Why Home Insurance in Florida is a Must

Why Home Insurance in Florida is a Must

Home insurance in Florida is a must, whether it is actually required of you or not. Having a policy provides a significant amount of protection. If you have a mortgage on your home, it will be an actual requirement for you to have a policy. Otherwise, if your home is paid off, you have the option of getting a policy or not – though it can be the smartest move you make to have one in place.

When It’s Required

Mortgage companies require you to have home insurance. This is done to protect their financial investment. The house isn’t paid for and therefore they want to make sure that the house is always in good condition so that you continue to make the mortgage payments.

The mortgage company will likely ask for a copy of the homeowner’s insurance policy. They may also incorporate the payments into the escrow, which you pay them on a monthly basis with your mortgage payment. This means that they are going to dictate the level of insurance that you have – and then you can change it once you have paid off your financial obligations.

Why It’s a Smart Investment

Whether you have a mortgage or not, having home insurance in Florida is a smart investment. This is because you will be able to file a claim should something happen to your home. This includes:

  • Fire
  • Theft
  • Storm damage
  • Injuries in the home

The list goes on and on. Every policy is a little different in terms of what it covers. You may also be able to add additional coverage so that you are protected against more scenarios.

If you don’t have a mortgage and you choose not to have home insurance, you could end up losing your home entirely. All it takes is one good hurricane to come through and ruin your home. If you don’t have home insurance to fall back on, there is no way for you to make the repairs. It could cost tens of thousands of dollars – and you may not have this in the bank account. The only thing you could do is walk away from your home, and that is a lot of money to waste.

Home insurance policies are extremely affordable, especially if you work with an independent insurance agent. You can learn more about the options. An agent can also get quotes for you so that you can make comparisons and decide which company has the best overall deal for you.