While young adults have always been traditionally slow to purchase insurance products, Millennials today are the most underinsured generation in Florida, leaving them at risk of exceptional losses should the worst occur.
Health Insurance coverage is lower in the 18- 29 age bracket than any other demographic and homeowner insurance is even less likely to be purchased by individuals within the same age group. This is deeply concerning when you consider that every homeowner is at risk of damage from fire, floods, storms, and break-ins regardless of the age of the owner.
Whether it is because the younger generation consumes less than their elders and therefore place less importance on the repair or replacement of their belongings or whether they rely on mom and dad still to bail them out, Millennials need to reconsider their position when it comes to insurance.
Making sweeping statements about an entire generation may seem a little below the belt, but if you, your friends or family members are underinsured, there is a far higher risk that they will suffer substantial losses.
Buying your first home is an exciting time, and you are probably more interested in designing your dream home than you are about extras expenses like insurance rates. But, without comprehensive coverage, you could lose everything.
What Coverage Should You Purchase?
Homeowners insurance is a must-have for anyone who owns their own home in Florida. The monthly rates you pay may seem like an additional expense you could do without, but it your home is damaged, your insurance will provide the crucial funds you need to repair or rebuild it.
Be aware though that most homeowner policies do not include cover for damage caused as the result of a flood, hurricane or earthquake, but you can purchase a separate policy to keep your protected should any of these things happen.
Cover Your Contents
All of those things that you have worked so hard to buy need to be protected should your home be damaged in any way. Personal Property insurance takes care of your furniture, TVs, iPads, appliances, clothes and other belongings that might not be physically attached to the home. These should also include higher-end belongings such as jewelry, electronics, and art. Most homeowners insurance policies have limitations of about $1,000-$2,500, so if you estimate that your belongings need a higher level of coverage, you should talk to your insurance agent about scheduling individual items into your policy.
If you would like advice on the best type of homeowners insurance for your new Florida property, speak to our agents today at 561-391-4661.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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