Getting the Right Coverage on Your Home Owners Insurance in Florida
When buying home owners insurance in Florida, the question that most often comes up is: How much coverage do I need? This is an important question since homeowners insurance can be expensive. You want to be sure you are buying coverage that you actually need. Here are some tips on how to get the right coverage for your insurance.
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Determine the replacement value of your house. This value is often confused with market value, but the two are completely different. Replacement value refers to the cost of rebuilding your house if it were damaged in a hurricane or other natural disaster. Market value, on the other hand, is the amount you would get if you put your house up for sale today.
Home Owners Insurance in Florida Replacement Value
To determine the replacement value, you can contact a local builders’ association and ask a professional builder to give you a valuation. Alternatively, your insurance agent can help you by using a professional replacement cost-estimating program. Note that the replacement cost does not just include the actual cost of rebuilding the house. It also includes associated costs such as the cost of removing debris from your land and increased construction costs immediately after a disaster.
In addition, you should review the replacement cost every time you renew your home owners insurance in Florida to ensure that you still have enough coverage to protect you in case a hurricane hits.
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There are only a few home owners insurance in Florida that include flood coverage as part of the policy. You should consider getting a separate policy for this, particularly if you live in a coastal part of Florida that is prone to flooding. You can get this coverage through FEMA.
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If you have particularly valuable personal possessions such as jewelry, computers and similar electronic devices, and gold and silver, the full replacement cost of these may not be covered by your homeowners’ insurance. You should take out a separate policy for these as well.
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Also consider getting mold and fungi coverage. Even if your house is not damaged after a hurricane it can still suffer from a mold and fungi infestation due to the moisture of the atmosphere and water seeping into your house.
When you are looking for home owners insurance in Florida, make sure you get at least three or more quotes for comparison from an online broker to ensure that you are getting the best deal possible. We recommended checking here or at FLHomeownerinsurance.com. For phone quotes call 352-200-2066.