Homeownership is the American dream – having your own house surrounded with white picket fence. And to achieve this dream, typical American family home buyers borrow money through mortgage loan and one of the few conditions of such loan agreement is that the buyer should purchase a home insurance. If you are a new home buyer in Florida and wonder what is a home insurance, read further and you will find out the things you need to know about Florida home insurance and Florida home insurance quotes.
First, you must understand that home insurance is not a luxury but a necessity. It compensates you for whatever losses occurring in your home, its contents and your personal possessions. It also includes your liability insurance for accidents that may happen at your home or at your own fault that is within the policy territory. In simple terms, it keeps your home safe.
The next thing you need to be aware of is the existing home insurance base policy forms in Florida which are the HO-3 (DP-3) and HO-8 (DP-1), also known as the Special and Basic Form respectively.
The HO8 or the basic form insures you only against specific perils such as fire, explosion and malicious mischief. The policy contains specifically listed coverage and a list of limitations and excluded coverage.
The HO-3 or the special form on the other hand covers all causes and kinds of losses with the exemption of the specified exclusion on the policy. This policy also covers living expenses incurred at times when your home is unlivable due to repairs after a policy-covered loss. Also included on the coverage is the medical expense for a no-fault minor injury inflicted to a guests at your home.
The two policy base mentioned could be also upgraded. For existing market price of the home insurance base policy forms that was mentioned, you should check the existing Florida home insurance quotes on insurance carrier websites.
Other coverage that could be availed on a home insurance policy in Florida:
Valuables. This includes jewelry, collectibles, fur, antiques, gadgets and other item of value. However they could only usually insure these items to $1,000 – $2,500. To insure them at full value, you may want to consider a personal articles floater.
Replacement costs for the contents of your home. This coverage must be added separately and is usually excluded in the base policy.
Sinkhole coverage. This will considered to be an additional to your monthly or annual premium.
If you get additional coverage, the Florida home insurance quotes for such policies will be expected to be higher.
For a quick and accurate homeowners insurance quote Florida, call 352-200-2066 or click the banner below.