The significant purchase of a house demands the financial protection of a home insurance policy—but when do you need to buy coverage? We can help you make this crucial decision in the required time. 

What Is Home Insurance? 
Before talking about when you need to buy home insurance, let’s talk about what home insurance is. Home insurance is vital protection for all homeowners. Home insurance may protect you from damage to your dwelling or personal property, in addition to providing liability protection for injuries that occur on your property or injuries or property damage that you, or an insured on your policy causes. Additionally, if your home is damaged and you must vacate, your policy may cover your additional living expenses, including hotels, meals and other costs—up to your policy limit. Without home insurance protection, you might be responsible for all these expenses. 

Although your specific home insurance policy will determine the particular coverage you have, your home insurance usually includes protection for the following: 

• Property structure coverage may help cover the costs of repairing or rebuilding your home if a covered event damages it. Your policy may also cover detached structures, such as a garage. 
• Liability coverage may help pay for bodily injury and property damage that you or someone listed on your policy (e.g., children or spouse) causes. It may also help cover the costs associated with a third party’s injury on your property, including court costs and awards—up to your policy limit.  
• Personal belongings coverage may help with repair or replacement costs for clothing, sports equipment, furniture and other personal items stolen or damaged by a covered incident—up to your policy limit. If you have more expensive items to insure, you may choose to add a personal property endorsement or floater for the appraised value of your items. 
• Additional living expenses coverage may help pay your living costs if you must live elsewhere because of a covered occurrence. Hotel bills, restaurant meals and other living expenses may be covered—up to your policy limit.

Many Florida homeowners also choose to purchase additional flood insurance. A flood insurance policy may be beneficial if your home and belongings could be affected by flood waters. We can help you explore what coverage may give you the additional protection you need for such an event. 

When Should I Get Home Insurance? 
Many financial lenders won’t approve home loans without proof of insurance. Take time to explore different home insurance options so you’re comfortable with the home coverage you choose. We can help you start on a home insurance policy as soon as you decide to purchase your home—usually a month or two before your closing. The Insurance Store USA can ensure you have the protection you need—and that your lender requires.  

As a policyholder, you may decide to switch insurers at some point during your policy duration. Before doing so, it’s essential to talk with your current provider to let them know you plan to cancel—they might offer you a lower rate to stay and may have cancellation fees. However, suppose you’ve made up your mind and are switching providers. In that case, you must not have a lapse between ending and beginning your new policy coverage since a damaging event could happen anytime—and you don’t want to be without any coverage.  

Protect Your Investment 
The Insurance Store USA helps Kissimmee and Apopka, Florida, residents with their home insurance needs. We can help you with the specific coverage you need for your home and location. Call our Kissimmee office, 407-705-3605 or our Apopka office, 407-880-2090, to have one of our team help you with a no-obligation quote. 

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.