Coverage That
Keeps Your Home
Safe and Sound
Homeowners insurance is essential, especially considering the risk of hurricanes and other natural disasters. Although the state of Florida does not legally require homeowners’ insurance, mortgage companies generally require it to protect the property from damage. The most common coverages in a basic homeowners insurance policy include:
- Coverage: Protects the physical structure of the home, including roofs, walls, floors, and any attached structures like garages or porches.
- Amount: Must be sufficient to cover the cost of rebuilding the home in case of total damage.
- What It Covers: Damage from fires, storms, lightning, hurricanes, and other disasters specified in the policy. It does not cover flood or earthquake damage, which require separate policies.
- Coverage: Covers structures not attached to the main house, such as sheds, fences, and separate garages.
- Amount: Typically a percentage of the dwelling coverage, for example, 10% of the home’s value.
- What It Covers: Damage from the same events covered under dwelling coverage.
- Coverage: Protects personal belongings such as furniture, clothing, appliances, and electronics.
- Amount: Typically a percentage of the dwelling value, usually 50% to 70%.
- What It Covers: Damage or loss from covered events such as theft, fire, and storms. Some high-value items like jewelry may have specific limits and may require additional insurance.
- Coverage: Covers additional expenses incurred if your home becomes uninhabitable due to a covered event and you need to live temporarily elsewhere.
- Amount: A percentage of the dwelling coverage, generally 20% to 30%.
- What It Covers: Costs such as temporary rent, food, and other relocation-related expenses.
- Coverage: Protects against lawsuits for injuries or damages caused by you or your family to others on your property.
- Suggested Minimum Amount: $100,000.
- What It Covers: Medical expenses, legal costs, and damages. It can also cover incidents outside your property, such as if your dog bites someone at the park.
- Coverage: Covers medical expenses for people injured on your property, regardless of fault.
- Amount: Typically between $1,000 and $5,000.
- What It Covers: Immediate medical expenses such as hospital visits, X-rays, and other minor treatments.
Additional Coverage
In addition to basic coverages, homeowners in Florida may consider additional coverages, especially due to the high risk of certain natural disasters in the state:
- Coverage: Protects against damage from floods, which are not covered under standard homeowners insurance policies.
- Amount: Determined by location and property value.
- What It Covers: Damage to the home structure and personal belongings from flooding.
- Coverage: Protects against damage from earthquakes, which is also excluded from standard coverage.
- Amount: Varies based on location and seismic risk.
- What It Covers: Structural damage and, in some cases, damage to personal property.
- Coverage: Florida is known for its susceptibility to sinkholes, and this coverage protects against damage from these events.
- Amount: Depends on property value and sinkhole risk.
- What It Covers: Damage to the home and other structures caused by sinkholes.
- Coverage: Ensures personal belongings are replaced at their full value, without considering depreciation.
- Amount: Depends on the value of insured belongings.
- What It Covers: Total replacement of personal property at its current market value, rather than its depreciated value.