Homeowners Insurance in Florida 2022

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Homeowners Insurance in Florida

What is Homeowners Insurance in Florida?

If you’re a resident of Florida, then this is the most desirable place to live. The place has a subtropical climate, long coastline, and ocean views. If you are looking to purchase a home or condo, or are considering a move to the Sunshine State, homeowners insurance in Florida is a necessity. In fact, when you purchase a home, the majority of lenders will require you to take out a homeowners insurance policy. Homeowners insurance, or home insurance, is a way to protect yourself financially in case of a natural disaster.

Homeowners insurance in Florida protects your financial interests. If your property is damaged or destroyed by a covered peril, your financial interest is protected. 

How do you define peril? A peril is something that causes injury, loss, or destruction, such as a fire, tornado, or hurricane.

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Does homeowners insurance in Florida cover hurricanes?

According to the NOAA (National Oceanic and Atmospheric Administration), the year 2020 was a record-breaking year for natural disasters like hurricanes, floods, earthquakes, and lots more. The annual, 21-name list of hurricanes came in September and for the second time in the entire history, the remainder of natural disaster hurricanes were named using the Greek alphabet. Compared to other natural disasters, hurricane preparation could lead to differences in the amount of property damage your home sustains and even the difference between life and death. 

But, remember, preparing your home does not have to stop at setting up the windows and securing items that are outdoors. Make sure your homeowner’s insurance in Florida covers damage that occurred by hurricanes must be often a recommended step to take. It must be on priority. A homeowners insurance policy in Florida that is standard covers the repair costs from damage caused by most natural disasters, but it is not necessary for all. The flooding caused by natural disasters like hurricanes and storm surges that occur is typically excluded in a standard policy. You may need to purchase a separate homeowners insurance in Florida policy or an endorsement to have coverage for natural disasters like hurricanes and flooding.

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How much hurricane coverage do you need to be a homeowner?

Depending on your circumstances and financial protection, being a homeowner in Florida you may need to consider higher coverage limits or coverage add-ons to your policy, above what a standard HO-3 policy provides. 

Most homeowners insurance in Florida policies provides financial protection for:

  • Dwelling: the structure of the home
  • Detached units: like a shed or detached garage
  • Personal property: that includes your belongings
  • Living expenses: in case you are displaced

Coverage of your dwelling

The coverage related to dwelling covers the structure of your home, your roof, and appliances that are built-in such as your kitchen cabinets or water heater, this coverage is bought equal to the total rebuild cost of your home.

Hurricane damage is expensive. It is likely more than might initially be anticipated. If you want to be more careful, you can ask about extended dwelling coverage for higher limits.

Other Structures Coverage

Detached structures include garages, sheds, and more. This homeowners insurance in Florida coverage is based on a percentage of 10% of your coverage related to dwelling. For instance, if you have $600,000 as dwelling coverage, you may have up to $60,000 in coverage for detached units.

Personal Property Coverage

Personal property coverage covers property that is not attached physically to your house. This includes clothing, furniture, appliances, and more. In general, the limit for the property which is personal is a percentage of the insured amount of the dwelling. Many insurers provide coverage related to personal property of 50% -70% of your home’s insured value, according to the Insurance Information Institute (III).

The damage to property may be important from a hurricane due to strong winds, but being a homeowner in Florida you may also need coverage for the contents placed inside your home. Natural disasters like Hurricane winds can damage more than the structure of the home. To help replace your home’s contents, you may insure your belongings at their replacement cost rather than going for their actual cash value so you can replace them with new items of equivalent value.

Additional Living Expenses

Understanding your coverage for living expenses is important. You could be displaced after a major storm or any other natural disaster. This coverage helps pay for additional living expenses that might have occurred as a result of displacement following a loss. This could include expenses related to hotel and food while your home is being repaired.

What Homeowners Insurance in Florida coverages are available?

Home insurance policy in Florida provides coverage to replace or repair your home and its contents following damage from a fire, theft, or a weather-related event, such as wind, hail, lightning, or rain. In addition to the structure itself, a standard homeowner insurance policy also covers heating and cooling systems, major appliances, furnishings, clothing, and other personal possessions.

A standard insurance policy pays for food and lodging if you relocate while your home is under repair. If someone is injured on your property, your homeowner’s insurance in Florida policy includes coverage to help pay for medical expenses for guests and legal expenses that you may incur.

Most insurance policies will also cover an outbuilding like a garage or shed that is detached, along with a fence, an outdoor fireplace, or another permanent structure. A swimming pool, trampoline, or other types of equipment related to recreation may also be included in a standard policy but might require additional liability coverage due to the increased risk.

Depending on the home insurance company, additional coverages are either covered with or can be added to a standard policy, including identity theft coverage, additional liability protection, or add personal property coverage for valuables and artwork.

What are the types of Homeowners Insurance available in Florida?

There are two types of homeowners insurance policies available in Florida. An actual cash value policy will pay for repairs that are up to the preset limits of your policy, and no more. If that limit is $400,000 and repairs cost $500,000, you’re responsible for the difference.

A cost policy related to replacement will pay the actual cost of rebuilding your home. It is not related to the increase in inflation, labor, materials, or any other expenses. Replacement cost coverage is more expensive than an actual cash value policy, but it may be a better bet if you plan to be in your home for a long time since inflation will inevitably make rebuilding more expensive over the years. Rebuilding costs of a home can also rise if contractors and materials are in short supply, such as in the wake of a hurricane or other weather-related event that creates an immediate need.

How to get homeowners insurance quotes in Florida?

To get home insurance in Florida, provide basic information like your name, address, phone number, and Social Security number. The worth of your home is also important along with what’s inside of it and any add-ons like solar energy panels or a pool. If you have a lot of guests over, you’ll need to factor in how much you need in medical payments coverage should one of your guests get injured. The insurance companies will ask you questions and, based on this information, come up with a quote for you.

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