Home buying in Florida must come to the consideration of purchasing hurricane insurance and being in such a tropical storm-prone area will lead to eventual emergencies that a homeowner needs protection from. Homeowners insurance in Florida is a must and a hurricane, or even a tornado, could cause injury, loss of life, fire and destruction.Every state in the US has its own requirements when it comes to minimums in purchasing insurance, in consideration to the risk factors associated with that region. In the case of Florida, it is windstorms and coastal flooding and a homeowner should be considering these questions when purchasing homeowners insurance in Florida
1. The coverage is low price, but is it high in value?Low prices on premiums can lull a homeowner into a false sense of security. Yes, they are saving money on their premiums, but what is the cost of that low price? Is the value of their coverage equal or greater to the price they are paying? That leads to the next question2.What coverage is provided by my policy?It is important to know what is actually being paid for in an insurance policy. Does the policy cover certain incidentals and perils? If a neighbor is on the property and something happens to them, will the liability coverage be enough to pay for their medical bills? With many choices available in Florida’s private insurance market, it is important to differentiate the companies that cover the homeowner’s needs vs. those that do not.3.How much is the total cost of coverage is offered?Knowing that a coverage has value and what it covers, isn’t going to give a homeowner the final coverage numbers. Going through the paperwork and working with the insurance company by asking what the final amount of coverage is will accomplish this. It gives a bigger picture as to what the cost of everything will be in the event of a disaster. It is also critical of the homeowner to do this to figure out if the list of itemized coverages they provided is accurate, as that is what the insurance company will be insuring.4.What type of home do I have?There are also different types of dwelling insurance offered in Florida
- Condominium ownership, Insurance – Coverage of the condo unit and everything contained within.
- Mobile home ownership, insurance – Coverage of the mobile home and subsequent lot.
- Standard Florida homeownership – Coverage of the home within and the exterior property.
In order to get the most out of any one of these policies, an itemized list of receipts and details of work on the buildings will help maximize protectionAll of these factors will influence the homeowner’s decision in purchasing homeowners insurance in Florida and knowing the answers to the questions listed will help homeowners to secure the best value and the best coverage.Originally published at floridainsurors.wordpress.com