Home insurance may not be required by the state of Florida, but it may be required by your mortgage lender. The minimum amount of coverage you will need to have will depend on the amount of your mortgage. Insurance can protect your home from a loss and give you peace of mind to protect your largest investment. An agent at NEA Insurance Group LLC can help you find the right coverage.
Different Coverages under Home Insurance in Florida
The standard home insurance policy in Miami, FL will be divided into different component parts.
Coverage A: This is dwelling coverage. Your policy provides coverages for damage to structure of your home in the event of a covered loss. Coverage may be provided at replacement cost, which means that the structure of the home is valued using today’s constructionists costs to repair or rebuild your home. It’s important to note that some losses aren’t covered, such as those resulting from floods.
Coverage B: This is coverage for other structures located on the property. These can include garages, gazebos, and sheds.
Coverage C: This provides insurance for belongings. This can include limited coverage for jewelry, television, stereo, and appliances. You may want to consider replacement costs protection so items aren’t valued at their depreciated value and you will have enough to replace your belongings. Be sure to do a home inventory to make sure you have enough coverage and some items, such as jewelry, may need a rider.
Coverage D: This coverage protects you if your home becomes inhabitable due to a covered loss because the policy will pay for additional living expenses while you are living away from home. This can include food, clothing, and a palace to stay.
Coverage E: This is your personal liability coverage that provides protection if someone files a lawsuit against you claiming in bodily injury or damage to their property.
Coverage F: This provides medical payments to others not living at the residence if they are injured by you or on your property.