Homeowner’s and renter’s insurance in Florida is invaluable to own. The biggest asset for most people is their home. Lose that, and you will likely lose a big part, if not all, of your net worth. Even if you don’t own, but rent, you can still easily lose all your belongings in a sudden fire. That’s where homeowner’s and renter’s insurance comes into play.
Jupiter and Palm Beach Gardens homeowner’s insurance will protect your property whether it’s a ranch or a condo. Florida Homeowners Insurance in Jupiter and Palm Beach Gardens will not only cover a home structure, it will cover the contents as well. Of course, all of this depends on how much coverage you purchase and whether you have any add-ons attached to your policy.
Florida Homeowners Insurance also covers you for liability should someone be injured on your property. Some policies will also cover damage to some of your possessions that are not located at your home. This includes damaged luggage on a trip or property stolen from your car.
One thing Florida Homeowners Insurance in Jupiter and Palm Beach Gardens doesn’t cover is damage from floods. So if you have a home in a low-lying area of Florida that may be vulnerable to rising water, ask about purchasing Florida flood insurance from your Route 1 Insurance Agent.
The most important thing about Florida Homeowners Insurance is to have adequate coverage. If you do not purchase enough Florida Homeowners Insurance, your home may not be totally covered. For that reason, you may want to look into a policy that increases your coverage limits at the rate of inflation. This will help ensure that your policy covers the value of your home and does not leave you without a house but still with a leftover mortgage to pay off.
Of course if you’re a renter, you will want insurance to cover the value of your possessions. (The landlord’s Homeowners Insurance only covers the structure—not your contents.) You’ll also need Florida renters insurance for liability coverage in case someone is injured in the apartment or house you rent.
What kinds of perils am I protected against
with Florida Homeowners Insurance?
Remember that policies vary but Florida Homeowners Insurance usually
covers damage to both structures and personal property caused by:
- Fire or lightning
- Windstorm or hail
- Explosions Riot or civil commotion
- Aircraft
- Vehicles
- Smoke
- Theft or vandalism (sometimes called malicious mischief)
- Falling objects
- Weight of ice, snow or sleet
- Freezing of a plumbing, heating, air conditioning or other such household system
In fact, your coverage is most likely even more comprehensive than the above list. Many Florida Homeowners Insurance policies cover damage by “just about everything,” unless the coverage is specifically excluded. In these cases, it is even more important to understand what is not covered.
How much will I be paid for damage to my personal
property from my Florida Homeowners Insurance?
Remember that Florida Homeowners Insurance is designed to cover general personal possessions, not valuable collections like antiques, jewelry or original art. Insurance companies deliberately limit their coverage of expensive possessions so that household premiums are more affordable to everyone. After all, if they had to cover museum-level art collectors under standard Florida Homeowners Insurance policies, we would all end up paying higher premiums to cover those expensive items.
Your Florida Homeowners Insurance policy lists the specific monetary limits for personal property under what is called “Special Limits.” Those limits usually are:
- $200 for money, bank notes, gold and silver (other than goldware and silverware), platinum, coins, and medals.
- $1,000 on securities, accounts, deeds, evidences of debt, letters of credit, notes (other than bank notes), manuscripts,
- Passports, Tickets, and Stamps.
- $1,000 on watercraft, including their trailers, furnishings, equipment and outboard motors.
- $1,000 on trailers not used for watercraft.
- $1,000 for loss by theft of jewelry, watches, furs, precious and semiprecious stones.
- $2,000 for loss by theft of firearms.
- $2,500 for loss by theft of silverware, silver-plated ware, goldware, gold-plated ware and pewterware.
- $2,500 on property on the residence premises, used for business.
- $250 on this property damaged or lost away from the premises.
If these limits seem low to you (maybe that engagement ring is worth much more than $2,500), you may wish to talk to your Route 1 Insurance agent about a personal articles floater.