3 Things to Consider When Buying Jacksonville Homeowner’s Insurance

Jacksonville is home to Florida’s third largest seaport, a thriving metropolitan population of 1.5 million, and strong media, logistics, and banking industries. It’s one of the best places to live in the state, whether you’re young and starting your career, or settling down with a growing family.

If you’ve made your home in this beautiful and growing city, you’ll need protection for your most important asset. Jacksonville homeowner’s insurance is a necessity for every family. If you’re paying off a mortgage, it is a mandatory requirement. To get the right insurance package for your needs, consider these important factors as you explore the market.

1: Compare Your Jacksonville Homeowner’s Insurance Needs to Your Home Type

If you live in a condo or apartment in Jacksonville, your homeowner’s insurance needs will be much less when compared to a standalone family home. The owner’s insurance will cover interior walls, ceilings, finishing materials, appliances, and contents. However, exterior walls, shared spaces, and lobby’s, etc. will be covered by the condo association insurance policy. If you haven’t yet decided on your home and you want the best Jacksonville home insurance rates, you may find that a condo will suit your needs while reducing your insurance costs.

If you already live in a single-family dwelling, or if you are planning on buying one, your insurance needs will be higher. You’ll need coverage for the interior and exterior, contents, other structures (such as sheds and garages), and even the land itself. Single-family homes are more expensive to insure, but they’re also a more valuable investment in most cases.

If you are in the market for a home, consider how insurance could contribute to your overall costs in the coming years.

2: Make Sure Your Coverage Extends to Home Contents

Most insurance policies offer some kind of home contents insurance, but there will be a limit on what is covered. This is usually capped at a specific figure. If your possessions are worth more than the value stated in your insurance policy, you won't have a financial safety net if they are damaged, lost, or stolen.

There are two forms of contents coverage offered.

  • Actual cash value coverage provides insurance for the value of your personal items, but some depreciation is calculated. This is considered a form of limited coverage because you likely won’t receive the full amount to replace your lost items.
  • Replacement cost coverage is found in more comprehensive policies and specific insurance riders. It provides the full amount to replace your belongings. It’s recommended that you choose replacement cost coverage if you have particularly valuable personal items including jewelry, collectibles, home electronics, art, luxury goods, etc.

The second option will increase the cost of insurance, but the security and peace of mind will be invaluable.

3: Consider the Difference Between Basic and Comprehensive Coverage

Basic insurance, commonly known as broad form insurance, is a bare-bones type of policy that will allow you to cover your basic needs and meet the requirements of your mortgage provider. Comprehensive coverage is costlier, but it offers much better protection that ultimately works out better for most homeowners.

  • A basic policy is a type of homeowner’s insurance in Jacksonville that covers all normal risks but limits coverage for furniture, clothing, and other personal items. Its main purpose is to cover risks like burglary, fire, and vandalism.
  • A comprehensive insurance policy will include all of the standard risks, as well as coverage for loss of contents like furniture. You may still need a special rider for expensive and unique items to ensure that you can replace them in the event of loss or damage.

Comprehensive homeowner’s insurance will attract a higher yearly cost, but it will also ensure that your family can quickly recover from an unexpected event. Broad form or basic insurance can be used if your finances are limited today, but it’s recommended that you upgrade as soon as it’s feasible.

With the right Jacksonville homeowner’s insurance agent, you can find affordable comprehensive policies that meet your needs. In many cases, working with an agent will allow you to get a higher level of coverage at a cost you can afford.

Get Help From Licensed Jacksonville Homeowner’s Insurance Agents

Whether you are buying your first homeowner’s insurance policy in Jacksonville or looking for a better deal than you currently have, the team at Moran Insurance can help. With extensive experience and a large network of the best insurers in the state, we can connect you with a policy that meets the needs of your family, while keeping costs reasonable. Contact us today for your free consultation and discover the best way to buy homeowner’s insurance in Florida.