Florida is a beautiful state with a lot to offer, but it is also a state that is prone to natural disasters. Hurricanes, floods, and other storms can cause extensive damage to homes and businesses. That’s why it’s so important for Florida residents to have property insurance. Unfortunately, major hurricanes in recent years have caused extensive damage throughout the state. With this said, property insurance rates have not only become more expensive, they have also become harder to obtain. With many companies opting to pull out of the state, homeowners have encountered more challenges in recent years when trying to obtain property insurance. Nonetheless, there is still hope. According to the Florida Office of Insurance Regulation, thirty-two companies added customers between the second and third quarters of 2022.
What is property insurance & do I need it?
Property insurance is a type of insurance that protects your home and belongings from damage caused by natural disasters, accidents, and other events. It can help you pay for repairs or replacement costs if your home is damaged or destroyed. In Florida, it is mandatory to have property insurance if you have a mortgage on your home. However, even if you don’t have a mortgage, it’s a good idea to have this insurance to protect your investment.
Types of property insurance
There are a few different types of property insurance policies available in Florida. The most common type of policy is homeowners insurance. Homeowners insurance covers your home and its contents from damage caused by a variety of events, including hurricanes, floods, fires, and theft. If you live in a flood-prone area, you may also need to purchase flood insurance. Flood insurance is not mandatory, but it is highly recommended. Flood insurance can help you pay for repairs or replacement costs if your home is damaged or destroyed by a flood.
In closing, your home is likely the biggest investment that you will ever make in your life. For this reason, it is important to ensure that this large investment is adequately protected. When embarking on a home search, it is important that you take property insurance costs into consideration. In some cases, the anticipated insurance costs may place a home out of your desired budget. For this reason, pricing out insurance costs should be part of your home search plan.
As always, hiring a local and knowledgeable real estate agent should be your first step with any home search. Are you looking to buy a property in the South Florida area? If so, contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download the free Florida Home Search app for your mobile device today!