The cheapest product is rarely the best and this truth applies to almost all industries. Financial products or services are not an exception. The cheapest home insurance in Florida will offer you some coverage and this may seem to be appropriate for a few homeowners but it will neither be proper nor adequate. In other words, the cheapest home insurance in Florida will not offer the comprehensive coverage a homeowner needs. Let us discuss the crucial coverage that you may have to let go when you try to settle for the cheapest policy.
The cheapest home insurance policy will not have coverage for damage caused by flooding. The basic homeowners coverage in the state does not include flooding. This is in contrast with some other states where flooding is included in basic policies. This is simply because Florida is one of the states in the country that are more vulnerable to hurricanes. Florida also has its share of tropical storms and substantial showers, neither of which is a major problem in many parts of the country. Given the recent history of hurricanes battering the coastal areas and causing immense damage far inland too, it is unlikely you would get the coverage necessary to protect your property against flooding if you go for the cheapest home insurance in Florida.
The cheapest policy will not provide proper coverage for your entire property and the various contents in your home. A general policy with basic coverage protects your house, not the contents inside. Immovable structures and built-in or integrated installations may be covered but not other assets such as portable but expensive appliances among other fixtures. If such items get stolen then your insurer would not cover the cost of replacement. Likewise, flooding caused damage may be limited to the contents inside the house or also including the property itself and that too is limited to attached structures and not unattached structures. The cheapest policy will not offer comprehensive coverage in these regards.
The cheapest policy will have very little liability coverage. If anyone has an accident and suffers a serious injury at your property, then you may have to pay for damages including medical expenses. Only an appropriately priced policy will have adequate coverage for such unpleasant scenarios. Insurable occurrences would be stringently limited when you settle for the cheapest home insurance in Florida. There are many other exemptions that would vary from insurer to insurer and you would only get to know when you read their terms.