Purchasing a home can be one of the most important decisions that an individual may ever make. Buying a house means that you will have to assume the responsibility of paying bills and keeping your family safe. However, your home can result damaged by unfortunate incidents that are beyond your control. These losses can turn out to be very costly if you do not have a proper insurer.
The State of Florida is famous for its intense weather, especially for hurricane seasons. However, other disasters like wind, lighting, and even vandalism can threaten your home and personal belongings. That is why it is significantly important to acquire homeowners insurance.
It is important to know that sometimes insurance companies may not assume the responsibility of covering your losses. There can be a set of policies that limit the coverage that you seek. In order to properly comprehend your homeowners insurance policy, the different types of coverage that these firms offer, and how much it costs, we invite you to keep reading our article.
Basics of Homeowners Insurance
Homeowners insurance is a type of property insurance that covers damages to an individual’s home and personal belongings.
Although damages provoked by most disasters are covered by insurance firms, there can be some exceptions. Oftentimes, standard homeowners insurance policies do not cover damages resulting from flooding, earthquakes, or poor maintenance. Flood coverage is provided by the federal government’s National Flood Insurance Program.
In addition, earthquake coverage can be acquired in the form of an endorsement or as a separate policy. On the other hand, the majority of maintenance-related issues are the homeowners’ responsibility.
The Different Types of Coverage That Homeowners Insurance Can Offer
- Structure of The Home: According to the Insurance Information Institute, this policy pays your home repair and rebuild if it is damaged by natural disasters such as hail, wind, fire, lighting, and hurricane.
- Personal Belongings: Clothing, furniture, and appliances are covered by these insurers if they are damaged or destroyed by a natural disaster. Additionally, you can purchase an “off-premises” coverage. With it, you can file a claim for lost belongings if you were not at your residence at the time of the accident.
However, insurance policies may limit the amount of coverage on these items if they are stolen. In order to cover the full value of these possessions, people can buy a special personal property endorsement.
- Liability Coverage: This policy will cover any injury or damage caused by a policyholder. For example, your dog bit someone else, or your son broke a neighbor’s window.
- Additional Living Expenses: If you are not able to live in your home because it is damaged, this policy will cover your living expenses if you are forced to live somewhere else while your house is being repaired. This policy covers restaurant meals, hotel bills, and other expenses.
The Most Common Homeowners Insurance Policy
According to the Insurance Information Institute, the most common homeowners insurance policy is the HO-3. It offers coverage for damage to homes, loss of personal belongings, and personal injury liability. What is noticeable is that it covers damages caused by disasters such as:
- Fire or lightning,
- Hail,
- Explosion,
- Riot or civil commotion,
- Damage provoked by an airship,
- Damage provoked by an automobile,
- Smoke,
- Vandalism,
- Theft,
- Falling objects,
- Weight of ice and snow,
- Water damages,
- Air conditioning problems,
- Damage produced by an electrical current.
How Much Does Homeowners Insurance Cost?
The cost of homeowners insurance can vary depending on the state that you live in, amount of income, credit score, marital status, and the conditions that your home is in. In addition, this insurance can be more expensive in states that are more likely to suffer hurricanes and tornadoes. However, according to the Insurance Information Institute, the average cost of homeowners insurance is around $1,200 a year. Nonetheless, the average annual cost in the State of Florida is $1,900.
Acquire Homeowners Insurance Right Now!
We thank you for taking your time in reading our article. This information has been brought to you by the best homeowners insurance firm in the State of Florida. Now that you have had a closer look at the basics of homeowners insurance, we assume that you have learned the benefits of acquiring this service.
Remember, it is vital to fully comprehend your homeowners insurance policy in order to receive the coverage that you need for your home. All you have to do is pick up the phone and contact an insurance firm right away!
