When you own a home in the state of Florida and any other state, there are many responsibilities you have to handle. One of the top priorities of you owning a home is having a homeowners insurance policy. If you own your home and you do not have to pay a mortgage payment every month, you can do what you want in regards to having an insurance policy on your home's structure and contents. It isn't wise to not carry insurance on your home and possessions because any number of things can happen.
If you have a mortgage on your home, your mortgage company will want a copy of your homeowners insurance policy to prove that you have adequate coverage on the home's structure. If you cannot prove to the mortgage company that you have insurance coverage, the mortgage company will place hazard insurance on your home.
There are several disadvantages to having hazard insurance on the house. It protects the mortgage company's financial interest in the home, but the policy tends to be expensive. The hazard insurance only covers the replacement cost of damage to the structure of the home. You may not get compensation for damage to other parts of the house or for your personal belongings.
When you purchase your own homeowners policy, coverage should include damage to the home and your personal belongings. Other structures on the land such as a garage and swimming pool will be covered as well if they sustain damage. A comprehensive policy will also protect you if people are injured on your property.
Weather conditions such as wind, hail, and water can cause major damage or destroy your property. If the contents in your home are stolen or destroyed, it can become very costly to replace them. Some of the items you may want to protect include clothing, jewelry, furniture, televisions, refrigerators, stoves, tools, and equipment. Most people don't have enough money to replace all of the items they've lost, but a homeowners policy can assist with those expenses.
Contact a Florida insurance broker in Fort Lauderdale to review your options for a homeowners insurance policy that fits your budget and needs. Never take chances with one of the largest investments in your life, your home, and its contents. If you reside in a designated flood zone, the broker can help you get coverage for damages potentially caused by floods as well.
If you have a mortgage on your home, your mortgage company will want a copy of your homeowners insurance policy to prove that you have adequate coverage on the home's structure. If you cannot prove to the mortgage company that you have insurance coverage, the mortgage company will place hazard insurance on your home.
There are several disadvantages to having hazard insurance on the house. It protects the mortgage company's financial interest in the home, but the policy tends to be expensive. The hazard insurance only covers the replacement cost of damage to the structure of the home. You may not get compensation for damage to other parts of the house or for your personal belongings.
When you purchase your own homeowners policy, coverage should include damage to the home and your personal belongings. Other structures on the land such as a garage and swimming pool will be covered as well if they sustain damage. A comprehensive policy will also protect you if people are injured on your property.
Weather conditions such as wind, hail, and water can cause major damage or destroy your property. If the contents in your home are stolen or destroyed, it can become very costly to replace them. Some of the items you may want to protect include clothing, jewelry, furniture, televisions, refrigerators, stoves, tools, and equipment. Most people don't have enough money to replace all of the items they've lost, but a homeowners policy can assist with those expenses.
Contact a Florida insurance broker in Fort Lauderdale to review your options for a homeowners insurance policy that fits your budget and needs. Never take chances with one of the largest investments in your life, your home, and its contents. If you reside in a designated flood zone, the broker can help you get coverage for damages potentially caused by floods as well.
About the Author:
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