As is the case with many homeowners, the best asset you have is likely your house. Protecting it will be high on the agenda. Plus, nearly every mortgage lender has requirements in place mandating that homeowners purchase home insurance. That makes sense: Even if your home suffers catastrophic damage, your lender needs to get repaid.
Per the most recent data provided by the Insurance Information Institute, the average annual premium of a homeowners insurance policy in the United States is a little over $1,200. According to a Money article, Florida maintained the highest average homeowners insurance premium back in 2017. The sunshine state came out on top as a result of the hurricanes that hit the state. These storms comprise more than 40% of all yearly hurricanes nationwide.
A typical home insurance policy will cover the following: coverage of your home construction, coverage of your personal belongings and other home contents, coverage of temporary living expenses in the event of displacement, and protection from liability.
The average policy covers damage from a wide variety of natural hazards to your physical home, including hurricanes, earthquakes, fires, or tornadoes. They also cover damage to detached buildings, such as a barn, garage, fence or gazebo, that are part of your property.
For mortgaged homes, the lender will require the insurance policy to cover the home’s “complete loss,” which is the expense of restoring your house to the same condition that it was insured using materials of the same nature and quality as the original ones. Even if your home is mortgage-free, it’s worth considering an insurance policy.
This information is provided by Miami insurance lawyer Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with an insurance settlement attorney Miami and receive a free consultation. We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.