Is home insurance required in Florida?

Homeowners insurance is not a legal requirement in Florida or any other state. However, homeowners insurance is likely required by the lender if you have a mortgage on your home.

A female homeowners inspects her damaged ceiling with a contractor.

Why lenders require homeowners insurance

A homeowners insurance policy helps protect a lender's financial interest in the property. Coverage ensures that should the house be severely damaged in a covered event, funds would be available to either pay off the remaining balance of the mortgage or to rebuild the property to preclaim condition.

Homeowners insurance also preserves a home's collateral value. Because a house and property are used as a major source of collateral on a mortgage, home insurance helps protect that value.

Is flood insurance required in Florida?

While flood insurance is not required in most cases in Florida, there are some exceptions. For example, if a house is in a designated Special Flood Hazard Area (SFHA), where flooding is a high risk, then federally insured and regulated lenders must require it. The Consumer Compliance Outlook gives more details in the 2024 Overview of Private Flood Insurance Compliance Requirements.

The value of homeowners insurance

Even when no mortgage is in place, homeowner's insurance is still important. Homes are significant investments for most families, and repairing or replacing them using your own money may be impossible for some. Homeowners insurance can help you manage financial losses due to fire, natural disasters, and theft. It may also provide important liability coverage should someone sustain an injury while on your property.

Getting a homeowners insurance quote is easy

Getting a quote is simple. Just reach out to us and answer a few questions. We make getting homeowners insurance easy. Contact us today.


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