Property insurance is a must have for anyone who owns a home or commercial building. If the structure is financed through a lending institution, the bank will require it. If you paid cash, it’s still a smart idea to insure the space to protect your investment. And if you’re new to property ownership and property insurance quotes in Florida, here’s everything you need to know to get the most bang for your insurance bucks.
Property insurance quotes for homeowners
It’s important to know when learning about property insurance quotes for homeowners, exactly what the policy covers and the factors that can affect the cost of your premium. The size of your home will be a big factor in premium cost since it directly correlates to the cost of replacing the structure if you experienced a devastating loss. The age of your home, the materials it was built with, any security features in place, the location of your home, and other details will be used to factor the final cost.
There are multiple types of coverages
Typically, a property insurance policy will cover the following things: your dwelling, any other structures on your property, the personal property inside, living expenses if you were displaced, liability if someone were to hurt themselves on your property, and medical payments to cover that injury. There are limits to all of these coverages, and a knowledgeable insurance broker can help determine which coverages are right for you. The higher the coverage limits, the higher your premium is likely to be.
Options that you have for property insurance quotes
Things that will impact your premium and that you have some control over include your deductible which can start at low as $500 and go up as high as $2,000. The higher the deductible, the lower your premium is likely to be. It probably won’t cover flooding, which can be a concern in a state with as much tropical weather as Florida experiences. And, it will cover the cost to replace your used household items unless you pick specific coverage that allows for replacement with brand new items.
Information you need to gather
In order to get an expedient quote from an insurance company, you’ll need to provide several pieces of information. Know your address and how long you’ve lived there. Be able to describe your home business if you operate one. And discuss whether you should have additional coverage to cover expensive belongings like jewelry.