If you already own a home, particularly in Florida, you’ve probably already worked hard to secure finances, take care of legalities and move your family into what’s essentially the home of your dreams. After all of that hard work, there’s nothing wrong with taking the time to enjoy your home as it is.
So, if you’ve already worked that hard to make sure that your home is the best it can be, it’s only natural to want to protect your home. Insurance is not just a necessity for your health and your vehicles, but for your home, too.
About home insurance
Florida home insurance, also known as FL homeowner insurance and even hazard’s insurance, is a type of property insurance that’s designed to cover a private residence.
This insurance policy provides various insurance protections that are inherently personal in nature, including losses that occur to your home, the contents of your home, the loss of the use of your home and/or the loss of other possessions that belong to you as a homeowner.
This type of insurance also covers liabilities in the form of liability insurance for homeowners, especially in the case of accidents occurring at your home or at your own hands in territories surrounding your home also covered by the policy.
Home insurance, across the United States, is also referred to as a multiple-line insurance policy. This is notable in the case of policies that include both property insurance and liability coverage with an indivisible premium, one that’s essentially a single paid premium that covers all potential risks. Most, if not all, basic home insurance policies are structured in this way.
The cost of these insurance policies are based on what it may cost to replace the home, in addition to any additional endorsement and/or riders attached to the policy in question.
At best, Florida home insurance policies are more or less contracts between your insurance provider and a named insurer—in this case, yourself as the homeowner. As a contract of indemnity, this contract is mainly designed to help bring your home and yourself back to the state it was in before the accident or losses affected you and your home.
Ultimately, the best home insurance policy can help you bring your home back to the way it used to be, before that same property experienced losses or other detrimental occurrences.
Coverage to safeguard your home
Home insurance policies are naturally as diverse as the homes they cover. These policies also have a pretty diverse selection of prices—all of which you can research using home insurance quotes as a guide. Though, before we delve deeper into the costs of Florida home insurance, let’s look at what’s actually covered in most.
The most basic home insurance coverage generally covers your physical home. Also known at some home insurance providers as Coverage A, this type of basic insurance coverage covers your home, including its interior and exterior, in addition to structures that may be attached to it, like a garage.
Although it might seem like it, the state of the real estate market doesn’t actually affect the insurance value of your home. In most Florida insurance policies, homes are insured against the amount that it’s expected to cost to rebuild the home in full, particularly following the event of a total loss. Always check with your home insurance provider to make sure you’re getting a good enough amount of insurance coverage for your home.
Coverage for other structures, also known as ‘Coverage B’ options, includes coverage for all structures on your property that aren’t attached to your house. These structures can include a pool, gazebo, storage sheds and detached garages.
Many home insurance providers do provide coverage for personal possessions, which can include the likes of furniture, clothing and housing appliances. For some home insurance policies, however, some types of possessions have limited coverage options or are completely excluded altogether. Naturally, it’s best to consult your home insurance provider to learn what’s covered – and what isn’t covered – in any home insurance policy.
You might come across home insurance policies that offer what’s known as Additional Living Expenses or insurance coverage for loss of use of your home. This type of home insurance option helps pay for your increased housing and living expenses, when you experience a total loss of your property.
Most home insurance policies also provide protection from perils like extreme weather (windstorms, hail, lightning), fire/explosions, vandalism/theft, civil commotions, aircraft and vehicles.
The cost of home insurance
Even though home insurance provides a good amount of coverage options, there’s no making up for the costs associated with the insurance policy. Luckily, there are ways to help offset costs associated with getting an ideal policy.
Though, in most cases, many homeowners are able to find an adequate enough policy to cover their basic needs.
Many basic homeowner’s policies generally specify a minimum amount of required coverage for any major property coverage. That coverage is generally based on the amount of insurance selected for any active policy. Basic liability coverage for your property generally stops at your primary limit for coverage; liability coverage for other structures is usually around 10 percent of your property’s basic coverage limit.
Your personal property, on the other hand, is covered up to 50 percent of your property’s basic limit, and so on. Your Florida home insurance provider will be able to provide you with all the information you need to know about just what’s covered in accordance to any liabilities at play.
Perhaps one of the most important things to learn about any insurance policy is the prospect of deductibles. With a home insurance policy, the deductible is generally the amount you have to pay out of pocket before the insurance coverage becomes active—or, in other words, your monthly payments. Most deductibles are at least $500; some policies can even have several at a time.
In Florida, many home insurance policies also have what’s known as a Calender-Year Hurricane Deductible. As hurricanes commonly affect the state of Florida, this deductible can be applies one per calender year during hurricane season.
If you do end up suffering losses from multiple hurricanes in the same calender year, the deductible for any additional losses are usually greater of the remaining amount of the current Hurricane Deductible (if not completely used) or any additional ‘insured perils’ deductible in your insurance policy plan.