Home Insurance
The primary reason you need to purchase home insurance is that mortgage lenders require you to have it. But even if that were not the case, why wouldn’t you want to protect one of the largest financial investments you will ever make?
As well as providing you and your family with a safe roof over your heads, your home is vulnerable to numerous risks—such as vandalism, theft, liability from injuries sustained to others, fire, and particularly in Florida, wind and water damage. A good homeowner’s insurance policy protects both you and your lender’s investment from damage and loss.
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What Your Homeowner's Policy May Cover
Although they are certainly customizable, a homeowner's insurance policy has several standard elements, and many different types of add-ons, that provide what costs the insurer will cover:
Damage to the Interior or Exterior of Your House
In case your home is damaged by fire, hurricanes, vandalism, lightning or other types of disasters, a good insurance policy will compensate you so that you can either repair or completely rebuild your home. Here in Southwest Florida, protection from the destruction of floods usually requires a separate rider. Freestanding sheds, garages or other structures may also require separate coverage.
Personal Liability for Injuries or Damages
This coverage protects you for lawsuits filed by others, whether at your home or at another location. For instance, if your dog bites your neighbor, either at your home or at your neighbor’s home, your Liability Coverage insurance would pay for your neighbor’s medical expenses.
Hotel or House Rental While Your Home Is Being Rebuilt or Repaired
This aspect of homeowner’s insurance is referred to as Additional Living Expenses. The coverage of this policy would reimburse you for rent, hotel room, meals and other incidental costs you might incur while your home is being repaired, or at least until you are able to move back into it.
