Homes come in a variety of shapes, styles, and sizes. Some are made with brick or block, others are made with wood or completely manufactured. In many cases, your home may be your most valuable possession, so it is extremely important that you have the proper home insurance in place to protect the place where you live.
Homeowners insurance covers not only damage to your property, but also the liability or legal responsibility for any injuries and property damage that you or members of your family cause to other people.
Insuring a Home for the Real Estate Value rather than Cost of Rebuilding
As the market is always fluctuating when it comes to the prices of homes, many home buyers believe they can reduce the amount of insurance of their home. Orlando homeowners insurance, however, is designed to cover the cost of rebuilding the home, not the market value. The sale price of the house has nothing to do with the insurance value. You must be careful to purchase enough Orlando home insurance coverage to completely rebuild your home and replace all of your belongings.
A simple way to save the most money when it comes to Orlando homeowners insurance is to take a higher deductible. Consider a deductible of at least $1000 at first. If you can raise it to as high as $5,000, you may save significantly on your home insurance policy as you retain more risk. The average person files a claim once every 8 to 10 years, so you will most likely save money over long periods time.
There are several categories of coverage and endorsements to consider:
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Structure (the dwelling itself)
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Other structures (such as a shed or detached garage)
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Personal property (your contents such as furniture and clothing)
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Loss of use (or additional living expense)
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Personal liability
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Medical payments
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Ordinance or Law Coverage
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Water backup
Liability protection – If someone makes a claim of injury or property damage against you or your family, everything you own could be in jeopardy. Your homeowners policy protects you in these situations:
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Claims for injury to others on or off the premises
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Claims for property damage
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Liability defense costs
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Medical expenses for injuries to others
Policy forms and options vary, and every policy has exclusions and limitations. It is very important that you understand your homeowner insurance coverage. Harry Levine Insurance is here to make sure that you do.