SunGate Insurance Agency Blog
Whether you are purchasing your first home, upgrading to a family-sized “dream house”, or getting comfortable and cozy for retirement, purchasing a home is an exciting prospect. Picking out a homeowners insurance policy is…well…less exciting.
What Does Homeowners Insurance Cover?
We get that. But even if it’s not exciting, getting the right homeowners insurance is a critical piece of ensuring your financial well-being. So it’s important to take the time to understand what homeowners insurance covers and work with your independent insurance agent to put together a policy that will protect your home and offer you peace of mind.
Most homeowners insurance policies will include the following standard coverages:
Important Additional Coverage in Florida: Flood Insurance
Now that you know what standard homeowners insurances covers, it’s also critical to know what it does not cover: damage to your home from earthquakes and floods. For instance, while your homeowners insurance may cover damage to your home caused by a hurricane, your home is not covered if the hurricane caused a damaging flood. Therefore, to protect your home from water damage due to flooding, you should consider purchasing additional flood insurance in addition to your homeowners insurance. In fact, this additional coverage may be required if you live in a specified “flood zone”.
What Does Homeowners Insurance Cost?
The cost of homeowners insurance policy varies greatly from home to home, and is dependent on a number of specific factors, such as:
The goal of homeowners insurance, when possible, is to purchase a policy that will cover 100% of the cost of rebuilding your home should it be damaged or destroyed. At a bare minimum, most policies will cover “actual cash value”, or what the home was worth at the time of damage minus depreciation. A more comprehensive policy will cover “replacement cost”, which does not deduct depreciation. The most comprehensive option is “extended value” coverage, which will pay you up to 30% more than your coverage limit, depending on the policy you choose. While more expensive, this will protect you against sudden hikes in construction costs because everyone in your area needs to rebuild after a damaging storm, for instance.
The good news is that there is a very competitive market for homeowners insurance, so it’s possible to shop around among different companies to find the most comprehensive policy at the lowest cost to you. A local insurance agent such as Sungate Insurance Agency can help you gather quotes from a number of reputable companies and ensure that you are getting the right coverage at the right price!
Contact Sungate Insurance Agency serving Orlando, Lake Mary, Longwood, Heathrow and other Florida-area homes and businesses!
We are the insurance experts at your local insurance company. Contact us today to discuss your homeowners insurance needs, and to get a free quote!
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Contact SunGate Insurance Agency today learn more about the type of insurance you need. Click here to contact us or call (407) 878-7979.
SunGate Insurance Agency Coverage
Home Insurance, Auto Insurance, Health Insurance, Group Insurance, Property Insurance, RV Insurance, Renters Insurance, Event Insurance, Insurance Bonds, Life Insurance, Business Insurance, Workers Comp, Flood Insurance, Umbrella Insurance and more!
Located in Lake Mary, Florida (serving clients Nationwide and locally in Orlando, Heathrow, Longwood and surrounding Central Florida areas.