Why is my neighbors homeowners policy cheaper than mine?!?

<p style="MARGIN: 0in 0in 10pt"> <font face="Calibri">So, you have a 2 bedroom condo a couple of miles off the ocean, in zone 1 of the wind pool. You've been paying $400 for the last couple of years. Pretty standard.</font></p> <p style="MARGIN: 0in 0in 10pt"> <font face="Calibri">Saturday afternoon while hanging by the pool you and another owner get into a discussion about your insurance policies. Exciting stuff, right? After a bit of discussion he reveals that his premium is less than $300! How can that be?!</font></p> <p style="MARGIN: 0in 0in 10pt"> <font face="Calibri">Well there are several explanations for the difference in premium. The first, and probably most obvious, is difference in limits. You're insured for $20,000 of Coverage A (dwelling).<span>&nbsp; </span>You're neighbor, bless his heart, <span>&nbsp;</span>still believes in the <span>&nbsp;</span>construction ferry. <span>&nbsp;</span>In the event of a total loss he believes that this winged and<span>&nbsp; </span>beer-bellied <span>&nbsp;</span>magical creature will swoop in and rebuild the interior of his unit for $5,000. Good for him!</font></p> <p style="MARGIN: 0in 0in 10pt"> <font face="Calibri">Another big contributor to the price of your policy is included coverages. Your policy includes wind &amp; hail. Your buddy over in unit 3-D isn't so worried about hurricanes. After all, Myrtle Beach hasn't seen a major hurricane in over a decade. Odds in his favor, right?</font></p> <p style="MARGIN: 0in 0in 10pt"> <font face="Calibri">And last but absolutely not least, the carrier makes a huge difference. Competing companies have different rates, different appetites, and different financial situations. All of these will result in varying premium numbers for their customers.</font></p> <p style="MARGIN: 0in 0in 10pt"> <font face="Calibri">Discuss your condo policy with an Independent Insurance agent. He/She can not only help you decide on the proper coverages and limits, but they have the ability to shop MULTIPLE carriers to find you the best policy for your money. <span>&nbsp;</span>And <span>&nbsp;</span>next time you're comparing your homeowners policy with a neighbor, make sure you're both talking apples. </font></p>