1. Protection Of Your Main Dwelling
The main reason for home insurance policies is to protect your main dwelling, that part of your home where you actually live. Imagine dealing with a total loss due to a house fire or extensive (and expensive) damage due to a hurricane or tornado.
You should ideally insure your home at 100% of its value, but at least 80% to 90% is pretty standard. Minor damage, major damage, and total replacement costs will be covered by most policies.
2. Protect Your Detached Structures
The second most important component of homeowners insurance is coverage for your detached structures, which may include a garage, sheds, fences, the dog house, and more.
Normally, detached structures are covered at up to 10% (or some other percentage) of the coverage limit for your main dwelling. But you can customize your policy if you want additional coverage for detached structures on your property.
3. Coverage For Your Home’s Contents
Whenever you get home insurance, you need to take inventory of all the appliances, furniture, electronics, and other personal property inside of your home that would be covered by the policy.
If a covered event (like a storm) damages or destroys some of this property, you can be reimbursed in part or in whole, depending on your policy’s specific stipulations. This is a major benefit of this kind of insurance that is often overlooked by homeowners.
4. Liability Coverage
This is one of the reasons you really can’t afford to be without homeowners insurance. It could cost tens of thousands of dollars or more in medical bills should someone be injured on your premises, and there is the possibility that you could be held liable.
Your policy will not cover you or household residents’ injuries or property damage. It is designed to protect you from expensive lawsuits that could arise from, say, a dog bite injury to a visitor.
5. Loss Of Use Insurance
Should you be forced out of your home while it is being repaired or rebuilt following a covered event, you will incur hotel, food, and travel expenses. These will be covered up to a point by your home policy’s loss of use component. This is yet another benefit of insuring your home – it does much more than just repair damaged shingles!
For more information on what is included in homeowners insurance in Florida and how it works, contact Flagler County Insurance Agency today. We can help you make an informed decision and customize a policy for you that will both meet your needs and fit your budget!