Having a home insured will guarantee the home owner that his residential assets and personal belongings are protected against unwelcome events like theft, various natural disasters, and fire. Basic FL home owners insurance can come under any of four categories. The first is structure that pertains to the building itself. The second is other structures, which apply to tool sheds and fences within the property. Third is personal property which covers belongings within the home. Lastly, Additional Living Expenses or ALE means loss of value. With the exception of the last, all categories are considered as a home owner’s property.
If there is damage to the property, an insurance company will pay, minus the insured’s deductible, for repairs or reconstruction of a home. So it is important to have a record or an inventory of the belongings at home. If it is possible, a videotaped walk-through of the house to be insured should be conducted for future references and proof. If a video recorder is not available, taking pictures of the house is another option. The evidence must be stored in a secured place away from home, so that in case of theft or fire a home owner will still have a record of his property to show his insurance company.
FL Home Owners Insurance Coverage Reaches Even Further
A typical FL home owners insurance policy will have limited coverage for other non-essential personal property like electronics, jewelry, some expensive clothes, firearms, and antiques. The insurer will have to pay additional premiums to get proper coverage for these things.
An insurance policy on property will also extend to the insured’s dependents with belongings within the insured home, but this policy will not include cars. There is a separate policy for automobiles.
In Florida, the ALE or Additional Living Expense refers to the extra coverage the insurance company will provide in the occurrence of a calamity striking the home. When a home owner is prohibited to return to his home due to repair or reconstruction, the insurance company will be the one who will shoulder the lodging, furniture rental, food expense, and transportation expenses from school or work. Take note though, ALE does not include groceries, telephone bills, and mortgage payments because these expenses are normally paid by the insurance holder himself. Checking his insurance policy will further educate the insurer of the things that are included under ALE and those that are not.
These are some of the basic home coverage options that are available for a FL home owners insurance policy holder. Having a home insured is essential for the protection and security of a home owner’s investment. While you are here, learn about the factors that affect the home quote.