Covering your home by the letter
After Hurricane Sandy destroyed everything in 2012, FL residents learned this: Florida homeowners insurance is a necessity.
The average annual premium is reported to be around $900 for FL homeowners insurance. However that price can increase or decrease, depending on the limits as defined by a lettered system of policy parts. Understanding every single thing that’s associated with homeowners policies will be tricky, but the more you know the less you lose when disaster strikes.
“A” is the first letter you need to know when buying FL homeowners insurance. The first line of defense against the elements is to cover the house. Part A of this will include basic plumbing essentials, this will include the hard wiring of all of these utilities, along with anything else regarding a shed or garage thats attached to your home. If you have free-standing structures on your property, you’ll need to add Coverage B. This ensures that the shop in your backyard or even the fence that surrounds your home if need be. Always check the limits of your coverage, you may find out that you need to buy more.
The stuff inside
OK, the house itself is covered, but what about your stuff? Next up letter C comes into play for homeowners insurance in Florida. If you choose to buy this coverage, your personal property and that of family members living there will be replaced, but there are limits. Typically, Coverage C is going to pay out the ACV (actual cash value) for all the damaged belongings, so anything thats completely out of date wont be worth that much. Look into buying a Replacement Cost Coverage with your policy and your worries will be gone. But remember that homeowners insurance does not cover water damage from a flood that Mother Nature caused. You’ll have to buy an additional policy with the National Flood Insurance Program.
So let’s say your house becomes damaged, you’ve been evacuated and you need help paying for temporary shelter, food or clothing. Are covered with Coverage D? This Loss of Use will be able to help you recover some costs of a hotel room, meals and laundry. Some insurance companies will send a check immediately to help while you’re out of the house. Others make you wait.
The medical bills
Lets say your son has his friends over, and while playing basketball, one of the friends breaks an arm. When getting FL homeowners insurance quotes, pay close attention to these two coverage types, especially if you have rambunctious children.
Coverage E has your back if your son is found legally responsible for his friend’s injury. You can pick a limit — usually in $100,000 increments — that will help cover a lawyer as well as liability. The medical bills for that can quickly add up, but Coverage F can help. It usually has limits in the range of $1,000 per injured person, but you can always buy more.
If you can afford it and if you really want to cover all your bases, additional coverage is available for unauthorized use of credit cards, debris removal when the storm has passed, and for replacing damaged trees and shrubs. It’s all about the letters.