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Insurance in Melbourne Fl

Insurance in Melbourne Fl

If you are new to the area when you are looking for home insurance in Mebourne FL, you may think the pricing is high.  Why is this?  Read on to learn more about the pricing of insurance in Melbourne Fl.

Insurance in Melbourne Fl

Natural Disasters

One of the reasons insurance in Melbourne Fl is pricer than other parts of the country is natural disasters.  Although on the Space Coast, we’ve been fairly fortunate over the past few years with hurricane damage, it’s still much more likely to happen here than other states.  It’s not just hurricanes we have to consider though.
Sinkholes are another problem we face in Florida.  When they occur, the dams is extremely costly for insurance companies.  Because the damage can cost insurance companies so much, they have to factor this into policies.  We also face other issues like hail damage, and of course flood damage.

Assignment of Benefits (AOD)

Assignment of benefits allows a homeowner to effectively let a contractor use their insurance policy to complete repairs.  The intention of AOB is to streamline repairs after a natural disaster.  Unfortunately, the system is know for high level of fraud.

Contractors have a tendency to “pad” the repair costs when AOB in enacted. This costs insurance companies more money.  Although many feel it is a victimless crime, it in fact costs everyone more money.  Even when fraud is suspected, an insurance company generally is on the hook for legal fees.  Either way, it costs the insurance company and consumers more.

How to Save on Insurance in Melbourne Fl

First and foremost, working with a company you can trust is crucial.  BCA Insurance has been on the Space Coast for years and is highly rates.  We care about our clients, and spend the time one on one with you to find the best possible solution.  We build relationships with clients and truly care.  That said, here are some things to consider when buying a home in Melbourne Fl.

  1. Buy a home newer than 2002.  The new your home, the more likely it is built to better standards with regard to storms.  Also, key components such as roofs will likely be in much better shape.
  2. Concrete block homes are best.  Buying a home made from concrete block (also known as masonry) will save you money.  Insurance companies know it is less likely to be damage in a storm.  Also, it is less susceptible to other issues like fire.
  3. Beachside homes are higher risk.  The further away from the beach you are, the less you will pay in insurance.  We know everyone loves beachside, but is certainly a factor to consider.

Insurance in Melbourne Fl

If you have questions regarding flood insurance, just give us a call!  When you search online for “Insurance in Melbourne Fl” look for BCA. We’re the best independent insurance company on the Space Coast!

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