If you are new to the homeowners game, then you may find that purchasing coverage can be quite tricky. The first step before diving in head first into shopping is to understand what will be covered by your Florida homeowners insurance. You will want to shop around for a policy that’s able to cover all of your needs, not just some of them.
It may come as a shock that your homeowners may not cover everything, like you think it does. There are a few exclusions that aren’t covered in a policy. First off, let’s discuss what is covered by a basic policy.
Homeowners insurance in Florida consists of these types of coverages: Dwelling, Other Structures, Personal Property, Loss of Use, Liability, Medical Payments. Let’s discuss each one individually so you can have a better understanding of what each does.
What’s covered by my FL homeowners policy?
Dwelling Coverage –This coverage will be able to protect the actual structure of your home. It will pay for any damages done to your home and any unattached structures, such as a shed. Other Structures are also considered as a garage or a deck.
Personal Property Coverage – This is simply coverage for all of your personal belongings in your home. These can be your electronics, furniture, clothing, and etc, in the event they are lost, damaged, or completely destroyed.
Loss of Use – This will be able to cover costs associated with additional living expenses if your home becomes uninhabitable due to a covered peril.
Liability Coverage – This will protect you financially if you are being sued and are found legally responsible for someone else’s injuries while they were on your property. This coverage will protect you financially. Without it, you are facing major costs.
Medical Payments – This will cover your medical costs for someone who happens to become injured on your property. Medical payments coverage cannot be used for yourself.
Florida homeowners insurance will not provide coverage for everything. For instance, you will not be covered against sinkholes, flooding damages, windstorm damages from hurricanes, mold, and sewer backups just to name a few. If you think you need additional protection from these perils it is possible to purchase an add on to your policy.
Homeowner insurance in Florida can be quite tricky. However knowing what’s exactly covered is your first step to a great policy. Many people like to just dive on in and choose the first policy they are offered. Then once a disaster occurs they realize their coverage sucks and they’re stuck paying the costs. Florida is a risky storm prone state. Be safe and purchase a policy today.