Florida Homeowners Insurance
Few types of insurance cause more anxiety than purchasing homeowners insurance. As the largest, most important investment we will ever make, our home represents our hopes and dreams, our present and future. We at Strassman Insurance Group will work with you to write a policy that gives you the best protection tailored to your specific needs.
Our goal is to find the most financially strong company, along with the lowest prices.
Insuring Your Florida Home
Mortgage lenders usually require homeowners insurance as part of the mortgage terms. Some lenders refer to this as “hazard insurance.” It is part of a homeowners insurance policy – not a separate type of coverage. Hazard insurance typically applies to three types of protection: dwelling, other structures (such as a detached garage or shed) and personal property.
These protections can reimburse you for damage from such hazards as:
- Fire and smoke
- Falling objects
- Water damage caused by a household appliance or burst pipe
- Power surges
- Civil unrest or riot
While the priority of mortgage lenders is assurance that the structure itself is covered against damage, you, as a homeowner, need the other types of protection that a homeowners insurance policy provides. These include:
- Loss of use/additional living expenses if your house is uninhabitable after a covered loss
- Personal liability if you’re sued for alleged negligence that caused an accident resulting in injury or property damage
- Medical payments to others
- Personal property/contents
Replacement Cost versus Market Value
A homeowners policy will cover your home for replacement cost – not market value. Replacement cost is the cost that would be needed to repair or replace your entire home, based on its size and structure. Our agent can work with you to estimate the reconstruction cost of your home.
Market value is the amount that would be needed to purchase your home in its current condition. This is influenced by factors beyond the dwelling itself, such as neighborhood crime statistics, school district and the availability of similar homes nearby. The land your home sits on also is included in its market value, but would not be covered by the policy.
During your conversation with our Strassman Insurance Group agent, we’ll discuss the available options so you can decide with confidence which coverages are correct for your individual situation.
A few words about hurricanes and other major storms: Hurricanes, tropical storms and even tornados seem to be affecting Florida with increasing frequency. After Category 5 Hurricane Andrew caused catastrophic damage to South Florida in 1992, state and local officials wrote stronger building codes, making Florida’s structures better able to withstand hurricanes of similar caliber.
Most older homes predate the current code standards. If this is the case with your home, and it is damaged by high winds, repairs will need to bring it up to current code, rather than to its original standard – which may mean a higher repair cost. Our agents will be sure to fully inform you about the coverage included in your homeowners insurance policy.
Protecting Your Belongings
You’ve worked hard to acquire your household goods and personal possessions. Homeowners insurance covers these items up to the amount listed in your policy. We can help you determine the value of your possessions by doing a household inventory, so that you can more accurately choose the coverage you want to replace your items in the event of a covered loss. However, this may not be enough to fully cover such items as fine art or jewelry. Talk to our agent about adding a personal article rider to your homeowners policy.
Protecting Your Assets
Homeowners insurance also protects your financial assets against claims and lawsuits should you be held responsible for an accident or injury that occurred in your home or on your property. Because litigation is commonplace in today’s society – with settlement costs that could easily exceed the limit of your homeowners policy, putting your assets and future at risk – you may also want the additional protection of an umbrella insurance policy. Strassman Insurance Group is experienced in offering this type of policy. Our agents will be happy to provide more information and answer your questions.
If you already have a homeowners policy, it may need to be updated if you’ve made improvements to your home – such as a major remodel – or removed a structural feature that no longer requires coverage. But if we don’t hear from you first, we contact each policyholder at least once every year to review their current policy to check for eligibility for additional discounts or a need for an update in coverage. In fact, Strassman Insurance Group provides this annual free check-in for all of our customers, for every type of insurance.
Whatever your situation, we will be with you at every step in writing a homeowners insurance policy that gives you the protection you need to enjoy your home with peace of mind. Strassman Insurance Group will find the most financially strong company, along with the most competitive price.