What New Homeowners in Florida Need to Know About Insurance

Purchasing a home in Florida is a significant milestone, yet it brings unique challenges, especially when finding the right insurance coverage. Given the state’s unique weather patterns and geographical risks, new homeowners must navigate a complex landscape of insurance options to protect their investment. Understanding the essentials of homeowners insurance, including coverage for hurricanes, floods and sinkholes, is crucial for ensuring peace of mind and financial security in your new Florida home.

Florida Homeowners Insurance Tips

The following are some key points new homeowners should consider to help ensure they are adequately protected:

• Understand homeowners insurance. Homeowners insurance in Florida can financially cover the structure of your home, personal belongings, liability protection and additional living expenses if your home becomes uninhabitable. However, due to Florida’s susceptibility to natural disasters, standard policies might not cover everything.

• Consider hurricane coverage. Florida is prone to hurricanes, and while homeowners insurance usually covers wind damage, it often excludes flood damage. It’s crucial to understand the specifics of your policy and consider purchasing additional hurricane or windstorm insurance if it isn’t included.

• Review your flood risk. A homeowners insurance policy typically excludes flood damage, which is a significant risk in many parts of Florida. Assess your flood risk and ensure you have adequate coverage.

• Look into sinkhole coverage. Florida is known for its sinkholes, and while some policies include sinkhole coverage, others do not. Verify if your policy covers sinkhole damage or if you need to purchase additional coverage.

• Understand cost factors. Insurance premiums in Florida can be higher than in other states due to the increased risk of natural disasters. Factors influencing your premium include the age and condition of your home, its location and the materials used in its construction. Homes built to withstand hurricanes may qualify for discounts.

• Regularly review coverage. As your circumstances change, so might your insurance needs. Periodically review your policy to ensure it still provides adequate coverage, especially after significant life events or home improvements.

By understanding these critical aspects of homeowners insurance in Florida, new homeowners can better protect their investment and enjoy peace of mind in their new home.

Learn More

Contact Farley Insurance Services to discuss your homeowners insurance policy today.