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Homeowners Insurance Quotes Florida, questions and answers.
- How structure coverage with Florida home insurance?
- What about personal belongings?
- Do you need Flood insurance if you have Florida home insurance?
When you insure your home, you are really insuring several distinct things.
- Dwelling
- Other Structures (Unattached)
- Personal Property (Contents)
- Lossof Use
- Personal Liability
- Medical Expense Limit
How structure coverage with Florida home insurance?
Three ways to insure the structure of your home:
- REPLACEMENT COST - Insurance that pays the policyholder the cost of
replacing the damaged property without deduction for depreciation, but
limited to a maximum dollar amount.
- ACTUAL CASH VALUE - Insurance under which the policyholder receives an amount
equal to the replacement value of damaged property minus an allowance
for depreciation. Unless a homeowners policy specifies that property is
covered for its replacement value, the coverage is for actual cash
value.
Fl home insurance can change depending on the age of your house. If you have an older home in Florida
You should insure your home for the total amount it would cost to rebuild your home
if it were destroyed. If you don't have sufficient insurance, your
insurance company may only pay a portion of the cost of replacing or
repairing damaged items. The cost of home insurance can very.
Here are a couple of tips to help make sure you
have enough insurance:
- For a quick estimate of the amount to rebuild your home - multiply
the local Florida building costs per square foot by the total square
footage of your house. To find out the building rates in your
area, consult your local builders association.
-
Factors that will determine the cost to rebuild your home:
- local construction costs
- the square footage of the structure
- the type of exterior wall construction -- frame, masonry
(brick or stone) or veneer
- the style of the house (ranch, colonial)
- the number of bathrooms and other rooms
- the type of roof
- attached garages, fireplaces, exterior trim and other special
features like arched windows.
-
Check the value of your home insurance policy against rising local
building costs each year. Ask your insurance agent or company
representative about adding an "INFLATION GUARD CLAUSE" to your
policy. This automatically adjusts the dwelling limit when you
renew your policy to reflect current construction costs in your
area.
Check the latest BUILDING CODES in your community. Building codes
require structures to be constructed to minimum standards. If your
home is severely damaged, you might have to rebuild it to comply
with the new standards requiring a change in design or building
materials. These changes could cost more. Generally, homeowners
insurance policies (even a guaranteed replacement cost policy)
won't pay for this extra expense. However, some companies offer an
endorsement that pays a specified amount toward these costs. (An
endorsement is a form attached to an insurance policy that changes
what the policy covers.)
-
Do not insure your Florida home for the market value. The cost of rebuilding
your house may be higher (or lower) than the price you paid for it
or the price you could sell it for today.
-
Some banks require you to buy homeowners insurance to cover the
amount of your mortgage. Make sure it's also enough to cover the
cost of rebuilding.
- Increase the limit of your policy if you make improvements or
additions to your house.
YOUR PERSONAL BELONGINGS
Two ways to insure your personal belongings:
- REPLACEMENT COST COVERAGE - Insurance that pays the dollar amount
needed to replace damaged personal property with items of like kind or
quality without deduction for depreciation.
- ACTUAL CASH
VALUE- Insurance under which the policyholder receives an amount equal
to the replacement value of damaged property minus depreciation. Unless
a homeowners policy specifies that property is covered for its
replacement value, the coverage is for actual cash value.
Looking for Miami home insurance, come visit is at our Miami location.
Here are a
few other things to keep in mind when your are insuring your stuff with Florida Homeowner Insurance:
-
Check the limits on personal items, such as jewelry, silverware,
furs and computer equipment. If the limits are too low, consider
buying a special personal property "endorsement" or "floater." An
endorsement is an addition to your policy. A floater is a form of
insurance that allows you to insure valuable items separately.
-
Make an inventory of everything you own in your Florida home and in other
buildings on the property, except your car which must be insured
separately. Write down the major items you own along with all
available information:
- serial number
- make and/or model number
- purchase prices
- present value
- date of purchase
-
Don't forget to include indoor and outdoor furniture, appliances,
stereos, computers and other electronic equipment, hobby materials
and recreational equipment, china, linens, silverware and kitchen
equipment, jewelry and clothing.
- Take
either still or video pictures of these items. Attach receipts to
the inventory when available. Store the inventory and visual
records away from your home - perhaps in a safe deposit box.
- Add major purchases to the inventory and visual record soon after the
purchase.
Do you need Flood insurance if you have Florida home insurance?
Flooding is not covered by a standard Florida homeowners insurance policy.
To determine
if you need flood insurance, ask your insurance professional, mortgage
company or neighbors about the flood history in your area. If there is a
potential for flooding, you should consider purchasing a policy that
covers the structure and your personal belongings.
Flood
insurance can be purchased from an insurance agent or company under
contract with the Federal Insurance Administration (FIA), part of the
Federal Emergency Management Agency (FEMA). Flood insurance is only
available where the local government has adopted adequate flood plain
management regulations under the National Flood Insurance Program (NFIP).
Get A Flood Insurance Quote Today!
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Cost of Home Insurance Quick Question
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