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What types of property insurance do I need?

When going about your day-to-day life, one of the last things you want to think about is property insurance. Nonetheless, it can be one of the most important things for securing your financial future.

We are often asked what type of insurance is needed to make sure you are protected. We also see cases where the right type of insurance could have helped a client.

Property Insurance illustrationAlthough we aren’t insurance agents and we aren’t telling you what to buy or where to buy it, we can make some basic recommendations and explain some coverage options. Everyone has different needs so it’s important to work with a professional. Here is some general information about the different types of insurance you should have and what each one does:

Auto insurance

Staying safe on the roads requires constant vigilance, and being in the wrong place at the wrong time can lead to accidents that aren’t your fault. You want coverage that pays for the cost of repairs, protects your finances, and gets you back on the road sooner. Most states have requirements for auto insurance. In Florida, for example, you must show proof of Personal Injury Protection (PIP) and Property Damage Liability (PDL) automobile insurance with a $10,000 minimum. Read more about Florida requirements.

Boat insurance

Akin to auto insurance, boat insurance is a policy that people use to cover their vessels in the event of any damage. This is a much more common policy in Florida, as boat owners make the most of our beautiful sprawling waterways and beaches. Boats are a big investment, so you want to protect that investment. You also want to be prepared in case you are involved in a boating accident or someone is injured on your boat.

Boat insurance is not required in Florida, but it’s a good idea for the reasons we just mentioned. No one expects an accident to happen to them. That’s why it’s called an accident.

Home insurance

Although you take precautions to protect your property, there are forces out of your control. In Southwest Florida, the biggest is the threat of hurricanes. Another common threat is brushfires that can destroy homes. Home insurance protects the value of your home in case something happens. Be sure you have coverage for all types of possibilities. Just having insurance doesn’t mean you are covered in the event of a hurricane or flood, for example. You also want to be protected in case someone gets hurt on your property.

Other coverage

Although these are some of the common types of property insurance, there are other options. You may want to consider an umbrella policy that basically sits on the top of your other insurance to give you extra protection. An insurance professional will know the best way to protect your property and can recommend the best types of coverage.

In addition to protecting property, you should consider life insurance as well as coverage for accidents and disability. These types of coverage will help you if you become disabled or are seriously injured and unable to work. Life insurance will protect your loved ones if something happens to you.

Check with your insurance agent to verify you have the right coverage. Make sure you have what you need before a disaster strikes.

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