The importance of insurance can never be underestimated. The right insurance can provide much-needed financial support and also reduce uncertainties in both your professional and personal life. Insurance is a safety net that provides security against certain unforeseen events and sudden loss by compensating you. With the right insurance, you can be sure that your financial burdens are drastically reduced. Here are three types of insurance that you will find invaluable when living in Florida.
Auto Insurance, Florida
Every driver in Florida is required to have auto insurance coverage. Auto coverages required by Florida to operate a motor vehicle include Personal Injury Protection (PIP) and Property Damage Liability (PDL) coverage. A minimum PIP of $10,000 and a minimum PDL of the same amount is a must. Registered taxis must carry Bodily Injury Liability (BIL) coverage.
You are also expected to have continuous coverage, even if your vehicle is inoperable or not driven.
When buying auto insurance in Florida, ensure that your insurance carrier is licensed to carry out business in the state.
If you are relocating to Florida, you can get your current insurance transferred to a Florida auto insurance policy.
Business Coverage, Florida
Florida has one of the largest economies in the United States. While commercial liability insurance is not mandatory, legal claims and settlements can spell financial ruin for your Florida business if you don’t take necessary steps to insure it. Commercial liability insurance or business liability insurance covers bodily injury, property damage, personal injury, advertising injury, and legal defense and judgments.
Property insurance and general liability insurance are the minimum business insurances you will require if you are running a small business in Florida. Both these insurances are necessary to protect both your business as well as your personal assets from settlements or legal claims. Cyber liability insurance can help businesses survive cyberattacks and data breaches.
Workers compensation insurance is mandatory for any business that is located in Florida and has at least four full-time or part-time employees. As well as this, if your business makes use of trucks or cars for business purposes, your drivers must carry the necessary commercial vehicle insurance.
Homeowner’s Insurance, Florida
While the state of Florida does not mandate the need for homeowner’s insurance, your mortgage company may require you to have it. If you are looking for financing of your home, you are required to have a minimum or a basic homeowner’s insurance. There are several advantages to having a homeowner’s insurance. It can help repair or rebuild your home and even replace personal property due to a covered loss. A typical homeowner’s insurance in Florida covers loss due to theft and loss due to structural damage caused by leaks, fires, water discharge, storms, and fallen trees. Affordable homeowner’s insurance can be purchased from any of Florida’s several insurance companies.
If you are moving into Florida, ensure you are protected with relevant insurances. Florida is one of the stricter states, and having the right insurance is a must.
**This blog provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverage. These definitions do not alter or modify the terms of any insurance contract.