Homeowners insurance in Florida has substantially varying coverage. The exact scope of coverage depends on the choice of policy. Generally, homeowners insurance in Florida will cover the actual cash value of the property and the unmovable installations. Movable assets are usually covered but with the exception of cash, jewelry and fine art. The personal possessions that you have, whether appliances or furniture, will not be compensated for at their market value as depreciation will become a quintessential factor and you would only be able to recoup the value corresponding to what they are worth at the time of damage or loss.
Homeowners insurance in Florida will cover the replacement cost. This pertains to rebuilding your home. This does not account for any loss of personal items. Valuable assets, fancy installations and pets, or even automobiles, are not factored into this calculation. There is a guaranteed replacement cost in most policies that will pay for the reconstruction of your house, the way it was, even if the expenditure exceeds the amount you have obtained coverage for. There is a provision for extended replacement that a few insurers will offer wherein you can get the maximum coverage capped at the insured value of your property and a fourth of that amount. Effectively, you get more than the insured value of your property. Some policies will have an inflation guarantee wherein the current value of your property at the time of loss or damage will be covered.
Standard homeowners insurance in Florida does not cover damages or loss caused by earthquake, flooding, war and nuclear hazards. Fire, theft, robbery, vandalism and other common causes of damage or loss of property are covered. Some insurance companies will offer you protection against mold damage and will pay for the remediation. Some insurers will not offer you such coverage. You would need to pay extra to have coverage against mold damage. Typically, policies don’t cover sewer problems and other issues that may crop up due to lack of maintenance or negligence. You can of course opt for additional coverage to ensure you are protected in every possible untoward scenario. Such additional coverage will cost you more.
Homeowners insurance protects structural damages and losses, theft or loss of most personal belongings, additional living expenses should you need to move at the time of repair or rebuilding and liability protection in case someone gets injured at your home.