What is Florida homeowners insurance?
Florida Homeowners Insurance is a type of policy designed to protect your home and personal belongings against unexpected events. It provides coverage for damage caused by specific hazards, as well as liability protection if someone is injured on your property. This kind of insurance gives you peace of mind, knowing that your investment and personal assets are safeguarded.
What does Florida homeowners insurance cover?
A standard Florida homeowners insurance policy typically includes the following coverage options:
Structure of Your Home
Protects against damage to your home caused by covered perils like fire, windstorms, hail, and theft.
Personal Belongings
Covers your furniture, clothing, and other belongings if they’re stolen or damaged.
Liability Protection
Protects you if someone is injured on your property or if you accidentally cause damage to someone else's property.
Additional Living Expenses
Pays for temporary housing and other expenses if your home becomes unlivable due to a covered incident.
What doesn’t homeowners insurance cover?
While homeowners insurance offers broad protection, it does not cover everything. Common exclusions include:
- Flood Damage: Standard policies do not cover flooding; a separate flood insurance policy is needed, especially in Florida’s high-risk areas.
- Earthquake Damage …but something tells us you’re not worried about that!
- Wear and Tear or gradual maintenance issues, like roof aging, which are considered the homeowner’s responsibility.
- High-Value Items: Items like fine jewelry or art may require additional endorsements or riders for complete coverage.
Typical Florida Home Insurance Policy Limits
| Coverage Component | Typical Limit of Coverage |
|---|---|
| Dwelling | Your Choice |
| Other Structures | 10% of Dwelling Coverage Limit |
| Personal Property | 50% of Dwelling Coverage Limit |
| Loss of Use | 20% of Dwelling Coverage Limit |
| Personal Liability | Your Choice |
| Medical Payments | Your Choice |
What are the right questions to ask to find the best homeowners insurance?
Finding the right homeowners insurance policy can feel overwhelming. Start by asking these important questions to ensure you’re getting the protection you need:
What perils or disasters are covered and excluded in my policy? (Pay special attention to hurricane and flood risks in Florida.)
How much coverage do I need for my home’s structure?
What is the deductible for hurricane or wind damage? (Florida policies often include separate deductibles for hurricanes.)
Is my personal property fully covered, or do I need additional coverage for specific items?
What discounts or savings options are available?
Does my policy include liability protection, and at what limits?
Are there any additional coverage options I should consider for Florida-specific risks?
