Homeowner’s Insurance in Florida
Before choosing an insurance policy for your Florida home, carefully research and compare a variety of quotes. It also necessary that homeowners fully understand what their insurance policy covers and excludes. Buying a home is the single largest investment most people make in their lives. It is the foundation of financial success, and often serves as a necessary component when planning for retirement. This is exactly why it is vital to purchase the optimal amount of homeowner’s insurance to protect such an important investment.Homeowners in Florida must carefully choose the right insurance policy as they not only have to prepare for traditional damage like fire, but also must prepare for extreme weather conditions such as hurricanes. Carefully weigh all of the potential damage to your home before deciding on a policy. Carry only the necessary amount of insurance and consistently re-visit your policy to ensure you are not only paying what you should, but also that your policy adequate protects the current replacement value of your home.
Standard insurance policy
A standard insurance policy in Florida covers both the structure of the home as well as the contents located inside the walls. A standard policy also protects against liability claims made against the homeowner such as neighbors injuring themselves while in the home and then suing. Finally, a standard policy covers expenses for homeowners when forced to evacuate their dwelling.
However, choosing only a standard homeowner insurance policy can leave you financially vulnerable. Consider additional coverage if your home has potentially risky items such as a pool or a trampoline used by children in the neighborhood. You may also have to purchase separate flood insurance depending on your location.
Hurricane protection
Unfortunately, Florida routinely suffers property damage due to hurricanes. Florida law requires homeowners to carry hurricane protection, but does force insurance companies to provide discounts for wind protection devices such as hurricane shutters.
Hurricane coverage protects homeowners from a wide array of damage including both structural damage as well as the loss of any contents located within the home. However, the damages must come from a hurricane, not a windstorm. Hurricane coverage begins as soon as the National Weather Service issues a hurricane watch or warning and ends 72 hours after the last warning ended. Compare a variety of quotes before choosing hurricane protection. Don’t risk losing your largest investment because of the small print at the bottom of your policy.
Suggestions
Following the following suggestions, can help homeowner’s in Florida not only choose the right insurance policy, but also save on an existing policy.
- Inquire about discounts: There is a wide array of potential discounts for homeowners. Some of these include adding additional home security such as monitored alarms, upgrades to electrical systems and additional fire safety such as monitored smoke alarms and easily accessed fire extinguishers.
- Think twice about waterfront property: While many homeowners aspire to live on the water, the insurance costs associated with waterfront properties are immense. If you do choose a waterfront property and file a claim, the adjusted insurance premium could easily push you to your financial limits. You may find it less expensive to keep a boat at a local yacht club or dock rather than living on the water.
- Don’t underestimate the importance of an inspection: Even though you may be buying a new home, there is still the possibility of defects. Your home inspection should pay extra attention to potentially expensive repairs such as faulty wiring, a damaged roof, or a cracked foundation.
- Study the home’s history: Each home has a history of claims made against it. If your potential home had a past claim, inquire not only about what caused the damage, but also exactly what was done to fix it.
- Take the highest possible deductible: Statistically, homeowners rarely make insurance claims. This is why it is best to choose the highest deductible. After a few years, the money you saved on your yearly premium will exceed the difference between the lowest and highest deductible amount.