Homeowners insurance is not required for every homeowner simply because they own a residence. However, when a property is financed, the lender will typically require insurance to protect the home used as collateral.

Even when a home is paid off, it is important to consider whether you could financially absorb an uninsured loss.

It may cover certain wind damage during a hurricane when the policy includes the applicable coverage.

This protection is subject to the policy’s limits, exclusions, and hurricane deductible. Flood damage should not be confused with wind damage.

In most cases, no.

Flood damage typically requires a separate Flood Insurance policy. Being outside an area considered high-risk does not mean there is no risk of flooding.

It is a separate deductible that applies to certain covered hurricane losses.

It may be stated as a percentage of the dwelling coverage limit and may work differently from the deductible used for other types of claims.

Always review the policy’s Declarations Page.

Not necessarily.

In Florida, an insurer may not refuse to issue or renew a homeowners policy solely because a roof is less than 15 years old.

For roofs that are 15 years old or older, Florida rules allow the homeowner to obtain an inspection to determine the roof’s remaining useful life before replacement is required solely because of age.

Final eligibility may also depend on other property characteristics and the insurer’s underwriting criteria.

Homeowners Insurance is designed primarily for people who own a house.

Condo Insurance protects against certain risks related to an individual condominium unit while taking into account the coverage maintained by the association.

Renters Insurance is designed for tenants and may protect their personal property, liability, and certain additional living expenses.

Yes, when applicable Personal Property Coverage covers the event that caused the loss.

Coverage is subject to the policy’s limits, deductibles, exclusions, and conditions. Certain high-value items may have specific limits.

It depends on the source of the damage and the policy terms.

Certain sudden damage may be treated differently from problems caused by inadequate maintenance, deterioration, or excluded events.

The cause of the damage is essential in determining whether coverage applies.

Do not assume that you can.

An owner-occupied residence, a property rented to others, and a home used as a short-term rental present different risks.

The property’s actual use must be disclosed to the insurer.

Information commonly requested may include:

• the property address;
• year built;
• construction details;
• roof information;
• occupancy type;
• completed renovations;
• insurance and claims history;
• desired coverages;
• financing information, when applicable.

Additional documents or inspections may be requested depending on the property and the insurer.