What Insurance(s) are Necessary for Florida Residents?

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What Insurance(s) are Necessary for Florida Residents?

Finding the right insurance coverage is sometimes a hassle, especially if you are unsure what you need or what is legally required. There are also some factors to consider for Florida residents that don’t affect the rest of the country.

Let’s review the various insurance policies available and if you need to have them to protect your assets.

Home insurance

Every Florida resident should consider getting home insurance. In Florida, homes are often subjected to a higher risk of damage from natural disasters like hurricanes. The increased risk is why home insurance is more expensive in Florida.

Florida homeowners will want to get insurance that covers their home and belongings in the event of hurricane, wind, or flooding damages. While the premium may cost more, it’s worth it to ensure that you have the right coverage in the face of a natural disaster.

There are ways to lower costs by ensuring your home has wind-mitigation measures like strong housing connections and roofing materials. An insurance agent will be able to discuss these options with you.

Auto insurance

Auto insurance is required by law in Florida. If you own a motor vehicle with more than four wheels, you will need a minimum of $10,000 in personal injury protection and property damage liability coverage.

However, if you’re in a serious accident, you may find that the minimum coverage will not cover all of your auto and medical bills.

Car owners will want comprehensive auto insurance that will cover repairs and reimburse for vehicle losses. Auto insurance can also have other perks like roadside services and car rentals while your vehicle gets repaired.

Recreational vehicle insurance

Motorhomes and other recreational vehicles can bring enjoyment to many people. But like auto insurance coverage, it’s required to have insurance for certain recreational vehicles.

However, recreational vehicle insurance isn’t as straightforward as auto insurance. You may find that you will have different insurance needs for different vehicles like a camper, fifth wheel, travel trailer, or Class A motorhome.

You will want to discuss your recreational vehicle insurance options with qualified insurance agents to ensure you get the coverage you need. You need insurance that will cover events like accidents, theft, or other scenarios.

Boat insurance

Boat insurance is not a legal requirement in Florida, but it is incredibly costly to not have insurance. For example, if you want to haul your boat out of the water because of an expected hurricane, you may pay a large bill to do so. But boat insurance could have covered that expense.

Boat owners will also want coverage for accidents, boat recovery, emergency towing, and liability lawsuits. Boat insurance doesn’t need to be a significant expense. If you have boating experience, have been insured in the past, or complete boating safety training, some boat insurances will give you a discount.

Umbrella insurance

Last but not least, Florida residents may benefit from having umbrella insurance. It offers additional coverage in case your primary insurance maximizes its coverage. Umbrella insurance can help pay for your financial responsibility. This is a far better option than depleting your life savings, having a lien put on your property, or garnishing wages to cover expenses.

People often discover that umbrella insurance isn’t as expensive as they think, and it’s worth the investment to protect your assets.

Need an insurance agency near Stuart, FL?

Florida residents need to consider certain aspects of insurance before choosing an insurance policy. Our qualified and professional insurance agents near Stuart, FL, are ready to assist you in selecting the right insurance for your needs. We can help answer your questions and find the appropriate coverage for you at an affordable price.

Give us a call at (772) 223-6007 or fill out our contact form to request a quote. We look forward to helping you protect your assets.