What Kind Of Florida Homeowners Insurance Do You Really Need And Why?
With so many types 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.
Here’s How It All Shakes Out
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 financing you must at a minimum have a basic policy. Click here!
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:
- 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)
Wind Policy: What To Know So You Don’t Get Blown Away
Wind or windstorm insurance generally is included as part of your homeowners 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 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.
Building Codes and Wind Policy: How Hurricane Andrew Changed Everything!
After Hurricane Andrew hit south Florida in 1992, municipalities around the state of Florida created higher standards to better protect homes from damage from winds and wind-borne debris. We refer to these as building codes.
These building codes include improved methods for attaching the roof to the house, reinforcing garage doors, installing windows that can withstand debris hurled at greater speeds, etc. The benefit of living in a home built to newer codes (or retrofitted with these features) is both a safer home and lower costs of insurance.
Flood Insurance: How To Stay Above Water
A flood homeowners insurance policy protects your home 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.
In the past few years there have been numerous legislative and rate changes for homeowners’ flood policies due to the National Flood Insurance Program (NFIP). Even information from the current seller of a property—especially if they have an older home—may not be applicable as they may themselves not be aware of how their property has been affected by the changes. For more information visit: https://en.wikipedia.org/wiki/Home_insurance