Is homeowners insurance required by law in Florida?

Many questions arise when it comes time to shop for Florida homeowners insurance. In fact, this process can be quite confusing and you will definitely have questions that need to be answered. One of the main questions asked is: ” Is homeowners insurance required by law in Florida?”. Let’s find out the answer to this now!

Is it really required?

Florida homeowners insurance found here is generally required by lenders in the private sector.  After all, if you borrow from them to help buy your home, your investment is now theirs as well. They’re definitely going to want some kind of assurance that their investment will be protected in case of a disaster.

In fact here in Florida, if you fail to acquire proper FL homeowners insurance, it will be purchased for you. Failure to purchase coverage allows your lender to provide you coverage, this is known as a forced placed policy. You will be charged for this policy in addition to your loan premiums.

Payments for a forced loan policy are usually more expensive. In any event, it’s recommended that you carry a policy to protect your property investment. That way you aren’t trapped in a forced loan policy.

Are private options cheaper? 

If you cannot find Florida homeowners insurance on your own, never fear! Lending companies generally provide or direct you to their own versions of it.  However, these options are generally far more expensive, meaning that if you want to save money, your best option is likely to find your own. Usually, a Florida homeowners policy independent of your lender is your better option.

You can still ask your lender for advice when it comes time to choose. However, in terms of actually selecting a form of homeowners insurance, you are more than likely better off from a financial perspective making the final decision yourself. It’s the only way to find coverage that fits your budget.

Different levels of coverage

Not all coverage packages are created equal when it comes to Florida homeowners insurance from  There are different levels of coverage, covering a wide variety of potential perils.  Some are more basic, and included in most basic plans, while others are more specific.

It is up to you determine which level of coverage is best for you and your FL home. Carefully consider each of your options. Always remember that it is best to have more than enough coverage instead of not enough.

Online Quotes are essential

Finally, when searching for the best deal on Florida homeowners insurance, you can generally search for and find online quotes to help you compare rates and see which provider gives you the best deal. Always collect more than 3 quotes. Doing so will be able to enable you to save some cash.