A New Homeowners Guide
If you are in the process of or have just bought your house, you will know that one of the essentials is to get Florida home owners insurance. Chances are you are quite unfamiliar with this type of insurance policy. The question that comes to mind for any new homeowner is this – What is home owners insurance?
Basic Definition
The web defines homeowners insurance as a type of policy that provides insurance coverage or protection for the home where you live. Contrary to common belief, you do not necessarily have to be a
homeowner to need this policy.
If you are just renting your home, the property owner may require you to get enough coverage for your personal belongings. This falls under the homeowners’ insurance policy.
What It Covers
The homeowners’ insurance policy covers the following:
1. Loss or damage to your home contents or your personal items. Examples of these contents are the following: appliances, furniture, and clothing. You may need to get additional insurance coverage for high value items such as jewelries.
2. Protection against liability – you and your family members (even pets) will enjoy insurance protection against damages or injuries to a third party. For instance, if your pet accidentally bites your neighbor’s child, your insurance provider will shoulder the cost of the child’s treatment.
3. Loss or damages to the home – your insurance provider will pay for the cost of repairing or rebuilding your home should you suffer from any damages or total loss arising from fire, lightning, hurricanes, and other disasters specified in the policy.
4. Cost of living while rebuilding your home – if your home becomes unlivable and needs rebuilding, and you have to rent a home for the meantime, the insurance provider will take charge of the rental fee.
Cost of Florida Home Owners Insurance
Aside from searching for the answer to “what is home owners insurance,” new home owners will also ask how much does this policy cost. There is no exact amount, as the cost will vary from one insurance provider to another, as well as the type and amount of coverage that you will choose for your policy. In Florida, the average homeowners insurance cost is approx. $1,000 per year.
Another factor that can influence the cost of your insurance is the location of your home, or your zip code. For instance, if you live in an area with a high crime rate, then the premium cost may be higher because of the risks involved.
Choosing the Right Insurer
A critical factor for any new property owner getting his or her insurance the first time is his choice of insurance provider. Insurance companies may offer the same product, but they have different approaches and premium rates. Therefore, it is to your advantage to choose your provider carefully.
There are two things that you may want to check when shopping around for an insurance company to trust. First thing is their financial stability. This is important, as an insurance provider should be able to guarantee all its clients that they can pay out in case of a claim. Another thing is the way they handle claims processing. You want it to be as fast and as convenient as possible.
The essential information mentioned here should give you an idea to your question of what is home owners insurance. Taking the time to familiarize yourself with the basics can give you an edge in choosing the best Florida home owners insurance policy.