Ideally, no homeowner must pay more or less than necessary for home insurance in Florida. Should I purchase extra home insurance in Florida? This question is a non-starter if you have adequate coverage. The problem lies in the coverage.

Nearly thirty percent of all homeowners in the country are underinsured. Interestingly, many residents in South Florida are over-insured. They are paying more than necessary for coverage that is not really required. Miami home insurance is without a doubt, the most expensive in the country.

Do I Really Need Extra Coverage?

There is no generic way to answer if you should go for more coverage or if you should reduce the coverage. The only way to address the concern is to delve into the specifics. Let us understand the pertinent issues to answer should I purchase extra Florida home insurance from

Let us presume the value of a property to be half a million dollars. Should the home coverage be half a million dollars? It does not have to be because the value takes into account the land and the property built upon it. The value of the land does not have to be insured. The property and the contents inside the house should be insured.

The focus should be on the perils that are covered and whether or not the coverage is sufficient to finance the rebuilding. All homeowners must consider the possibility of the house being completely destroyed and then how much would it cost to rebuild the property. This is the coverage one must have, neither more nor less, unlike Florida homeowners insurance for trampolines.

Perils and your FL home insurance

The reason why a generic approach does not answer should I purchase extra home insurance in FL is the varying risks at different places according to Florida has zones wherein some areas are deemed to be safer than others. These areas have lower premiums for the same coverage as one would seek in a riskier zone. Some zones where known perils are almost a certainty at some point in time will also have a higher premium for those specific threats. Hence, the question of having extra home insurance should pertain to that specific peril.

Many homeowners opt for coverage of the entire value of the home. This is unnecessary. Many homeowners opt for coverage that they think is sufficient to undo the damage caused by a peril. This too is an unwise approach. Get enough coverage to rebuild your house and replace damaged or lost assets. Choose FL home insurance as per the zone and the cost of rebuilding in the future, not immediately as that will disregard inflation.