Different Types of Florida Homeowners Insurance Coverage

J.P. Gonzalez-Sirgo
Founder of J.P. Gonzalez-Sirgo, P.A.

While homeowners insurance is a vital investment for families who want financial security involving their most valuable family asset, homeowners insurance policies are not uniform in nature.  There are different types of homeowner policies that offer various forms of coverage, exclusions and limits.  Whether you own a home or condo, your decision regarding coverage can have a dramatic impact on your claim if your home is damaged.  While there are a number of different types of homeowners policies, they have a common function.  This function is to protect property owners from issues and perils that could jeopardize their personal assets.

Although the types of potential perils that most people consider are natural hazards like fire, wind storms and floods, there are a wide variety of other threats that can severely damage this key investment, such as theft, lawsuits and vandalism.  When these types of hazards damage your home, the cost to repair or rebuild can be hundreds of thousands of dollars.  The right homeowners coverage can insulate homeowners from being forced to cover these costs out of pocket.

When you purchase a home, it is important to be aware that there are many insurance companies that are willing to compete for your business.  While many people just continue with the same insurance carrier as the prior owner, policyholders should consider multiple insurance carriers and evaluate the full range of potential options before making a selection.

Types of Insurance Homeowners Insurance Coverage

This blog post provides an overview of some of the differences between dwelling and liability and special options.  If you are seeking coverage for a home, then dwelling coverage is a critical form of coverage.  This form of coverage provides financial security against massive losses caused by both natural and manmade hazards.  The spectrum of covered hazards will vary based on the policy you purchase.  Coverage against a broader range of hazards will carry a higher premium.  Because dwelling coverage is the most important type of coverage, the policyholder needs to carefully evaluate which perils justify the additional premium.

Liability coverage is another important type of coverage under your homeowners policy.  This form of coverage will provide protection against lawsuits and legal actions taken against you as a homeowner.  These legal claims will usually be related to physical injuries associated with your property, such as trip and fall injuries.  This form of liability claim can expose homeowners to significant liability.  This coverage will provide compensation for the costs of defense and the settlement or judgment up to policy limits.

Special Insurance Options

Insurance companies will offer many special types of homeowners insurance coverage to fit a homeowners specific circumstances.  This type of special policy provides coverage for specific types of perils and issues that are important to particular homeowners.  There are specific policies that are appropriate for those who own a condominium or who live in a homeowners association, for example.  There also are special types of coverage that require purchasing an additional policy, such as a flood policy from the National Flood Insurance Program under the auspices of FEMA.  

If you have questions about Miami-Dade homeowners insurance claims, you are welcome to contact our experienced Miami homeowners insurance lawyers.  My law firm represents policyholders in claims disputes in Miami and throughout Florida.  The Law Firm of J.P. Gonzalez-Sirgo, P.A. offers free consultations and case evaluations.  No Recovery, No Lawyer Fees.  Call 305-461-1095 or Toll Free 1-866-71-CLAIM.

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