As a Florida resident, you know that the right Tampa homeowners insurance is a must. However, how much should you buy, and do you need to add Florida flood insurance to the mix? Let’s take a look at some of the factors you need to consider when making your decision.
Your Home’s Value
The first factor to consider is your home’s value. The more your home is worth, the more you’ll need to insure it. Don’t just insure your home for its market value. Be sure to also insure it for the cost of rebuilding from scratch, as this can sometimes be higher than the market value. Your homeowners insurance Tampa agent can help you determine the right amount of coverage for your home.
Your Personal Property
Next, think about your personal property. What kinds of things do you own that would need to be replaced if they were damaged or destroyed? Again, be sure to insure your property for replacement value rather than market value. A good rule of thumb is to insure your personal property for about 50% of the coverage you have on your home itself. So if you have $250,000 worth of Tampa homeowners insurance coverage on your home, you should have $125,000 worth of coverage on your personal property.
Your next step is to choose a deductible. This is the amount you’ll pay out-of-pocket if you ever have to file a claim. The higher your deductible, the lower your premiums will be. But be sure to choose an amount that you can comfortably afford to pay if necessary. Most people choose a deductible of $500 or $1,000 for their homeowners insurance Tampa and Florida flood insurance.
Your Liability Coverage
Finally, don’t forget liability coverage. This will protect you if someone sues you because they were injured on your property or because of something you did (or didn’t do). A good rule of thumb is to carry liability coverage equal to at least the value of all your assets (including savings, investments, and retirement accounts). So if you have $100,000 in assets, you should have at least $100,000 in liability coverage.
HH Insurance | Tampa Homeowners Insurance
As a Tampa resident, you know that Tampa homeowners insurance is a must, but navigating the world of insurance can be tricky. With the help of HH Insurance, your insurance coverage will ensure you’re covered in the event of a disaster or accident. For more information about our products, please visit our website.