Looking for Florida homeowners insurance companies? This article can help you review your policy and determine the amount of coverage or types of additional riders you will need.
HOW MUCH WILL I GET IF MY HOME IS DESTROYED?
If your home is hit by fire, earthquake, lightning, hurricane or any other disaster, you’ll be forced to either pay for extensive renovations and repairs – or worse, rebuild your home from the ground up.
Sit down with an agent to calculate the cost or value of your home. He will look at size, construction materials, the general neighborhood or even when it was built. The next step is to determine the extent of homeowners coverage you will get. Will the Florida homeowners insurance companies cover the entire estimated amount, or just partial?
Bear in mind that you will need to get separate homeowners policies for damage caused by flood and earthquake. While you can get it from The United States federal government’s National Flood Insurance Program (NFIP), you may get better policies from selected Florida homeowners insurance companies.
WILL I BE ABLE TO GET PROTECTION FOR MY PERSONAL VALUABLES?
What will happen if you lose all your belongings in a fire? Will your Florida homeowners insurance companies help you replace them?
This is called personal property coverage. It includes things you need for everyday life — furniture, appliances, clothes – as well as valuables like art collections or antiques.
To calculate this, you will need to make a thorough inventory of the things you want insured. Remember to take pictures, too! If you have antiques, paintings or jewelry, get them assessed by a professional to determine their value. Store digital copies of these in the cloud or in an app, or place physical copies in a safety deposit box.
Now, how much personal property coverage will you need? Most Florida homeowners insurance companies suggest that you get at least 50% to as high as 70%. It depends if you have invested in expensive or high-quality items which are worth the additional protection. Also bear in mind that without a specific rider, most providers will only reimburse up to $1,500 per item.
WILL INSURANCE COVER THE COST OF TEMPORARY SHELTER?
If your home is being repaired or renovated, you will incur hotel and meal expenses that will put an additional strain on your household budget. To prepare for this financial emergency, ask companies for a provision for Additional Living Expenses (ALE).
Your insurance agent can help you determine how much additional coverage you want. In general, ALE is worth 20% of your total home insurance policy, and will only protect you for a few weeks or months. Check with your agent about what the payouts will be in different scenarios.
Another option is to get a loss-of-use clause. This is especially helpful if you need to rent another home for several months until repairs and renovations are complete.