Home and Real Estate News

What Does Homeowners Insurance Protect Against?

Homeowners insurance covers replacing your home and personal items up to certain limits, depending on your policy. While most disasters are covered, earthquakes and flooding is not. Additionally, insurance policies do not cover the normal aging of your house.

In your policy, there are several coverage types identified:

  • Coverage A – Dwelling — Pays for damage or destruction to your house and any unattached structures and buildings. Examples include fences, attached garage, or patio cover.
  • Coverage B – Other structures such as a garage, deck or swimming pool
  • Coverage C – Personal Property — Covers the contents of your house, including furniture, clothing and appliances, if they are stolen, damaged, or destroyed.
  • Coverage D – Loss of Use — Pays for additional living expenses if your home is uninhabitable due to a covered loss. Most standard Florida Homeowners Insurance policies pay 10% to 20% of the amount of your Dwelling coverage
  • Coverage E – Liability — Protects you against financial loss if you are sued and found legally responsible for someone else’s injury or property damage
  • Coverage F – Medical Payments — Covers medical bills for person(s) injured on your property.

Buying homeowners insurance can be overwhelming but Florida Peninsula strives to make the experience as pleasant as possible.

Here are some quick tips:

  • How often should I review my policy? It is recommended you review your policy each time it comes up for renewal. It’s also good to reevaluate your policy after a home renovation, after purchasing a high-end luxury item or after an occupant moves in or out.
  • What is the difference between replacement cost of my home and actual cash value? The replacement cost is how much it would cost to replace your home and its contents with new items in the event of a loss. Actual cash value is the value of your property at the time of a loss.
  • How much home insurance do I need? You should have enough insurance to cover the structure of your home, your personal possessions, and additional living expenses in case your home is damaged and you need to live elsewhere. You should also have liability insurance for accidents which may occur on your property.

When you are ready to purchase your home, we will help and guide you through the homeowners insurance process.

Call 352-686.0000 if you are searching for homes in Hernando County, Florida, Spring Hill Homes or anywhere in the tri-county area!

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