Homeowner Insurance In Florida

Homeowners insurance in Florida is a unique and often complex market due to the state’s high risk for hurricanes and other severe weather events. While there’s no state law that requires homeowners to have a policy, the vast majority of homeowners with a mortgage are required to carry one by their lender.   

Here’s a breakdown of what makes homeowners insurance in Florida different and what you need to know.

1. Types of Coverage

A standard Florida homeowners insurance policy (typically an HO-3 form) provides several key types of coverage:   

• Dwelling (Coverage A): Protects the physical structure of your home, including the roof, walls, and attached structures like a garage. This is the most important part of your policy, and the coverage amount should be based on the cost to rebuild your home, not its market value.   
• Other Structures (Coverage B): Covers detached structures on your property, such as sheds, fences, and detached garages.   
• Personal Property (Coverage C): Insures your personal belongings, including furniture, electronics, and clothing. Policies can cover this on an Actual Cash Value (ACV) basis (replacement cost minus depreciation) or, for an extra premium, on a Replacement Cost Value (RCV) basis, which pays to replace the items with new ones.   
• Loss of Use (Coverage D): Also known as Additional Living Expenses (ALE), this covers the cost of temporary housing and other living expenses if a covered peril makes your home uninhabitable.   
• Personal Liability (Coverage E): Protects you from legal and financial responsibility if someone is injured on your property or you cause damage to someone else’s property.   
• Medical Payments to Others (Coverage F): Covers medical bills for guests injured on your property, regardless of who is at fault.   
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