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large home with palm trees out frontAs one of Florida’s premier oceanfront communities, Cocoa Beach has some of the highest real estate values in both Florida and the United States. Both year-round and seasonal residents, not to mention tourists, call the area home. If you own property, it will cost you a pretty penny. That exceptional value means you need homeowners insurance. However, not just any protection will do. Here are a few of the critical elements you should ensure your coverage offers.

Choosing Coverage

The average value of Cocoa Beach real estate is over $399,000. It likely took you considerable time to make the money to afford the property, not to mention the assets inside it. However, just one damaging occurrence could cause you to lose everything, and you will want to rebuild. Make sure your policy offers enough money to help you out.

1. Replacement Cost Value Insurance

When you buy your home’s structure or contents coverage, see if you can get replacement cost value coverage (RCV) or extended replacement cost (ERC) insurance for these assets.

RCV policies will pay you the initial tag price of an item to help you buy a new one. So, if your house’s appraised value is $500,000 on your policy, then you’ll receive up to $500,000 to rebuild. ERC coverage will pay you’re a slightly different value, which is the cost to rebuild your home exactly as it was. ERC coverage will often account for the appreciation of labor and materials costs, should they occur. Learn m

2. Scheduled Items Protection

You might own possessions of significant value, like jewelry, art, furs or antiques.

By scheduling these items on your contents insurance, you’ll be able to get coverage for their specific values. Therefore, you won’t have to worry about receiving an item’s depreciated cash value, which might not cover the cost of a new item.

3. Flood Insurance

Flooding is a common occurrence in Florida. However, your standard homeowners insurance likely does not cover weather-related flooding. Flash flooding, storm surge or similar occurrences won’t have coverage on a standard policy. To get this protection, you’ll need specific flood insurance.

Flood insurance is available primarily through the government-supported National Flood Insurance Program (NFIP). NFIP policies offer structure, contents and related coverage for homeowners. In many cases, Cocoa Beach homeowners must obtain this coverage. We’re happy to help you determine your eligibility and requirements for coverage.

Your homeowners insurance policy needs to probably contain a few specialty coverage elements. Obtaining coverage for the full value of your assets might take time. Still, once you have it, you’ll have a lot more protection available in case damaging accidents occur.

Call an expert at SJR Insurance today at (321) 264-2434 to see what coverage is right for you!

Also Read: 10 Factors to take into account before buying a new home!
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