want to attract more clients, who likely take advantage of the low cost in the state.
Those in Florida pay a much higher amount at almost $6,900 on average per year. Natural disasters such as hurricanes mainly serve as the reason behind the steep prices. Storms hit the Sunshine State more than any other state in the country.
A simple indicator of cost involves the distance of the state from the Gulf of Mexico; costs increase the nearer it is from the region.
Why Home Insurance Matters
Whether you live in Hawaii or Florida, a homeowner’s insurance should be a staple for every owner. Some products today offer protection not just for your homes. You could even include your furniture and electronic devices in a typical insurance policy, which may cover up to $2,500 of losses or damages.
Take note that you should also consider upgrading your coverage if you plan to undertake a home improvement project. The logic behind this involves being sure that any new addition to your house will be covered in case of damages.
Read the fine print as well in case your insurer excludes certain causes such as flooding from your coverage.
All home insurance policies provide different types of coverage, so you should take time to research and choose the best options. How much do you pay each year for premiums?