If you own a home or are planning to purchase one, you need home insurance in Florida. But even those who already have it may not completely understand what it covers or how it works. So continue reading this article as we cover the basics involved.
Buying a Home
First, if you’re a buying a home, be sure to factor in the costs of Florida home insurance. I know you probably already feel like you have enough numbers flying around you head, but this is an important one. Without home insurance, you’ll never secure a mortgage because no bank is going to risk that much money on a property that could go up in flames without a single dime behind it.
How to Determine the Amount Insured
There’s lots of different lingo surrounding Florida home insurance, so it’s important you know what you’re doing when trying to secure a policy. For example, you want to make sure you get insurance for the cost of replacing your home (i.e. the construction costs). What you don’t want is insurance for the real estate it’s built on. Also, do not factor in the amount your land is worth. This will needlessly drive up your premiums because you’re not trying to insure dirt and grass.
But if something happens to your home, chances are it will happen to things within your home too, right? That’s why it’s important you get a home insurance policy that covers them as well.
For example, you want your belongings to be insured. This is often worth half of the amount of the dwelling. Structures around your house may also be insured like your garage, a fence, guest house or pool. There’s also such a thing as “loss of use.” This refers to other living expenses you might have to take on if your home is unlivable due to damages. So things like living out of a hotel and eating at restaurants would be reimbursed—usually this is about 20% of the amount of your dwelling).
Liability insurance is also a factor. If someone gets hurt on your property or because of your pet, it will be important that you have liability insurance in your corner. Medical bills may need to be covered as well.
Different Types of Florida Home Insurance Policies
There are 7 different types of home insurance policies. They range from the most basic (HO-1) to renters (HO-4) to older homes (HO-8). Here’s where it’s important to have an expert helping you decide. Each policy covers a wide array of liabilities. So with 7 of them available, you should be able to find the one that will give you the coverage you need without overcharging you either.
If you need Florida home insurance, you simply have a lot of work ahead of you and FloridaInsuranceQuotes.net is here to help you. Take the above into consideration and contact us as soon as you can.