Florida homeowners face some of the highest insurance rates in the country, making it difficult for many to afford coverage. In fact, approximately 15% of Florida homeowners are uninsured.
However, with the high prevalence of costly natural disasters, including hurricanes, Floridians can’t afford to go without coverage. Luckily there are options available that strike a right balance between affordability and necessary protection.
American Integrity offers Dwelling Fire insurance coverage, including ValueGuard Property Insurance™, which tends to be more affordable priced than a typical homeowners insurance policy. A Dwelling Fire policy isn’t exactly aptly named – these policies provide coverage for more than just fires. They offer essential coverage at a lower cost than a comprehensive homeowners insurance policy (HO3), which can make them an attractive option for price-conscious homeowners.
ValueGuard, Vacant, and Rental/Seasonal Dwelling: Dwelling Fire Insurance in Florida
Depending on the level of coverage you’re looking for and who is living in the home, American Integrity offers three types of Dwelling Fire policies.
ValueGuard Property Insurance™ offers affordable protection for homes that are occupied by the owner all year round. This type of policy includes coverage for core perils (including hurricanes) and the option to customize the policy with enhanced coverage to meet the unique needs of each home.
Vacant Home coverage is ideal for homes that do not have anyone living in them and don’t contain any furniture. Examples include homes in the process of being sold, homes undergoing renovation, investment properties, or inherited properties.
Because Vacant Home policies only cover the structure of the home, customers only pay for the coverage they need – making rates much easier on the wallet! American Integrity’s Vacant Home policy can also be a temporary insurance solution for homes on the market or undergoing renovation, as this coverage can be canceled after just 3 months.
Rental/Seasonal Dwelling coverage is typically more affordable than a traditional homeowners policy. This is because it does not account for all the bells and whistles of a homeowners policy, such as coverage for your home computer, damage to property of others, or loss assessment. However, this policy is customizable so that you can add on these types of coverages if necessary. Rental/Seasonal Dwelling coverage ensure you’re paying for exactly what you need, and nothing more!
Despite its name, homes occupied by the owner are also eligible for Rental/Seasonal Dwelling coverage. Contact an American Integrity agent today for more details!
When Would Dwelling Fire Insurance Coverage Be Suitable?
To strike the right balance between risk and cost, homeowners should carefully evaluate their options. They should consider their overall risk exposure, the potential cost of damages, and their ability to cover any out-of-pocket expenses.
Dwelling fire insurance in Florida may be beneficial for:
- Vacation Homes
- Vacant Homes
- Seasonal Homes
- Secondary Homes
- Rental Properties
- Older Homes
- Self-Insurers
While dwelling fire insurance can provide cost savings, Florida homeowners need to be aware of the potential limitations of these policies. Dwelling fire coverage may not be a substitute for homeowners (HO-3) coverage, which provides more comprehensive protection for a wider range of perils. Homeowners who opt for dwelling fire coverage should carefully consider self-insuring risks in a hurricane-prone state. In the event of a hurricane, homeowners may find themselves underinsured and facing significant financial losses.
Dwelling fire insurance coverage can be a great option for homeowners in Florida who are looking for basic coverage at a lower cost. However, homeowners should carefully consider the risks and benefits of these policies and understand that they may not provide comprehensive coverage for all perils. By striking the right balance between risk and cost, homeowners can ensure that they are adequately protected in the event of a natural disaster or other tragedy.
Florida Insurance from American Integrity Insurance
Looking for affordable home insurance coverage? Speak with an American Integrity Insurance agent about finding the best coverage for the best price. We’re happy to review your current coverage and help you find better solutions for your budget and peace of mind.