In Florida, rising home insurance costs have led many homeowners to opt for "dwelling/fire" insurance, a type of policy traditionally aimed at rental properties. While this option provides savings, it poses risks due to its limited coverage, missing critical protections for personal property, water damage, liability, and loss of use. The rise in demand for these lower-cost policies underscores challenges in the insurance market, with experts highlighting the dangers of insufficient coverage. The data reveals a significant increase in such policies compared to traditional all-perils options, indicating homeowners' shifting strategies amid financial pressures.
As insurance costs surge, many Florida homeowners are opting for dwelling/fire policies for substantial savings, despite the inherent risks associated with limited coverage.
Experts caution that while dwelling/fire insurance can save money amid rising premiums, it leaves significant gaps in coverage, particularly for homeowners seeking full protection.
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