As a Floridian you know that hurricanes are forces of nature you don’t want to mess with! Homeowners insurance rates in Florida are the most expensive in the entire country, because of all the real estate along the water and we get hit by more tropical storms that any other state. What does this mean for you as a homeowner or soon to be homeowner?
For mortgaged homes, the lending institution may require insurance coverage on the home. Some developments and subdivisions may also require insurance, your agent will be able to help you identify what is required of the properties you are looking at. Depending on your home and which insurer you choose, you may obtain one of several homeowners’ insurance packages to cover your home and personal property. Each package provides coverage against specified perils or events that cause damage to property, such as fire, windstorm or theft.
A typical homeowner’s insurance policy should provide coverage for the following:
- Structure (the dwelling itself)
- Other structures (like sheds and fences)
- Personal property (the contents of the structures)
- Loss of use (also called Additional Living Expense or ALE)
You cannot obtain new or additional coverage when a tropical storm or hurricane watch or warning has been issued for any area within the state of Florida. Don’t wait until the last minute to secure your policy, especially during hurricane season (June 1 through Nov. 30), when several storms can form simultaneously.
We want you to make sure your new home is protected! For more information on what homeowners insurance is and how you can better protect your investment check out the “Homeowners Insurance ToolKit” that the Florida CFO provides for reference. Your Realtor is also happy to help you find any information you may need or answer your homeowner questions!