Homeowners Insurance Coverage
Ormond Beach, Daytona Beach, and Palm Coast, Florida
Homeowners insurance is one of the most important insurance policies available to property owners and should not be ignored. What does Ormond Beach homeowners insurance do? It will provide compensation to repair or rebuild your home due to a covered loss, and personal property damage is also included.
In Florida a homeowners policy is required by law only if there is a mortgage on the home, but even if the home is owned outright it is still advisable to purchase a homeowners policy. If you choose not to carry homeowners insurance, some municipalities may require liability as do many homeowners associations. This "liability only" policy for homeowners is known as a Dwelling Liability Policy and is very inexpensive.
Liability coverage may also be necessary if you own certain pets or a swimming pool. This insurance coverage pays for injuries to other people (non-automobile related) or property damage for which you or a family member on your policy are legally responsible.
If you are in the dark about what homeowners coverage entails, we will explain the basic components of this significant type of insurance:
- House structure (Coverage A)
- Liability (Coverage E)
- Loss of use (Coverage D)
- Medical payments (Coverage F)
- Other structures (Coverage B)
- Personal belongings (Coverage C)
- Special property (Personal articles floater)
A homeowners insurance policy does not include coverage for flooding damage so in addition to your homeowners you will need a flood insurance policy. Mitchell Noel advises all property owners to obtain flood insurance, whether you live in a designated flood zone or not.