In Naples, FL, homeowners pay an average home insurance rate of $1,259 annually. According to a study done by Vhome, Naples homeowners can save up to $495 by choosing the best insurance company to suit their needs.

Financial Strength Rating

Home insurance companies should be able to issue the coverage amount when a valid claim is submitted by homeowners. The ability of home insurance companies to grant a claim is determined by their financial strength. Homeowners can refer to ratings given by A.M.Best to gauge the financial strength of home insurance companies.  For example, State Farm has a financial strength rating of A (excellent), whereas, Erie has a rating of A+ (superior).

Overall Customer Satisfaction Rating

J.D.Power is a well-reputed company that gathers feedback from numerous homeowners who have policies with home insurance companies, to rate them. Home insurance companies are rated on a scale of 1-5 depending on policy coverage, insurance rates, discounts, customer handling, and the speed at which a claim is processed. State Farm received a rating of 4/5, while Amica received a 5/5 rating.

Lifestyle Choices

Home insurance companies calculate home insurance rates based on the lifestyle choices of homeowners. Naples homes with a swimming pool will incur an additional cost of $101 on insurance. Homeowners who smoke and have dogs also attract additional insurance rates. According to the Insurance Information Institute, the state of Florida had the second-highest number of dog bite insurance claims in 2018, with 1,281 claims.

Deductibles vs Insurance Rates

The home insurance rates vary depending upon the deductibles that homeowners choose to pay on their policies. The percentage of reduction in insurance rates for the same deductible differs between one insurance company to another. Homeowners are advised to choose a home insurance company that provides lower insurance rates as opposed to other insurance companies for the same deductible amount. 

Processing A Claim

To submit a claim, homeowners should provide a proof of loss statement containing documentation to support the claim. Home insurance companies will then analyze the claim before granting the said amount. Insurance companies generally take up to 40 days to process a claim. Homeowners are advised to opt for insurance companies with faster processing speed and minimal documentation.