We receive several questions about Home Insurance in Florida and figure we would attempt to educate more people by creating a blog to answer some of the most common questions we receive. If you have a question not listed here or would like additional information, then give us a call!
Technically, you can own a home without homeowners’ insurance. However, in some instances, you may be required to carry home insurance—like if your home is financed with a mortgage lender.
Also, if your home is in a designated flood zone, it may also be required that you purchase separate flood insurance. Once you have paid off your mortgage, you can cancel your home insurance but by doing so, you are at risk for all expenses relating to damage or loss after a covered event occurs.
The factors that affect homeowner’s insurance premiums include:
It is important to create an up-to-date home inventory after purchasing a home and a homeowner’s insurance policy so that you can show proof of your belongings, the original state of the house, and the value of damaged items—all things that can aid you in your claim settlement.
A home inventory is essentially a list of your possessions and their replacement value. Remember to describe each item in detail – the make and model, size/capacity, brand, where the item was purchased, etc. Keep the sales receipts for all big-ticket items if you can, as well as purchase contracts and appraisals., and keep these along with your home inventory list somewhere safe. Also, it is a good idea to take plenty of photos (or videos) to document your belongings and their condition before any damage.
Cancelling and not renewing a Florida home insurance policy are indeed two separate things. An active policy can only be cancelled if:
However, non-renewal of your home insurance policy is a decision to discontinue coverage at the end of the policy term by either you or your insurance company.
Home insurance policies may sometimes differ in structure. However, most of them contain the basic components below:
Speak with an independently licensed home insurance agent to discuss all of your questions about home insurance policies.