Homeowners in Florida know that home insurance is essential, but only some know exactly what a typical policy covers. Knowing the details of your home insurance policy can help ensure you are protected against any unexpected situations.
Home insurance protects against various common hazards, ranging from fires and hurricanes to vandalism and theft. If you suffer losses due to a covered peril such as these, your home insurance policy can help offset the damages by paying to repair, rebuild, or replace your home and personal belongings. Let’s take a closer look at what a standard Florida home insurance policy should cover.
What Does Homeowners Insurance Cover in Florida?
Florida home insurance policies include several standard coverages that provide broad protection against common perils, including dwelling coverage, liability coverage, personal property coverage, and additional living expenses (ALE) coverage.
Dwelling coverage
The first part of a Florida home insurance policy covers damage to your property from natural disasters and other hazards, including fires, windstorms, and vandalism. This coverage will provide money for repairs or replacements if these events damage your home.
Make sure your coverage limits are high enough to cover the total cost of rebuilding your home in a major disaster. Otherwise, once your coverage is exhausted, you’ll have to pay for the remaining damages out of your own pocket.
Liability coverage
A standard Florida home insurance policy also includes liability coverage, which comes into play if someone is injured on your property and sues you for damages.
This coverage pays for legal fees and medical expenses up to the limits specified in your policy. It is essential to have enough liability coverage so that you are not left paying out-of-pocket if an accident occurs on your property.
Personal property coverage
Home insurance includes personal property coverage, which pays to replace or repair your personal property after a covered loss.
Like dwelling coverage, personal property coverage only pays to replace items up to your coverage limit. As such, homeowners with expensive valuables, for example, jewelry and art, may need to adjust their property coverage limits to ensure they are fully covered against potential losses.
Loss of Use coverage
If you are forced to leave your house due to a covered disaster, this coverage will help reimburse you for accommodation and other costs incurred while away from home during repairs or rebuilding. This coverage can be beneficial if it takes longer than expected for repairs or rebuilding to be completed after a major disaster.
What Isn’t Covered by Home Insurance in Florida?
Homeowners in Florida need to understand what their policies do not cover when shopping for home insurance. Typically excluded from coverage are losses resulting from:
- Floods or earthquakes
- Intentional actions or negligence
- Normal wear and tear
- Mold or mildew
- Power surges
- Nuclear accidents
- War
Suppose a homeowner wants this types of protection. In that case, they must purchase additional endorsements on their policy or purchase separate stand-alone policies for the other coverages they want added on top of their existing policy.
Flood insurance should be a consideration for Florida homeowners due to the high risk of hurricanes. While home insurance does cover certain types of damage from hurricanes, like damage due to strong winds, it does not cover the flooding caused by storm surges or groundwater rising.
How Much Does Home Insurance Cost in Florida?
The cost of home insurance in Florida varies depending on where you live, the level of coverage you choose, and Wind Mitigation discounts (if available). However, generally speaking, rates tend to be higher than the national average due to factors like proximity to the Ocean, Gulf, or areas prone to severe weather events like hurricanes.
Since Florida has some of the highest premiums in the country for homeowners insurance, homeowners should be sure to shop around for quotes from various insurers before purchasing a policy.
Levay Mack Insurance Group Has South Florida Covered
Understanding what is and is not covered by a typical Florida homeowners insurance policy is critical to staying prepared for the unexpected. Your home is one of your most valuable assets, so it’s vital to ensure it has adequate protection through an appropriate home insurance plan.
At Levay Mack Insurance Group, our primary goal is to share our insurance knowledge so that you know what protection you are buying with your hard-earned money. With over 45 years of experience and as one of the largest independent insurance agencies in South Florida, we are proud to offer access to the top-rated carriers in the insurance industry.
From Palm Beach, St Lucie County, to Brevard County, Levay Mack has Florida covered! To learn more about our Homeowners insurance policy options, contact us today for a free quote! Thanks for visiting our blog, and we hope to help you soon.