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What is Homeowners Insurance?Homeowners Insurance is an insurance coverage policy for your home. It covers all sorts of damage to your house and the possessions inside it. Different types of home insurance can be bought by homeowners depending on their needs. Home insurance policies can vary in terms of their coverage and premium costs. Moran Insurance will assess your needs and risk, and explore the market to find a policy that balances affordability and level of coverage. Our independent agency will advocate for your needs, giving you access to policies that would be difficult to find on the public insurance marketplace. Your home is one of the biggest investments you will ever make. It’s your responsibility to protect that investment. Learn about homeowners insurance and talk to Moran Insurance to find the best policies in Florida.
Types of CoverageThere are three main types of home insurance coverage that you can avail as a homeowner. Actual cash coverage is the first type of coverage. It will cover the value of your house and your personal belongings after their value has depreciated. Secondly, we have replacement cost coverage. In this type of coverage, you are paid the actual cash value of your property and belongings without including any depreciation. The last type of coverage that you can get is known as guaranteed replacement cost coverage. This coverage also has the highest premium of the three but it pays for any sort of damage to your home even if it exceeds the policy limit.
Basic Components of a Homeowners Insurance PolicyAn extensive home insurance policy will cover the costs of damage from natural disasters such as volcanic eruptions, earthquakes, etc. Furthermore, damage from fire, theft, and vandalism is also covered under a good policy. In case of damage, you can make claims and have repair work done immediately.
- Liability Coverage: Liability coverage will protect you in cases where a third party suffers a loss or injury on your property. If you have a visitor who has an accident at your home, you could be sued for the damages. With liability coverage, you’ll be able to use your homeowners insurance to pay for legal fees, court costs, and any potential settlement or judgment.
- Property Reimbursement: Property reimbursement is the component of your policy that will pay out when your home is damaged or lost due to fire, theft, vandalism, natural events etc. Policies are very specific when setting the limit of coverage. Homes often appreciate in value, so if you have an inflexible policy (such as a pure indemnity policy), you may not receive a fair amount of coverage. This is why it’s important to purchase an insurance policy that allows for reimbursement at the market value of your home when damage or loss occurred.
- Natural Acts Coverage: Not all natural acts are covered in a standard insurance policy. In Florida, storm damage and flooding is an ever-present risk. The team at Moran Insurance can find a policy that includes comprehensive natural acts coverage to give you peace of mind during the Atlantic Hurricane Season. Standard homeowner’s insurance policies don’t cover floods, so it’s important to be mindful of the details when comparing options.
- Additional Riders: In addition to the three main components listed above, you can also add additional insurance riders to your policy. These riders will insure specified items with an agreed value. Riders are often used for items like expensive collectibles, antiques, jewelry collections, memorabilia, and other high-value items that wouldn’t be covered by your insurance limit.