Florida, known for its sunshine and sandy beaches, is facing a less glamorous reality as homeowners grapple with the escalating costs of home insurance. Floridian’s have seen premiums go up by more than 40 percent, 3.5 times the nation’s average and they are likely to keep rising due to a variety of factors. Homeowners with a mortgage […]
Unfortunately, this lack of knowledge by the general public has caused some ugly misconceptions about insurance to spread — myths that could cost you and your family a ton of money. Here are three myths about homeowner’s insurance and their respective truths.
Myth #1: Your Homeowner’s Policy Covers Your Home-Based Business
Do you run a business out of your home? Maybe you sell vitamins, makeup, jewelry, or something completely different through a marketing program. Perhaps you handcraft items to sell at festivals or offer services to clients who visit you at your residence. Either way, you might believe the myth that your homeowner’s insurance covers your business endeavors.
This is a myth! Most homeowner’s insurance policies specifically exclude home businesses. This means that if you have an inventory of product stolen or a client becomes injured at your residence, you may not be covered. This problem is pretty widespread, too. According to Independent Agents and Brokers of America, nearly sixty percent of home-based business owners do not have appropriate insurance coverage.
Contact us for a complimentary consultation to discuss your business insurance needs.
Myth #2: Earthquakes and Floods Are Covered
Another fallacy is that a homeowner’s insurance policy will protect you against damage due to an earthquake, flood, or other natural phenomenon. The truth is that sadly many natural disasters are not covered under your standard policy. While some circumstances such as a hailstorm or a tornado are sporadic enough to warrant coverage, others that create widespread damage are not.
This is where having specialty flood coverage comes into play. These are special policies that are underwritten by a private insurer and backed by the government to fully protect your home and belongings against any damage due to named perils. Purchasing one of these policies is usually quite affordable and only takes a phone call to us to start the process.
Myth #3: Your Insurance will Cover Everything in the Event of a Disaster
One more myth that many people seem to believe is that homeowner’s insurance will cover everything you own in the event of a disaster. The truth to this myth is that having a policy only covers a portion of your belongings. Riders often need to be added to expand coverage for expensive electronics, guns, jewelry, and furs. If you own any of these items, it is worth talking to your agent about to ensure you have the coverage you need.
Do any of these scenarios apply to you? For more information or to discuss your unique situation, please contact us today.
In Florida, all drivers are required to have two types of auto insurance coverage:
These are the minimum auto insurance requirements to legally operate a vehicle in Florida. However, it’s important to note that these minimums may not provide adequate protection in the event of a severe accident.
Many drivers opt for higher coverage limits or additional types of coverage, such as Bodily Injury Liability (BIL), Uninsured/Underinsured Motorist coverage (UM/UIM), and Comprehensive/Collision coverage, to ensure they are adequately protected.
Before purchasing auto insurance in Florida, it’s a good idea to consider your individual needs and consult with an insurance agent to determine the best coverage for your situation.
Additionally, it’s important to stay updated on any changes in Florida’s insurance requirements, as these regulations may evolve over time.
Current requirements may be verified through us or the Florida Department of Highway Safety and Motor Vehicles (FLHSMV).
We would love the opportunity to discuss your insurance needs, please give our team a call at 941.205.0191 in Charlotte County or 239.552.4111 in Lee County.
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