Navigating Your Mandatory and Recommended Coverage
Choosing to purchase a car, home, or business in Florida may require varying levels of insurance coverage to be obtained. Furthermore, you may feel more comfortable purchasing additional forms of coverage to protect yourself in the event of natural disasters, injury, and significant property damage. If you're a new Florida resident or are looking to obtain a new property, read on to learn more about what insurance may be required in your circumstances.
Florida Insurance Requirements
Florida drivers are required to register all four-wheel vehicles. In doing so, they must obtain minimum insurance coverage for personal injury and property damage liability and show proof of coverage when registering.
The minimum requirements for automobile coverage include:
- Personal Injury Protection (PIP): $10,000
- Property Damage Liability (PDL): $10,000
Vehicles registered as taxis may require additional PIP and PDL coverage.
Despite this coverage being mandatory in Florida, over 20% of drivers in the state remain uninsured. This is one of the highest rates in the country. Because of this, your chances of becoming injured at the hands of an uninsured motorist are high. However, Florida is classified as a "No-Fault" state, which means each driver is responsible for their medical payments through PIP insurance.
This does not mean that you can't seek compensation for damages, though. Click here to learn more about what you may be entitled to in a car accident.
Personal Injury Protection Coverage
Only 13 states, including Florida, require motorists to obtain Personal Injury Protection coverage to ensure that all drivers and passengers have medical costs covered following an accident. However, PIP only takes care of 80% of these medical expenses up to $10,000.
Disability and death benefits may also be covered up to a certain amount, should it be applicable in those instances.
Although homeowners' insurance isn't technically required in Florida, you may find great peace of mind by insuring your home. When considering the amount of home insurance coverage to obtain, you may want to consider a variety of factors, including:
- The cost it would take to completely rebuild the home.
- Possible damages from hurricanes or other natural disasters.
- If your city requires liability coverage for swimming pools or certain pets.
- Medical payments if someone were to become injured on your property.
- Your personal property that could be damaged.
Working with insurance companies can be complicated, so it's crucial to work with an experienced homeowner insurance attorney to better understand the purchased coverage and denied claims.
Some motorists may find that the minimum requirements for automobile insurance are simply not enough to protect them and their loved ones following an accident. In these instances, they may look to policy additions that can increase their liability coverage in various factors. Here are some of the most commonly recommended.
Bodily Injury Liability
PIP is designed to cover medical expenses, but $10,000 may not be enough to account for significant injuries and the extensive treatment they may require. Because of this, many motorists opt to include additional bodily injury coverage on their policies, especially if they have young children or are frequently on the roads.
Collision and Comprehensive Coverage
Collision coverage is another way to expand upon the PDL requirement, although it is primarily designed to be used in multi-vehicle accidents only. On the other hand, comprehensive coverage is specifically for non-vehicle collisions, like those with animals or fixed objects. These two policies are often bundled together as "full coverage" and are often required by some vehicle lessors.
Uninsured/Underinsured Motorist Coverage
Due to the high percentage of uninsured motorists in the state, some drivers may find it necessary to obtain Uninsured/Underinsured Motorist (UM/UIM) coverage. By carrying this policy addition, you are insured against an uninsured driver, one that doesn't have sufficient enough coverage to pay for damages, or in a hit and run accident.
Fort Lauderdale Insurance Attorneys
Dealing with the insurance company for a damage claim can be a complicated process that you shouldn't have to face alone. Our Law Offices of John D. Ameen, P.A. attorneys are prepared to help you through it from start to finish.
To get started with a free consultation, call (800) 953-2858