Basics of Homeowners Insurance
Whether you already own a home, or you are in the process of buying one, you need to understand the basics of homeowner’s insurance for Florida from FloridaInsuranceQuotes.net. While you may think you can let this decision slide, the fact is that you will not be able to secure a home loan without one. Understanding these basics will help you choose a plan that is right for you, as well as one that will protect you in the ways you need.
What is Homeowner’s Insurance?
Homeowner’s insurance Florida protects your finances in the event that there is a disaster. When it comes to your home, there are many things in Florida that can pose a threat, including fire, flood, high winds, volcanic eruptions, or even someone being injured on your property. This insurance helps to ensure that you will be able to fix the damage to your home, or even rebuild if it is completely destroyed.
Understand What You Are Choosing
When choosing Florida homeowner’s insurance, it is very important that you know what you are paying for. You want to make sure that you are choosing insurance that will pay for the actual cost of replacing your home, referred to as construction costs. You should not include the value of the property that your home sits on, or the market value.
How Your Rate is Determined
Several factors go into determining the cost of your homeowner’s insurance Florida rates. The age of your home is a key factor in your coverage. Older homes may result in higher rates due to the unavailability of original building materials, and the age and condition of your plumbing and electrical systems, roof, and heating and cooling systems.
There are some areas that are more susceptible to weather related issues, such as flooding and mud slides, as well as burglaries and other crimes. If you have safety features in your home, including dead bolts, alarm systems, and other safety features, this will usually help with the cost of your homeowner’s insurance.
What Your Policy Covers
While there are many different options available for homeowner’s insurance, it is also important to understand the additional coverages that are available with most policies. These coverages may not be available on all policies, so you will need to verify whether they are or not, depending on the company. Additionally, you also need to be aware that these coverages have specific limits that are described in the policy that you choose. These are some of the additional coverages that may be available:
- Coverage that pays for the replacement of your belongings if they are destroyed
- Additional living expenses in the event that you are unable to live in your home due to the level of damage. These coverages generally cover the cost of hotels, meals, and laundry needs.
- Liability coverages that pay if someone is injured on your property
- Medical coverages for third party injuries, or those that are the result of your pet attacking someone
- Valuables coverages to provide additional compensation for computer systems, jewelry, antiques, or other high value items.
All of these coverages are generally available at an additional cost to your homeowner’s policy. Check with the provider to find out whether these coverages are available, and how much they will add to the overall cost of the policy.
When you are ready to choose your homeowner’s insurance Florida policy, you will need to make sure that you have a complete inventory of your belongings. You should also consider taking photos of every room and storage areas in your home.