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Home Insurance in Florida: What Every Homeowner Needs to Know

Home insurance in Florida is essential for keeping your house protected from a wide range of situations. However, finding the right home insurance can often be difficult. It’s easy to make a few mistakes, whether it’s not getting enough coverage for your home or if you are paying too much on your insurance policy. 

Partnering with an insurance agency is one of the best ways to simplify this process. These insurance professionals can easily get quotes from all of the major insurance providers while working with you to help you choose the best insurance policy to meet your needs.

Here is an overview of the top things every homeowner needs to know before buying home insurance in Florida.

Look at the Types of Coverages Available
Home insurance coverages are available in different classifications that range from HO-1 to HO-8. For example, an HO-3 policy is a popular choice for most homeowners in Florida due to its robust coverage, while an HO-8 policy is usually the best option for older homes. Choosing HO-8 coverage is especially important for high-risk older homes that were built with hard-to-replace materials.

Discussing all of your needs with a local insurance agency can help you determine if you should consider an HO-3 or an HO-8 policy for your home. An HO-3 policy will not only protect your home but also provides protection for additional structures, and it can protect you and your family from any liability or medical costs. On the other hand, an HO-8 policy is a great choice for older houses with replacement costs that are much greater than their market value.

Understand Different Levels of Coverage
You can choose between different coverage levels of home insurance that will impact the cost of your policy. For example, choosing an actual cash value policy will pay out your claim based on the cost of replacement while including depreciation. However, a replacement cost policy will include the amount required to replace your property without factoring in any depreciation. The premiums for a replacement cost policy are more expensive, but it’s often well worth the price due to the much greater level of coverage.

Find Out What Isn’t Covered in Your Policy
Reading over all of the details of your insurance policy for your home is key before signing a contract. There are always some differences between insurance carriers, but most standard policies for home insurance carriers won’t pay claims for damages due to earthquakes, floods, poor maintenance, mold, or termite damage. Looking at the exclusions section of your insurance policy is critical in determining what isn’t covered. An insurance agency can help you decide if you need additional coverage for your home or property.

Check Out Optional Coverages
Most insurance providers allow you to choose optional coverage that is known as endorsements or riders. For example, purchasing flood insurance is recommended for anyone living in Florida due to the risk of hurricanes and tropical storms. You may also want to consider an endorsement for high-value items, whether it’s jewelry, artwork, collectibles, or guns. You will need to write down a complete inventory list of these items, and they may need to be professionally appraised to obtain this endorsement.

Understand How Much Coverage is Needed
Understanding how much insurance coverage you will need for your home can be difficult. Typically, your lender will require you to have enough insurance to cover the amount of your mortgage. Discussing your needs with your insurance agent can help you determine the optimal amount of coverage to give you the best protection while also keeping you within your budget. An insurance agency will compare quotes from multiple insurance carriers to find the most affordable options to ensure you are well-protected.

Factors Impacting the Cost of Home Insurance
A variety of different factors impact the cost of getting insurance for your home. For example, living near the coast will be more expensive to insure your home due to the risk of hurricanes. An older house is also more expensive to insure compared to a newer home. The amount of insurance coverage plays a big role in calculating costs, as getting more coverage gives you better protection, but it’s more expensive. You can even raise your deductible to lower your monthly premiums, but this can be risky if you ever need to make a claim on your insurance. Past claims history and your credit report also impact the cost of home insurance.

Discover Ways to Save Money on Insurance
Looking at different ways to save on your insurance policy is often a top priority for homeowners. Fortunately, you can use a variety of different methods to save money on your house insurance. For example, combining your auto and home policy with the same provider can often result in a discount. Maintaining a good credit history is also important in saving you money on your insurance. Not making frequent insurance claims helps to keep the cost of your home insurance low.

An insurance agency can help you compare quotes from multiple providers to find the most affordable insurance policy. Raising your deductible is another simple way to save money, but you will need to have enough cash set aside to make sure you have the money to cover your deductible if you have to make a claim. Buying additional safety features for your home can result in significant savings, such as installing impact glass for your windows and doors or investing in a home security system.

Why You Should Work With an Insurance Agency in Florida
Choosing the right insurance for your home requires a lot of time and research. Only getting one or two quotes can cost you money, and it may not even be enough coverage for your home. On the other hand, working with an insurance agency is one of the best ways to find the right amount of insurance to meet your needs. You don’t have to spend all of your time comparing quotes on your own, as an insurance agency will handle all of the hard work. 

An insurance agent will also work on your behalf to compare rates each year to help you save even more money. An agency will provide assistance with claims to make sure everything goes smoothly without any problems. You can even visit the office of a local insurance agency for personalized services. It’s much easier to relax knowing that you have an insurance agency working with you that’s always available to offer guidance and answer any of your questions.

Reach Out to Wellcovered Insurance to Learn More About Home Insurance
Wellcovered Insurance works with over 30 insurance carriers across the country. Our goal is to make it easy for you to choose the best home insurance that matches all of your needs while still staying within your budget. We also offer many other insurance options, whether you are searching for auto, boat, RV, general liability, commercial property insurance, or something else.

Creating a stress-free experience for each one of our clients is always our priority, as we can provide you with a home quote in either one or two business days, and it only takes around 15 minutes to receive an auto quote. You can also stop by our office if you ever have any questions or need to make changes to your policy.

Our company also takes pride in maintaining an active role throughout the community. We are members of both the West Volusia Regional Chamber of Commerce and the Deland Breakfast Rotary.

Contact Wellcovered Insurance today or visit our office if you are in need of home insurance!