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What You Need to Know About Florida Home Insurance

Having the correct type and amount of insurance, as well as knowing and understanding how Florida home insurance policies work, is essential in making a wise purchasing decision.

The stark necessity of home insurance in Florida has come to light recently with the occurrence of storms, hurricanes and flooding. Many Florida residents have discovered too late just how important having sufficient coverage really is. Some Floridians have experienced huge Florida home insurance rate increases; others have had insufficient coverage when they needed it most or have been dropped completely by their Florida home insurance companies due to these natural disasters. We at Floridainsurancenofault.com would like to help you avoid these calamities.

Your Options

The three most-frequently-offered Florida home insurance packages include:

• Broad Form (HO-2)-Covers perils such as windstorm or hail, smoke, vandalism, fire or lightening, explosion, falling objects, volcanic eruptions and many more.

• Special Form (HO-3)-The most popular type. Covers your home for everything not specifically excluded, in addition to such perils as above.

• Modified Coverage Form (HO-8)-Insures your property against only fire or lightening, explosion, riot or civil commotion, vehicles, aircraft, theft, smoke, windstorm or hail, vandalism or malicious mischief, and volcanic eruption.

Florida law also requires all home insurance policies to cover sinkhole damage. Contact your Florida home insurance agent to verify this coverage on your policy.

Selecting an Insurance Agent/Company

Becoming informed on how to select a knowledgeable Florida home insurance agent is one of the best ways to ensure your family's future security and safety.

When selecting a Florida home insurance agent or company, choose one that is state licensed. This should ensure its expertise. Comparison shop to make sure you get the most coverage for your money. Check a company's rating on the Internet or at your local library through firms such as A.M. Best, Standard & Poor's, Weiss Ratings Inc., or Duff & Phelps. These ratings provide you with the company's history, financial stability and customer service scores.

What to Do in Case of a Loss

Report any property damage to your Florida home insurance agent or insurance company immediately. If the damage is so extensive that you must leave your home, take extreme precaution to secure the property, remove valuable items and lock windows and doors. Then let your Florida home insurance agent/company know where you can be reached while you are away.

Document all emergency repairs needed by taking pictures, both before and after, and keeping all applicable receipts. It will be necessary to submit these with your claim. Avoid making extensive repairs until after the Florida home insurance adjuster arrives to evaluate the damage.

Policy Termination/Nonrenewal

Your Florida home insurance company may cancel your policy after 90 days if you:

• Fail to pay your premium

• Fail to follow the company's requirements

• Deliberately provide false or inaccurate information on your application

• Increase your risk of claims through new activities or home improvements

Nonrenewal of your Florida home insurance requires the company to provide you with a 90-day notice. You may, however, cancel your policy at any time.

Your Rights and Responsibilities Under State Law

Florida law requires you to verify all insurance agent and company licenses. You must fill out all application questions honestly and accurately, and you are held responsible for understanding everything you sign.

After purchasing a policy, contact your agent and ask for a binder, which verifies your coverage until you receive your policy. Keep copies of all forms, applications, insurance company letters and claim-reporting information. Report any changes which affect your policy to your Florida home insurance agent or company right away. In addition, report any suspected fraud by calling the Fraud Hotline at 800-378-0445.

You have the right to choose your own Florida home insurance company and agent. You also have the right to a fair coverage quote and a refund of any excess monies above the amount quoted you. You have the right to receive copies of all forms and applications, and, perhaps most importantly, you have the right to a proper and timely investigation of all legitimate insurance claims.