What kind of home insurance coverage I should obtain.?

Asked by Bholey, Boca Raton, FL Fri Feb 13, 2009

What would be appropriate level of deuctible for a house which is appraised for 150K in Boca Raon

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Chris Jordan, , Marietta, GA
Fri Jun 5, 2009
Homeowners insurance is underwritten by the insurance company, not the lender. The lender may have requirements for the deductible but it is the insurance company that ultimately determines the amount of coverage on the dwelling.

Things that you need to consider with your homeowner's policy include expanded replacement cost for the dwelling. This allows for the insurance company to go above the limit shown on the policy. Typically, you are looking at 20% - 25% higher than your dwelling limits. Most insurance companies include this on the policy, but check to make sure. Ask about "guaranteed" or "expanded" replacement.

Be sure your liability limits exceed what your home is worth.

Also, make sure that your contents are insured for replacement cost LESS depreciation... meaning that if you have a 1999 TV set that burns in a fire, that the insurance policy is written so that you will be reimbursed for a 2009 TV.

Flood insurance is only necessary if you are on a flood plain. FEMA normally wont take on something that isn't on a flood plain.
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David A Podg…, Agent, Delray Beach, FL
Fri Jun 5, 2009
If you are getting a mortgage it is up to the Lender what coverage you will need - they will have requirements to cover the full replacement cost and other requirements based on where the home is.

For instance, Windstorm is vital and usually you'll need a 2% deductible, but you can get a $500/$1000 deductible for a higher rate.

You may also need flood insurance...

all these will be determined by the Lender...

Otherwise call a good insurance agent and ask them what they recommend... I use Jessica @ the Atlantic Agency in Delray Beach - 561-638-0030
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Donald Steve…, Agent, Fontana, CA
Thu Jun 4, 2009
Your deductible should be a balance between what you can afford for insurance premiums and what you can afford and are willing to pay in the event of you needing to make a claim. The higher the deductible, the lower the insurance rate. The lower the deductible, the higher the insurance rate. I always recommend people go with the highest deductible you would be willing to pay if you need to make a claim because claims dont happen often if at all. Also your budget will be a huge factor in your decision obviously.

The Home Insurance Specialists
Web Reference:  http://www.getgliga.com
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George E. Si…, Agent, Lake Worth, FL
Sat Feb 14, 2009
It depends on your ability to absorb the deductible should you have a claim. Some policies allow up to 5% of the value which can greatly reduce the premium but of course increase your personal out of pocket expense should a claim arise.
Web Reference:  http://www.ges-realty.com
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