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What is Homeowners Insurance?

Protecting your home and contents will give you peace of mind and financial safety. Read on to understand who needs homeowners insurance and what the insurance covers.
Types of Coverage
There are three main types of home insurance coverage that you can avail as a homeowner. Actual cash coverage is the first type of coverage. It will cover the value of your house and your personal belongings after their value has depreciated. Secondly, we have replacement cost coverage. In this type of coverage, you are paid the actual cash value of your property and belongings without including any depreciation. The last type of coverage that you can get is known as guaranteed replacement cost coverage. This coverage also has the highest premium of the three but it pays for any sort of damage to your home even if it exceeds the policy limit.Basic Components of a Homeowners Insurance Policy

A comprehensive House Insurance Policy in Florida will offer you liability coverage, property reimbursement, and compensate you for natural acts losses.
- Liability Coverage: Liability coverage will protect you in cases where a third party suffers a loss or injury on your property. If you have a visitor who has an accident at your home, you could be sued for the damages. With liability coverage, you’ll be able to use your homeowners insurance to pay for legal fees, court costs, and any potential settlement or judgment.
- Property Reimbursement: Property reimbursement is the component of your policy that will pay out when your home is damaged or lost due to fire, theft, vandalism, natural events etc. Policies are very specific when setting the limit of coverage. Homes often appreciate in value, so if you have an inflexible policy (such as a pure indemnity policy), you may not receive a fair amount of coverage. This is why it’s important to purchase an insurance policy that allows for reimbursement at the market value of your home when damage or loss occurred.
- Natural Acts Coverage: Not all natural acts are covered in a standard insurance policy. In Florida, storm damage and flooding is an ever-present risk. The team at Moran Insurance can find a policy that includes comprehensive natural acts coverage to give you peace of mind during the Atlantic Hurricane Season. Standard homeowner’s insurance policies don’t cover floods, so it’s important to be mindful of the details when comparing options.
- Additional Riders: In addition to the three main components listed above, you can also add additional insurance riders to your policy. These riders will insure specified items with an agreed value. Riders are often used for items like expensive collectibles, antiques, jewelry collections, memorabilia, and other high-value items that wouldn’t be covered by your insurance limit.
Get Affordable Homeowners Insurance in Florida

Let the team at Moran Financial Solutions help you get an affordable and reliable homeowners insurance policy from Top-rated Home Insurance Providers in Florida