If you own property in Florida, then you know how important homeowner’s insurance costs. In fact, Florida is the most expensive state when it comes to homeowner’s insurance. Most people pay about $1,200-$1,300 a year for this sort of insurance. In Florida, however, it’ll cost you closer to $3,500-$3,600 per year! And that is for average coverage. Most people, especially those with a valuable home, choose higher coverage levels to be on the safe side. Here, we’ll talk a little bit about how to choose your coverage levels. We’ll discuss why you need higher levels of liability coverage than you may think.
What Are The Types of Coverage Included in a Standard Homeowner’s Insurance Policy?
Whenever you buy homeowner’s insurance, there are three (3) types of coverage they include. These are:
- Dwelling – This is the coverage that will pay claims for damage to your house. It doesn’t include things like the garage or your car. It is very straight forward – if your house is damaged or destroyed, this is the type of coverage that kicks in. Most average policies in Florida offer $200,000 in dwelling coverage. However, you’ll need to make sure your policy covers at least the money it would cost you to rebuild your house.
- Personal Property – If there is a storm or disaster at your home, you may suffer damage to more than just your house. Your personal possessions will also get ruined. For example, if you have high-end stereo equipment or electronics, they could get ruined in a flood. The average coverage for personal property is about $50,000. Most people like to increase this to $100,000 just to be safe.
- Liability – This coverage is super important. If your house causes any damage to another person’s home, you may be held liable. This coverage will take care of that. This coverage also kicks in if someone gets hurt on your property and you get sued. You should get at least $300,000 in this type of coverage. Otherwise, you get to be held personally liable for excess damages.
Contact a Skilled Florida adjuster if You Have Any Questions
When you set out to buy homeowner’s insurance, the salesman is going to want to make as much money as possible. They may encourage you to get a coverage that you don’t really need. That’s why it’s a good idea to talk to a skilled insurance public adjuster in Florida before you sign on the dotted line.