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Auto2020-01-26T15:57:19-05:00

HOMEOWNERS INSURANCE IN FLORIDA

Insurance is an integral part of our society.  Yet, most people don’t fully understand how it works, what is needed, and what is covered.  We believe that people should make informed decisions about their insurance coverage.  For this reason, we have compiled a guide that covers: homeowners insurance, auto insurance, commercial auto insurance, flood insurance, umbrella insurance, and business insurance.  The guide provides insight into the type of products available, definition of coverages, and frequently asked questions.

HOMEOWNERS INSURANCE PRODUCTS

HO3

HO6

HO4

HO2

HO5

HO8

DP3

DP2

DP1

Multifamily

Townhome

Builders Risk

Vacant

Lenders Single Interest Policy

HOMEOWNERS INSURANCE COVERAGE

HO-3 COVERAGES

Standard Coverages

  1. Dwelling (Coverage A): The amount of money your policy will pay to rebuild your home if it is destroyed up to limit of coverage shown.
  2. Other Structures (Coverage B):  The amount your policy to pays to rebuild other unattached structures on the residence premises.  These are structures that are separated from the dwelling by a clear space or connected to the dwelling by a fence, utility line, or related connection. For example, a detached garage, shed, driveway, pool, gazebo, or fence.  Most carriers calculate this amount as a percentage of Coverage A; typically it is 10%.
  3. Personal Property/Contents (Coverage C):  The amount you have to replace your belongings in the event of a loss.  Personal property valuation can be at replacement cost or actual cash value depending on what was selected when the policy was purchased.  Actual cash value significantly decreases the premium, but it factors in depreciation.  For most policies, replacement cost is recommended to minimize the effect of depreciation on a loss, and items can be replaced with new ones.  Most carriers calculate this amount as a percentage of Coverage A; typically it is 50%.
  4. Loss of Use (Coverage D):  Funds to rent another place while your damaged home is fixed or rebuilt.  Most carriers calculate this amount as a percentage of Coverage A; typically it is 20%.
  5. Coverage E.  Personal Liability: In the event that you become a defendant in a lawsuit, the insurance company will provide up to $1 Million is coverage.
  6. Coverage F.  Medical Payments to Others: Goodwill coverage for medical costs incurred by guests.
  7. Loss Assessment
  8. Limited Fungi, Wet/Dry Rot, Bacteria
  9. Ordinance and Law Coverage

Optional Coverages & Endorsements

  1. water backup & sump overflow
  2. personal jewelry
  3. identity fraud coverage
  4. business pursuits
  5. additional replacement cost
  6. limited water damage
  7. sinkhole
  8. wind/hail
  9. animal liability
  10. screen enclosure/carport

DP3 COVERAGES

Standard Coverages

  1. Dwelling (Coverage A): The amount of money your policy will pay to rebuild your home if it is destroyed up to limit of coverage shown.
  2. Other Structures (Coverage B):  The amount your policy to pays to rebuild other unattached structures on the residence premises.  These are structures that are separated from the dwelling by a clear space or connected to the dwelling by a fence, utility line, or related connection. For example, a detached garage, shed, driveway, pool, gazebo, or fence.  Most carriers calculate this amount as a percentage of Coverage A; typically it is 10%.
  3. Personal Property/Contents (Coverage C):  The amount you have to replace your belongings in the event of a loss.  Personal property valuation can be at replacement cost or actual cash value depending on what was selected when the policy was purchased.  Actual cash value significantly decreases the premium, but it factors in depreciation.  For most policies, replacement cost is recommended to minimize the effect of depreciation on a loss, and items can be replaced with new ones.  Most carriers calculate this amount as a percentage of Coverage A; typically it is 50%.
  4. Loss of Use (Coverage D):  Funds to rent another place while your damaged home is fixed or rebuilt.  Most carriers calculate this amount as a percentage of Coverage A; typically it is 20%.
  5. Coverage E.  Personal Liability: In the event that you become a defendant in a lawsuit, the insurance company will provide up to $1 Million is coverage.
  6. Coverage F.  Medical Payments to Others: Goodwill coverage for medical costs incurred by guests.
  7. Loss Assessment
  8. Limited Fungi, Wet/Dry Rot, Bacteria
  9. Ordinance and Law Coverage

HOMEOWNERS INSURANCE QUESTIONS

Why does the foundation matter?2019-07-22T21:45:28-04:00
How long do most things last?2019-07-22T21:48:35-04:00

Roofs

Slate, copper and tile roofs can last more than 50 years. Homeowners with wood shake roofs should expect them to last about 30 years, while fiber cement shingles last about 25 years and asphalt shingle/composition roofs last about 20 years, the NAHB found. Climate and weather conditions, such as snow, hail and hurricanes, can cut the life span of all types of roofs.

Air Conditioning System

Central air conditioning systems typically last 10 to 15 years. For a window air conditioner, InterNACHI suggests five to seven years. Having your unit serviced every year or two, keeping filters clean and trimming bushes around the outdoor unit can keep it working longer, but eventually the components wear out. Before you buy an air conditioning system, water heater or any other costly appliance, keep energy efficiency in mind to prevent your utility bill from soaring. You may also want to check with your utility provider to inquire if rebates or incentives for buying certain appliances are available, or consult EnergyStar.gov for additional tools and information.

Water Heater

A conventional electric or gas water heater typically lasts about 10 years. If you have a tankless water heater, expect it to stick around for about 20 years.

Why does the shape and composition of my roof matter?2019-07-22T21:44:52-04:00
What type of home construction is the best?2019-07-22T21:45:54-04:00
What type of electrical issues are unacceptable?2019-07-22T21:46:02-04:00
What type of plumbing is unacceptable?2019-07-22T21:46:11-04:00
Will a wind loss mitigation report reduce my premium?2019-07-22T21:46:20-04:00
What is on a 4-point inspection?2019-07-22T21:46:26-04:00
What is the difference in an admitted and non-admitted carrier?2019-07-22T21:37:24-04:00
Why does the foundation matter?2019-07-22T21:45:28-04:00
How long do most things last?2019-07-22T21:48:35-04:00

Roofs

Slate, copper and tile roofs can last more than 50 years. Homeowners with wood shake roofs should expect them to last about 30 years, while fiber cement shingles last about 25 years and asphalt shingle/composition roofs last about 20 years, the NAHB found. Climate and weather conditions, such as snow, hail and hurricanes, can cut the life span of all types of roofs.

Air Conditioning System

Central air conditioning systems typically last 10 to 15 years. For a window air conditioner, InterNACHI suggests five to seven years. Having your unit serviced every year or two, keeping filters clean and trimming bushes around the outdoor unit can keep it working longer, but eventually the components wear out. Before you buy an air conditioning system, water heater or any other costly appliance, keep energy efficiency in mind to prevent your utility bill from soaring. You may also want to check with your utility provider to inquire if rebates or incentives for buying certain appliances are available, or consult EnergyStar.gov for additional tools and information.

Water Heater

A conventional electric or gas water heater typically lasts about 10 years. If you have a tankless water heater, expect it to stick around for about 20 years.

Why does the shape and composition of my roof matter?2019-07-22T21:44:52-04:00
What type of home construction is the best?2019-07-22T21:45:54-04:00
What type of electrical issues are unacceptable?2019-07-22T21:46:02-04:00
What type of plumbing is unacceptable?2019-07-22T21:46:11-04:00
Will a wind loss mitigation report reduce my premium?2019-07-22T21:46:20-04:00
What is on a 4-point inspection?2019-07-22T21:46:26-04:00
What is the difference in an admitted and non-admitted carrier?2019-07-22T21:37:24-04:00