5 Important Types Of Property Insurance To Know About
Property insurance in Florida can come in different forms, depending on your needs. Property insurance provides reimbursement for an owner, renter, or commercial tenant of a unit if anything happens to the property itself or the contents inside it. Also covered may be injuries to people on or near the property, or damage caused to neighboring properties by a covered event.
Some of the most common property insurance policies include:
- Homeowners Insurance
Every Florida homeowner should have homeowners insurance. This is a type of property insurance intended to cover damage and property loss at an individual residence due to weather events, fire, vandalism, and other causes of damage. Homeowners insurance generally covers not only the house itself, but personal property, fixtures, and other assets within the home. This type of insurance can also provide liability coverage in the event someone else is injured on your property.
- Condo Insurance
If you own a condo unit within a building (that usually carries its own insurance), you can enroll in insurance coverage for your specific unit. Condo insurance coverage typically covers everything within the walls of your unit, and any personal items, appliances, and other fixtures. It will cover damage caused by any covered peril within the policy, either for actual cash value or for replacement cost.
Even if a condo owner has some form of coverage through the building, it helps to have additional coverage for personal property and other items not covered under the building or co-op’s policy.
- Landlord Insurance
If you own property that you rent out to tenants, you want to make sure you are covered in the event that anything happens to the property. For example, a rental property can be hit by a storm, vandalized, or burned by a fire. In these situations, landlord insurance can cover the damage – as well as accidental damage caused by a tenant. The scope of coverage can vary depending on your policy, but landlord insurance can help tremendously when unforeseen problems strike your rental property.
- Renters Insurance
For tenants, they also have the option to select insurance coverage that might protect them when accidents or issues arise. For example, renters insurance usually covers damage to personal property within a unit. It can also cover accidental damage caused by the renter, or liability coverage for visitors injured at the property. Renters insurance can also cover additional living expenses if you are required to stay at a hotel or other housing while your rental unit is repaired from a damaging event.
- Flood Insurance
Most flood insurance policies cover the physical structure of a home and its plumbing and electrical systems, central air and heating systems, and fixtures within the property. Many Floridians assume flood coverage is included within their standard homeowner’s insurance policy as a “covered peril”. However, flood insurance is more often a separate form of insurance that people need to select in addition to their homeowners coverage. Surveys show that only 23% of Floridians actually carried flood insurance that would cover them in the event of a serious flood. Most flood insurance policies in Florida are underwritten by the National Flood Insurance Program (NFIP), which falls under the umbrella of the Federal Emergency Management Administration (FEMA).
Our Florida Property Damage Attorneys at Bundza & Rodriguez, P.A., Are Here to Help When Any Aspect of Your Insurance Coverage is Disputed
Understanding the different types of insurance available to property owners and tenants can be complicated for most. Even when fully covered for their situation, people can run into problems with their insurer when it comes time to actually pay out on a claim. The Daytona, Florida property damage insurance attorneys at Bundza & Rodriguez, P.A., understand the issues many people face and can help address any questions or issues a homeowner may face – including legal issues and litigation. If you have any questions today, call our Daytona law offices at 386-252-5170, or schedule a consultation with our Daytona Beach property damage attorneys online.