● There are practically no limits. It doesn’t make a difference if you purchase a condo for $125,000 or a mansion for $3.5 million. The monetary worth has no limit but there are restrictions on property size, which cannot be more than half an acre.
● Double the advantage for married couples. If you are married, both spouses are eligible for homestead exemption, doubling the benefit. Should finances go awry, both spouses are still protected by homestead exemption when filing for bankruptcy.
● Protection from creditors. If you own a homestead exempt property in the state of Florida, you have a home that’s off limits to creditors. This means even if a person or company files a lawsuit against you, and wins a judgment, you can’t be forced to sell your property.