Florida Homeowners Insurance Guide

No matter where you live, house insurance is an important aspect of being a home owner, and Florida is no different. Although homeowner’s insurance is necessarily required in some parts of Florida, there’s no question that everyone should have it. The Sunshine State has it’s fair share of perils, especially hurricanes, and you wouldn’t want to lose your biggest investment to a natural disaster. If you’re a resident of Florida, take advantage of this helpful homeowner’s insurance guide!

State Requirements

Unlike some other states, there are few laws in Florida requiring one to purchase house insurance. If your home has a swimming pool or if you own certain pets, some cities may require that you have liability coverage. This covers you for injuries people may incur while on your property, as well as damage to their property. For mortgaged homes, your mortgage provider may require that you meet certain insurance minimums. Also, some apartments or condominiums may require their own special form of insurance.

Basic House Insurance Packages

Depending on your home insurance provider, you may have to pay extra for certain types of coverage. Here’s a look at some home insurance packages that aren’t typically included in standard policies:

• Personal Property - A policy that includes personal property coverage helps pay for damage done to your personal belongings within your home. Your policy may have limits as to how much coverage it will provide for certain types of belongings, such as jewelry, electronics, or antiques.
• Personal Liability - This type of coverage is meant to protect you in the case that someone is ever injured or suffers property damage while in your home. If someone was to sue you for something that happened on your property, personal liability coverage would pay for the claim, up to the policy’s limits.
• Additional Living Expenses - Additional living expenses or ALE coverage is generally used to help pay any expenses that may arise if you are unable to live in your home due to damage. For instance, if your family is forced to stay in a hotel while your home is being repaired, ALE coverage would pay for it. Some of the other things it may cover include clothing, food, transportation, housing, and storage.

Hurricanes

As you may know, one of the most important factors in determining house insurance rates are the estimated losses or predicted amount of damage in an area. While Florida is at risk for many different perils, such as floods, fires, and sinkholes, hurricanes are by far the most dangerous to both insurance companies and consumers. With their incredible strength, hurricanes are capable of causing thousands of dollars in damage in one fell swoop. Which is why insurance home insurance rates can be extraordinarily high in certain Florida areas. Insurer’s have to make up for the risk of hurricane damage and they usually do so through your premiums. Although wind damage is typically covered in most normal house insurance policies, some companies may exclude it in high risks areas. In this case, you may be required to purchase a separate type of hurricane coverage. Living in Florida, it’s usually well worth the extra cost.