In the modern world, insurance is a flourishing industry and the USA is home for some of the famous insurance companies with worldwide fame. The state of Florida comprises a number of insurance companies offering insurance of various types.
Residents of Florida can buy insurance based on their needs. Before buying the insurance policy, make sure that you know everything about it. Each state has separate insurance laws; find out what is applicable in your state Florida. Before buying any insurance policy, make sure that you are buying it from a reputed company.
Home insurance in Florida
Florida is prone to natural disasters like hurricane and flooding, so homeowners must take insurance. The insurance will not only protect their homes in case of a natural disaster, but also help them rebuild their homes if required.
Homeowner’s insurance : Homeowners policies in Florida offer coverage for owner occupied homes, personal properties and liabilities. Dwelling Fire policies also insure owner occupied homes, the building structure and lilted contents of the home too.
Condominium Owners Insurance: In this kind of policy covers the condominium that is owned and occupied by the policy holder and also covers personal assets and liabilities.
Mobile Homeowners: This policy covers mobile homes that are owner occupied and also includes personal properties and liabilities.
Renters Insurance: Covers the tenant’s property in a rented home.
Flood Insurance : Insures against damage due to flooding as per the guideline of the National Flood Insurance Programme (NFIP).
Commercial Line Products: Provides business-holders with coverage of property, liability and other types of commercial coverage for the working of mobile home dealers, mobile home parks, residential home-owners associations’ sand and other commercially owned residential property.
Life Insurance in Florida
The insurance industry in the state of Florida is a flourishing one. Life insurance guarantees the beneficiary’s dependents a certain some of money in the event of death of the insured or to the insured after the lapse of a specified time period.
Term Life Insurance: It is a policy with a set duration limit on the coverage period.Here the benefits are paid only after the demise of the insured.
Universal Life Insurance: This type of insurance was introduced in the 1980s as a high interest alternative to whole life insurance. This policy provides a bigger set of investment choices and higher projected interest rates.
Whole Life Insurance: It is a policy that covers the contract holder for his or her entire life. Current Assumption Life Insurance: In this policy a fixed annual premium is paid for the duration of the plan. The policy holder receives a fixed rate of interest on the premiums paid, less the cost of insurance.
Riders and Options: Insurance policies which provide the option of adding additional conditions and clauses for more coverage. For example an individual can avail of the accelerated benefits option which allows the policy holder to receive one-fourth the policy value prior to his death if he is struck by illness of serious nature.
Florida Health Insurance
Health Insurance is defined as insurance against illness and other medical expenditures. It pays for all or part of individual’s medical expenditures. Types of Health Insurance include group health plans, individual plans, workers compensation and government health plans such as Medicare. Health Insurance can further be classified into two kinds, fee for service and managed care. Managed care plans can also be further sub divided into two kinds
Health Maintenance Organization is a prepaid plan. It was started originally to meet the cost of preventive care (for example, regular medical check ups). Here the policy holder is required to choose a family physician from a list of doctors who would determine if the patient needed treatment from a specialist. Policy holders are required to pay a fixed monthly premium and in return they receive regular medical care.
Preferred Provider Organization or PPO is a plan that combines features of a Fee-for Service plan and an HMO. Here if the patient is treated by a doctor of the PPO network the patient will be reimbursed the whole amount of or most of the medical bill.
Workers Compensation Insurance in Florida: An insurance program offered by the state of Florida for workers injured on the job and dependents of workers killed on the job.
Property damage insurance in Florida pays when the policy holder causes property damage.
Hurricanes are a common threat in Florida. So, it will be better to take an insurance policy that will pay to replace your boat if it is badly damaged or destroyed. Some policies will only pay the amount, for which the boat is worth. The insurance must also cover the possessions onboard in case of any damage.
Travel Insurance in Florida: This policy insures against adverse events associated with travel.
Florida home insurance requirements
Before taking homeowners insurance, you must understand what is covered and what is not by the policy. According to Florida Office of Insurance Regulation all homeowners must have a minimum $500 hurricane coverage amount with an optional 2 pr 3 percent amount. Homeowners insurance does not provide coverage for flood even if it is flooding as a result of hurricane. For this residents must buy a separate policy from National Flood Insurance Program (NFIP).
The insurance company is legally responsible to pay the homeowner for any damage sustained under the liabilities that are covered. If the covered damages are not paid, the homeowner can take the insurance company to court.
Auto and Vehicle Insurance in Florida: This type of insurance covers the owner’s cars truck sand other types of vehicles, including boats.
For auto insurance in Florida, the driver needs to obtain two types of cover – personal injury protection (PIP) insurance and property damage Administration of insurance laws are overseen by The Department of Highway Safety and Motor Vehicles. The department can impose punishments in case of failure to comply with the laws.
Florida auto insurance cover
Property damage insurance in Florida pays when the policy holder causes property damage. This can include the other vehicle or other types of property. Drivers in Florida need to take at least $10,000 worth of coverage. Under personal injury protection, medical expenses are covered regardless of the fault of policy holder or his/her children, family members or other passengers who do not own a vehicle with PIP insurance cover.
Florida has no-fault insurance laws for claims, so the right to sue for damages is limited to the state’s residents. However, if their expenses exceed the benefits paid from PIP coverage, individuals can sue. They can also sue if they suffer from permanent injury, loss of body part or death resulting from an injury.
Automobile insurance are of various types. Each Florida auto insurance plan has specific requirements before buying any auto insurance in Florida or in any other state, you need to know. For auto insurance in Florida, the driver needs to obtain two types of cover – personal injury protection (PIP) insurance and property damage liability insurance. Administration of insurance laws and overseen by The Department of Highway Safety and Motor Vehicles. The department can impose punishments in case of failure to comply with the laws.
It is important to have dental insurance. Keeping your teeth and gums in a healthy shape is important. There are a several dental insurance companies in Florida, from where you can take an insurance plan. Florida dental insurance takes care of the dentist’s bill. Often people who do not have a dental insurance cover, are tempted to skip regular dentist appointments. One of the main reasons involved with this is huge expense.
Dental insurance in Florida works just like any other insurance. You will have to pay a specific monthly rate (premium) and for the insurance, you are entitled to certain benefits. Some of the benefits covered in dental plans in Florida include regular checkups, x-rays, cleanings and other things related to promote general dental health. Some plans give broader coverage, for which you will have to pay higher premiums. Coverage in this plan can include oral surgery, orthodontia and dental implants etc.
Last Updated on : 28th August 2013