Homeowners insurance will help you pay to repair or rebuild your home in case your property sustains damage. With that being said, there is a multitude of insurance to choose from. This can make it rather difficult, which ones you actually need for your home.
Now, the last thing you want is to be caught off guard and not have the right insurance for your home. On the flip side, you also don’t want to be paying for insurance that you’ll never need. So how do you figure out what type of insurance is necessary? To help you out with this, we’ve prepared a short discussion on what kind of insurance you’ll need as a homeowner in Florida.
Standard Insurance with Top Rated Sanford Insurance
When you own property, you will usually be given standard insurance that you will pay for through your association fees. Insurance policies typically include a “deductible” or excess wherein the amount of money that the homeowner contributes to the repair or replacement cost of the property. The higher the deductible is, the lower your annual premiums will be.
Here’s what the standard homeowner’s insurance policy will cover:
Wind Insurance in Florida
Considering how susceptible Florida is to tropical storms and hurricanes, it makes sense to have wind or windstorm insurance. With that being said, wind insurance can get quite expensive due to how vulnerable homes in this area are to wind damage. Luckily, there are ways to reduce what you’ll end up paying in premiums.
By installing extra layers of protection to your home, you can lower your insurance premiums. While installing storm shutters may seem costly, they can reduce your premiums by around $3,000 every year. This means that the shutters will essentially be paying for themselves due to how much you’ll save when it comes to insurance.
Flood Insurance with Sanford Insurance
Flood insurance protects your home against the potential of floods and the damage that they bring. When it comes to flood insurance, the main thing you’ll want to consider is the location of your home. If your property is in a flood zone, you will most likely need to pay higher premiums for your flood insurance. While this may seem simple, this can actually get rather complicated. This is because any area that is subjected to heavy rain has the possibility of flooding.
With that being said, there are designated areas that are considered to be high risk when it comes to flooding. These are called Special Flood Hazard Areas (SFHAs). If your home is situated in these areas, your home will need to be above Base Flood Elevation (BFE) in order to avoid paying higher premiums on flood insurance.
Conclusion
Hopefully, this proves to be useful when it comes to helping you best protect your home. While insurance may seem costly, there’s no real way to get around them as failing to acquire insurance will lead to you spending more in the long run. For more questions on this topic, it would be best to speak with an insurance professional.
If you are looking for the best property Mobile Home and Residential insurance in Florida, look no further than Sanford Insurance Center. Our available coverages range from homeowners insurance to auto and motorcycle insurance. Contact us today—let us discuss all your insurance options.
