Information about homeowners insurance in Florida

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Homeowners insurance is an all-encompassing insurance policy that covers destruction, as well as responsibility/liability, on the property. Obtaining homeowners insurance is just as important in Florida, as it is in every other state. With Florida being a coastal state, having a home covered by insurance can be a life-saving tool. Here are a few examples of provided coverage.

Damages: Florida homeowners insurance covers these dimensions of damage in the event of a disaster.

Explosion
Sudden and Accidental Water Damage
Fire and Lighting
Theft
Aircraft and Vehicles
Vandalism and Malicious Mischief
Windstorm or Hail
Sudden and Accidental Smoke Damage
Weight of ice, snow, or sleet
Riot and Civil Commotion

Coverage covers damage from windstorms, however NOT damage from coastal flooding. Coastal flood insurance must be obtained from https://www.floodsmart.gov

Personal belongings: Examples of personal belongings that are covered by homeowners insurance in Florida consist of clothing, furniture, and sports equipment and the circumstances covered are destruction of these items or theft. Some of the most expensive items a household contains, such as jewelry, are also covered within the insurance policy, as long as it is associated with the list of home damage coverage previously listed. Mistakes and loss attributed to negligence are not covered.

Liability: Liability protection covers the homeowner in the event of bodily injury or property destruction not owned, or unrelated to, the homeowner as long as it is within the confines of the property. This section of the policy also includes damage and injury which may be caused by pets of the homeowner. It is this part of the policy that pays for the legal fees accrued by the homeowner, as well as the monetary restitution that will be determined by the court on the homeowner. Extra coverage for the inclusion of the examples of slander and libel will be a predetermined value.

Added Living Expense:
If a previously listed disaster destroys the home and makes it uninhabitable, this part of the policy covers costs of the homeowner to live elsewhere for a time. Heavy expenses are assumed from this point forward, as it will take some time to repair the damage to a home. Expenses covered will include meals and hotel bills, as well as other basic living needs.

Factors associated with the value of home coverage:

There are two main types of coverage values offered in homeowners insurance policies in Florida.

Actual Cash Value - Coverage which gives the ACV (Actual Cash Value) of the home, less depreciation values. This is risky, because if the homeowner chooses to insure less than 80% of the Replacement Value of the home, then there are penalties which are accrued called "co-insurance".

Replacement Value - Coverage which offers full replacement value of the home. This form of coverage will ignore the depreciation value associated with the home and cover all building and repair costs.

The cost of the homeowner's insurance in Florida is determined by the level of coverage a homeowner desires, the area they reside in, and the deductible levels they choose to pay in the event of a disaster. The more expansive the coverage provided by the policy, the more expensive the policy will be.


Originally published at floridainsurors.wordpress.com