It seems obvious to say that the best homeowners insurance Florida residents can find covers all of their needs at an affordable price. But the cheapest option is not always the best, and not every policy is right for every homeowner. First, you should know what homeowners will cover and what is available to determine the coverage you need.
Homeowners coverage protects your home and belongings in the event of a disaster or unforeseen circumstances. Standard policies cover liability, dwelling, other structures, and personal property. That means, if…
- Someone gets hurt on your property and sues you, you are covered. (Liability, Medical Payments to Others Coverage)
- A pipe bursts inside your home and destroys your furniture, your policy helps you replace it. (Personal Property)
- Your home is damaged by unforeseen circumstances, and your policy includes the applicable hazard coverage (fire, water, wind, etc.), your coverage helps pay for repairs. (Dwelling)
- Any structure on your property outside your home is damaged, your Other Structures usually covers it. This includes detached sheds and garages, fencing, and so on.
These items are nearly universal, but the best homeowners insurance Florida residents need. ID theft protection, extended dwelling coverage, and Flood coverage are some items to consider. In many instances, modern policies combine several items that once required other plans (such as Fire Insurance), but this is not always the case. Make a note of the coverage you think you need to discuss with your agent.
It is also important to know that some perils are not covered by a basic homeowners policy – notably, damage from earthquakes and floods – and this may include events such as indoor plumbing issues (as in the burst pipe example above). It is important to ask your agent about these things and consider purchasing extra coverage according to your needs, location, property, and more.
The best homeowners insurance Florida plans should include Flood damage, as Florida is known for its tropical storms and hurricanes. So, be sure to speak to your agent about including Flood coverage. If you own valuables and store them on the property, you may also want to ask about Extended Coverage options. Many factors can affect your insurance needs. Knowing more about plans and the coverage available helps you determine the policy that is right for you.