Your house is the place you call home. It is where the people you love, live. Our insurance specialists conduct an in-depth review of your homeowner policy requirements while considering antiquities and other items of significant value. Getting a true picture of what you need to insure will ensure the coverage fits with a premium that suits. 

A homeowner policy typically provides coverage for personal liability, medical payments to others, and loss due to theft; as well as physical loss caused by events like hail, lightning, and fire. Your homeowner policy can also be written to protect collateral structures that are both attached and unattached including: garages, outdoor sheds, barns, patios, and porches. 

One of our insurance agents will review the nuances of your property and its contents to give you the peace of mind only a solid policy can provide. 

What Does Home Insurance Cover?

Most home insurance policies come with the same type of coverage options, although different limits are available. Important coverages include: 

Dwelling Coverage

Dwelling Coverage covers the actual physical home and its attached structures. Dangers covered under this coverage include fire, wind, hail, lightning, smoke, theft, vandalism and more. If a storm causes damage to your home’s roof, for example, dwelling coverage can provide compensation. 

Personal Belongings Coverage

Personal belongings coverage covers the same dangers as covered under dwelling coverage such as fire, smoke, theft and vandalism. Your personal items covered under home insurance can be clothes, furniture, decorations, electronics, and more. However, you may have limited coverage for expensive items such as jewelry, furs and art under a basic home insurance policy. 

Liability

Liability insurance covers claims of bodily injury and property damage someone else may suffer on your home’s property. For example, say someone falls off of your balcony and breaks their arm. You could be held responsible for the injury, which is where liability insurance steps in. Liability insurance can help pay for the victim’s medical bills while simultaneously protecting you from a related lawsuit. 

Additional Living Expenses

Additional living expenses help with costs related to temporarily moving if your home is rendered uninhabitable due to a disaster.  

Property Value vs. Replacement Value 

Property Value 

When you purchased your home, the market dictated its cost. You probably worked with a real estate agent who pulled a CMA (comparative market analysis) to show you statistics like how many similar homes in the area were for sale (available inventory), how many sold in a particular timeframe, and for what price. 

The market also factors in the school district’s rating and crime data. With an experienced Realtor, the potential new homeowner is given the information they need to make an offer based on those facts as well as the property’s condition. 

Replacement Value 

When you are seeking a homeowner policy that covers your home’s replacement in the wake of catastrophic loss, your policy reimburses you for the cost of rebuilding your home based on its square footage and structure. This cost does not consider: how much the land cost, how much you paid for the home, how much you still owe on your mortgage, or what other homes are going for in your neighborhood. 

If and when you and your family are faced with such devastation, we are here to help. This is why a good conversation must take place at the time you take out the homeowner policy, so you are covered for any eventuality. 

How Much Home Insurance Do I Need?

The amount of home insurance you need depends on your home. Be sure to speak with an insurance agent about the value of your home and how much insurance you need to protect it. 

Florida Best Quote is dedicated to shopping and delivering the best coverage at the most affordable price possible — because there’s no place like home. Call us at 727-755-0072 or fill out a quote form to get started today. 

Common Home Insurance Questions