Homeowners Insurance in St. Petersburg
Every year, St. Petersburg, also known as The Sunshine City, receives an average of 361 days of sunshine. It is no surprise that many people choose this location to settle in and build their vacation homes. Besides being a tech hotspot, St. Petersburg is a paradise for those who enjoy being around water, with gorgeous beaches, fishing spots, and excellent canoeing opportunities.
Sadly, it is not all happiness and sunshine for homeowners in St. Petersburg. Like the rest of the state, it is susceptible to disasters such as floods, hurricanes, and sinkholes, all of which can raise the cost of homeowners insurance.
Reasons for Having Homeowners Insurance in St. Petersburg
Fire, wind damage, burglary, and vandalism are all included by the insurance, which is a good thing because St. Petersburg's crime rate is twice higher than the national average. It is also crucial to consider how your Homeowners insurance policy handles disasters. There are three major catastrophes in particular that St. Petersburg is prone to.
Hurricane Insurance Coverage
Hurricanes have never been a problem for St. Petersburg. Since most hurricanes strike landmass and begin to die down before hitting St. Petersburg, the city is a little luckier than cities on the southern or eastern coasts. However, the city does have a 10% risk of being struck by a hurricane on a yearly basis.
All Moran Insurance policies include flood protection, which covers the destruction caused by hurricane winds. Your hurricane deductible is applied when you file a lawsuit after a hurricane. There is a one-time fee of $500, 2%, 5%, or 10% of dwelling coverage for your home.
St. Petersburg is almost enclosed by the Tampa Bay coastline, with the exception of its northern boundary. Homeowners in this area face a high risk of flooding due to its proximity to coastlines, many interior streams, and low drainage.
Most people believe that flood insurance protects storm surge from hurricanes and tropical storms, but this is not the case. Only flood insurance would protect you from the effects of rising waters. Inquire with your Moran Insurance representative about adding flood coverage to your policy; it's less expensive than you would expect.
Sinkhole Insurance Coverage
Sinkhole Alley, a nickname for the neighborhood where scores of homes are at risk of sinkholes, is located in St. Petersburg. Sinkhole-related structural problems, such as foundation fractures, collapse, unstable ground, and buckling walls, must be paid for out of pocket if homeowners do not have enough coverage. If you wish to apply sinkhole coverage to your scheme, speak to your Moran Insurance representative.