Are You Required to Have Home Insurance? 

Owning a home can be an exciting yet stressful endeavor. If you are in the process of purchasing your first home, you may be wondering about homeowners and coverage requirements. Florida residents need to understand homeowners insurance requirements and options.

Do I Need Homeowners Insurance?

Homeowners insurance is typically not legally required; however, it is mandated by most mortgage lenders. Mortgage lenders often require homeowners insurance as part of their lending agreement in order to protect their investment in your property. Additionally, homeowners insurance may be a prerequisite for contractors who need to work on your property. A contractor may not want to work with you if you don’t have insurance.

Even if you own your home outright, insurance is an essential consideration because it can help financially protect you from unexpected events. For example, if a fire destroys or damages your home, you will have to pay for all related costs out of pocket.

What Does Homeowners Insurance Include?

Homeowners insurance typically includes the following coverage:

• Dwelling coverage

• Personal property coverage

• Liability coverage

• Additional living expenses coverage

Other Considerations

Because of the state’s susceptibility to hurricanes and flooding, Florida residents may want to consider the following additional coverage options:

• Windstorm coverage

• Flood insurance

• Sinkhole coverage

• Umbrella insurance

• Water backup coverage

Learn More

For homeowners insurance near you, contact Affiliated Agency of Ocala.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.