First-Time Homeowners and Home Insurance
It is an exciting moment and something to be proud of. This is something you’ve been planning and dreaming about for a long time and it will finally come true. It is a cause to be proud of, but there are important obligations that come with buying a home. One of these is home insurance.
Although home insurance is not required in Florida unless you have a mortgage, it is worth thinking about the possible threats to your home, including fire, theft, and weather. For example, the cost of rebuilding your home in the event of a hurricane could easily exceed the property’s value.
Here are some things you should consider as a first-time homeowner when purchasing Florida home insurance.
- It is a good idea to shop for home insurance pricing before you make a decision. You can save money by taking the time to shop around for insurance before you close on your house.
- Bundling insurance assets such as a home and vehicle, boat, yacht, or other valuables can be a good idea. If all your assets are insured by the same insurer, it can lower the cost of your premiums. It will also make it easier to file a claim.
- Before you decide whether or not you want to purchase home insurance, you should consider how much you can afford to pay if your property is destroyed. Consider whether you are able to afford the costs of rebuilding your entire house or just the repairs that are necessary.
- Consider this option if you are able to pay the entire premium. You will likely save quite a lot of money if you pay the premium in full before you move into the property. This is especially true if you have bundled assets with the same insurer.
- You should consider liability coverage to determine how much you will need. If you are responsible for the damage to another person’s property or individual, liability coverage will pay for legal and medical fees.
Insurance companies are always looking to save money. It may be a smart idea to get legal advice from an expert in this area.
It is an exciting time and one you should be proud to have purchased your first home. It is important to think about the costs you could incur in the case of property damage.
This post was written by Kelly-Ann Jenkins of Jenkins Law P.L. Kelly-Ann is a personal injury attorney St Petersburg Florida. The information on this site is not intended to and does not offer legal advice, legal recommendations, or legal representation on any matter. Hiring an attorney is an important decision, which should not be based on advertising. You need to consult an attorney for legal advice regarding your situation.
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