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Some Florida homeowners may soon be out of insurance coverage as one of the state's largest providers has given some policyholders the ax. On Wednesday, October 7, 2009, Nationwide Insurance Co. announced that it will be dropping 60,000 of its Florida homeowners policies, which makes up almost half of its residential policies. The action won't actually start until July 2010 when many of the homeowners policies are set to renew.

According to Nationwide, it's been scaling back on homeowners policies for several years. In this case, the decision was made to help maintain viability and manage the risk in the area. Florida is known for being a high-risk area when it comes to windstorms and as a result, many Florida insurers assume a great deal more liability than insurers in other parts of the country. Nationwide hopes that by making this decision, it will be able to remain a viable provider for all types of coverage in the state.

As for those policyholders who will be losing their coverage, Tower Hill Insurance Group has agreed to take over the policies for the majority of the homeowners. However, if you are covered by Nationwide and live in the area, now is the time to begin shopping around for alternative coverage options. You may be one of the policyholders not getting covered by Tower Group Hill. Or you simply may not like the coverage options and prices they offer.

Purchasing a home comes with a lot of responsibilities, one of which is to make sure you buy home insurance. What is home insurance, you ask? In short, it is a form of protection for your property. But before you go out and buy some, lets take a closer look at just what it is and why you need it.

Understanding Home Insurance

When purchasing a home, the need to also buy home insurance is rather prevalent. But not just because your mortgage company may require it; instead, its a way to make sure that you and your property are protected in the event that a tragedy beyond your control occurs.

Home insurance is also known in the insurance world as a package policy. This means that not only is your property and your belongings protected, but also, you are not financially liable for any injuries caused to others in your house. It even covers your household pets.

What Does Home Insurance Not Cover?

While buying home insurance after purchasing a home can protect your property if it is damaged, there are some exceptions to what is covered in your policy. For instance, if there is an earthquake that damages your property, or a flood sweeps through and causes damage to your basement, your coverage will not protect your property. So if you live on a fault, or your house sits at the bottom of a hill where you know flooding may occur, you will need to purchase separate policies to make sure your property is financially protected.

Also, its good to remember that home insurance doesnt cover basic maintenance needs. So if your outer deck needs repairs as a result of everyday wear and tear, it will be your responsibility to pay out of pocket.

So now that you know a little bit about it, its time to start shopping for a home insurance policy. It doesnt hurt to do so even before purchasing a home to have an idea of just how much you can afford in overall monthly payments.

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