For the vast majority of people who buy a house, the property will be their most valuable investment. To that end, you must take out an insurance policy to protect that investment, especially here in Florida where tropical storms and hurricanes happen regularly.
Below are a few key considerations to keep in mind when taking out a homeowners’ insurance policy in the Sunshine State:
You may need additional coverage
Homeowners’ insurance covers most types of damage that can occur to your home, but not all. You may need additional, separate policies to cover certain types of storm-related damage.
Flooding, for example, is covered under flood insurance policies, not homeowners’ insurance policies. Instead, floor insurance is provided through the National Flood Insurance Program, which the Federal Emergency Management Agency oversees. Other flood insurance policies are available through private insurers, but they are typically more expensive and may not have the same limits that the federal programs do.
Windstorm damage is also not covered by most homeowners’ insurance policies, meaning you should get a separate windstorm insurance policy if you live in hurricane-affected areas. Windstorm insurance is usually available through private insurance companies and state-run insurance pools. It covers damage from any high winds—not just windstorm damage in hurricanes.