With so many types of Homeowner’s Insurance out there, it can be confusing to understand your choices. Here we share with you what is important to know regarding Florida homeowners insurance so you don’t get caught unprotected.
Florida Homeowner’s Insurance
Homeowners insurance helps pay to repair or rebuild your home and replace personal property due to a covered loss. A typical policy would include loss from theft and structural damage from fire, leaks, water discharge, fallen trees, or as a result of a storm.In our experience, the majority of claims tend to be for water leaks; from air conditioning systems, water heaters, plumbing, and roofs, rather than the more dramatic possibilities.Mortgage lenders usually require homeowners’ insurance as part of the mortgage terms. If you are getting the financing you must at a minimum have a basic policy.Most policies include coverage for the house itself, as well as for the property inside the house.
Key Components of the Standard Homeowner’s Insurance Policy Include:
Dwelling, other Structures (shed, detached garage…) personal Property, Loss of Use/Additional Living, expenses (if your house is uninhabitable after a covered loss), personal Liability (if someone claims you caused them injury or property damage), medical Payments (to others). When you own a condominium, the structure will usually be insured by the condominium association and you will pay a portion of that cost through your association fees. You may then only need a policy that ensures the interior portion— also known as “improvements and betterments”—of your unit and the contents of your condo. Click here!
Typically insurance policies include a “deductible” or excess, which is the amount of money that the homeowner contributes to the repair or replacement cost of property. Generally, the higher the deductible/excess the lower the annual premium.Be sure you thoroughly review the type of policy you purchase and ask any questions. It is important to have the proper insurance and understanding of what you purchased.In addition to the standard coverage you may want to discuss the relevance of additional coverage. Some examples include identity fraud, pet liability, pool cages, and screen enclosures, mold, sewer backup or valuable items such as jewelry.
Wind Policy: What To Know So You Don’t Get Blown Away
Wind or windstorm insurance generally is included as part of your Homeowner’s Insurance, but we want to discuss the topic a bit more thoroughly here as we consider it an important aspect of your policy to understand.In much of Florida, we are susceptible to a tropical storm or hurricane-force winds. As such, we guide our clients to ensure they are fully informed about the wind coverage that is included in their insurance package.This includes providing them with information on how to help protect their home from damage, potentially reducing the costs of this portion of the insurance in the first place.
A flood insurance policy protects your Homeowner’s Insurance against potential flood damage. The question of whether a property is in a flood zone comes up all the time from buyers. Even within our own real estate profession, however, many do not know how to respond accurately. For more information visit: https://www.forbes.com/sites/financialfinesse/2016/08/31/is-your-homeowners-insurance-a-disaster-waiting-to-happen/#bdaf04662106