Florida Homeowners Insurance Coverage

Are you thinking of buying Florida homeowners insurance? There are some hurricane coverage’s which all buyers should be aware of. In the United States each state owns its own requirements and locally quirks everybody that needs to purchase homeowners insurance must know. For example, earthquake coverage is handled differently in the different stats of the US. More so because Florida is liken to hurricanes each Florida homeowners has to be aware of all the options in coverage that may pay for itself. Below are some coverage’s you must know when you want to discuss with your insurance agent: Extended Replacement Cost Coverage, it is that type of insurance coverage that allows you repair or replace your dwelling without consideration for depreciation. In case of a loss to your dwelling and you are not having the replacement cost provision in your policy, know that the cost repair whether small or big, will be calculated with deductions. At the end of all this you are going to realize that it could cost you far more out of pocket expense than the additional insurance premium you would pay to be property insured. It has also been noticed that after a major catastrophe, like a major hurricane, building materials tend to become expensive. The problem becomes more serious when the affected area is larger. To add to expensive building materials, construction workers who rebuild and repair the damage homes becomes more difficult to come by and their rates rise accordingly.

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Extended replacement cost coverage is going to handle the extra cost of materials and labor above and beyond the policy limit. Some insurance companies will go ahead to pay as much as 20% above the policy limit only depending on the insurance company in question. So it is at your best interest as a Florida homeowner to talk to your agent about having this coverage endorsed onto your policy. Hurricane Deductibles, Florida and a hand full of some other states and the entire eastern region seaboard are regularly ravaged by hurricanes. Thus most insurance companies often make it easier for those living in these areas by selling homeowners policies in hurricane-prone areas with a hurricane deductible that must be paid instead of the typical deductible. These deductibles limit the insurance companies’ in these risk prone areas. Some typical insurance companies receive a flat rate amount of $500 as deductible. At the event of any loss the homeowner pays the first $500 and the insurance pays the rest of the claim. A hurricane deductible is based on a percentage of the home insured value. This percentage varies from state to state and some deductibles are set by state law.

Those who have houses that are insured for $200,000 in these hurricane states and they are having a 2% hurricane deductible, they are sure to pay the first $4000 and the insurance company takes care of the rest of the claim. Some of the insurance companies here also allow you to pay a higher insurance premium every year to exchange traditional deductibles for hurricane related claims. All of these states listed below have hurricane deductibles. Washington DC, Alabama, Connecticut, Delaware, Florida, Georgia, Hawaii, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, Texas, and Virginia .

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