Identifying Insurance Needs
Florida homeowners insurance is not only an excellent idea for homeowners, but is also required by most mortgage providers. General homeowners policies cover the residence, valuables inside the residence, outbuildings and personal liability in the event of a disaster. Most general policies do not cover disasters such as hurricanes or floods. You will need additional hazard insurance in order to cover these specific catastrophes.
Hazard insurance is protection from things like hurricanes and floods in areas where these types of hazards are of worry. Florida is known for its hurricane season every year. Hurricanes can not only damage a home with wind and rain, but also creates potential hazards from debris and flooding. Homeowners in Florida should consider adding a hazard policy to cover their residence in the event of a hurricane or flood damage.
You can also add loss of use to the Florida homeowners insurance coverage. Loss of use protection would provide you with the means to live in an alternate location while your home is being repaired or rebuilt. This could include a stay in a hotel or even a rental property. If you have ever been in this situation, you know it can be costly to spend even a few days in a hotel while you wait for your home to become inhabitable again. Florida homeowners insurance can help with these costs.
In order to determine what type of homeowners coverage you require, you should conduct a review of your personal belongings. You should take an inventory of everything you own. Include the item, brand name, purchase date, and approximate value. Everything you own should be included on the list, such as clothing, jewelry, electronics, furniture, appliances, tools, and collectibles. If you have items of high value that you keep in the home, you should pay particular attention to these. If you have had any recent appraisals completed, you should add the information to the inventory. You may want to make a copy of the list and keep it in a safe location away from the home such as a safe deposit box.
If your valuables are costly, you may want to increase the limits of what is covered in
the Florida homeowners insurance. All insurances have limits on what the maximum payout is for any damage. Many times the maximum payout will not be high enough to cover high cost items such as collectibles. Luckily, the increase in the premium to provide additional coverage will be minimal but the benefits could be priceless.
The next step is to evaluate the cost of replacing the home. The home's replacement cost is not the same as the market value. The market value would be the price of the home and the land if you sold it. The replacement cost is the how much it would cost to rebuild the home. This depends largely on cost of materials and construction at the time of damage. You can determine the cost today and then periodically review the market for changes that could affect your coverage requirements.
Finding an Insurer
Once you have determined what you need for insurance, it is time to find a provider for Florida homeowners insurance. There are many ways to accomplish this. Shopping online is one of the easiest and most convenient. You can request quotes and compare rates right from the comfort of your living room. Be sure that all of the rates being quoted include the coverage you requested.
You should always work with reputable homeowners insurance carriers who have a proven record of providing solid customer service and quick claim resolution. This is especially important in Florida due to the hurricane and flood hazards. Claims can sometimes come in at a rapid pace during one of these catastrophes and you want to be sure that you are not waiting on a resolution for a claim. Check with the Florida Better Business Bureau to request information on specific providers.
Florida homeowners insurance is a great way to protect your personal belongings and house, while also providing you peace of mind in the process. Florida is a beautiful state, but it does come with its natural hazards such as hurricanes and floods. Protect your home today by purchasing Florida homeowners insurance. We hope you never have to use homeowners insurance, but you will be glad you have it if you ever need it.