FLORIDA, NORTH & SOUTH CAROLINA HOMEOWNERS
Types of Homeowners Insurance Policies needed for these States Florida, South Carolina, & North Carolina. Since these 3 States are considered Coastal Regions and are very prone to severe Natural Disasters like Hurricanes’, Tropical Storms, Fires, Floods, Storm Surge. If you as a Homeowner do not carry the right insurance policy then you can loose your Prized Valuables and your Home. We have outlined all the types of Insurance Policies that you should carry.
Types of Homeowners Insurance Policies
Flood Insurance- This is a separate insurance policy that normally you need to purchase separate. With flood insurance, you have choices. You can get your home covered, you can get your contents covered, or you can get both. An inch of water inside your home can cause thousands of dollars of damage, ruining things such as flooring, baseboard molding and bookshelves. Your flood policy will cover structural losses, including damage to walls or the foundation of the dwelling. Also included in this category are the electrical system and plumbing, central air/heating, kitchen appliances, water heaters, permanent carpet, flooring, cabinetry, window blinds, and your drywall. If you have a detached garage, it may also be covered if its value is equal to less than 10% of your dwelling coverage. Also, the costs associated with removing debris are covered.
Fewer than half of people in flood zones have flood insurance coverage and fewer than 1% have it outside of flood zones, according to the Insurance Information Institute. Your basic homeowners’ insurance policy does NOT cover flood damage. According to the National Flood Insurance Program, floods are America's #1 natural disaster. They strike every state and almost every community.
Source Below http://www.fema.gov/news/newsrelease.fema?id=8418
The following items are covered under building coverage as long as they are connected to a power source and installed in their functioning location:
- Sump pumps
- Well water tanks and pumps, cisterns and the water in them
- Oil tanks and the oil in them, natural gas tanks and the gas in them
- Pumps and/or tanks used in conjunction with solar energy
- Furnaces, hot water heaters, air conditioners and heat pumps
- Electrical junction and circuit breaker boxes and required utility connections
- Foundation elements
- Stairways, staircases, elevators and dumbwaiters
- Unpainted dry wall and ceilings, including fiberglass insulation
The following items are covered under contents coverage:
- Clothes washers and dryers
- Food freezers and the food in them
Coastal, Hurricane, Windstorm, Fire Insurance- This insurance policy protects homes from being damaged by the perils associated with coastal living – floods, windstorm, fires, vandalism, in the regions of Florida, North & South Carolina.
Flood insurance covers some types of water damage, including rising water from a storm. Windstorm insurance covers wind damage and water damage that was caused by or driven by a windstorm. If you live in an area that could experience a hurricane or a flood, you should look into these types of insurance. Typically, they must be purchased in addition to the basic homeowner’s insurance policy. It may be possible to obtain windstorm insurance through a private insurer; for homes in certain high-risk Florida areas, however, homeowners will need to purchase windstorm insurance.
Category 1 hurricane has lighter winds compared to storms in higher categories. A Category 4 hurricane would have winds between 131 and 155 mph and, on the average, would usually be expected to cause 100 times the damage of the Category 1 storm. Depending on circumstances, less intense storms may still be strong enough to produce damage, particularly in areas that have not prepared in advance. Hurricane-force winds can easily destroy poorly constructed buildings and mobile homes. Debris such as signs, roofing material, and small items left outside become flying missiles in hurricanes. Extensive damage to trees, towers, water and underground utility lines (from uprooted trees), and fallen poles cause considerable disruption.
A hurricane may destroy a house and flood the streets, but a homeowner who has good hurricane insurance can have a little peace of mind that replacing his home will not be the devastating expense it might have otherwise been.
A large-scale hurricane will tend to push up supplies and labor costs beyond the norm, and an extended replacement policy will ensure that the home is covered, regardless of construction costs. Coverage can also be purchased to cover the changes in construction costs since the house was built (inflation guard) and to reflect code changes/upgrades and sewer construction. This is vital if the community has instituted massive changes in the building codes, such as building to withstand hurricanes. Also, every home needs a sewer, so sewer construction coverage is also crucial. One vital bit of coverage is for living expenses. This will provide a family the funds for staying in a hotel, food and other sundries that arise in the business of day-to-day living. Coverage is also available for personal possessions. This includes clothing, furniture, and even kitchen utensils. Anything not part of the structure that was in the house before the storm is considered a personal possession and may be covered if the policy includes this rider.
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Homeowners’ Insurance can be different for every home but the basic coverage's are:
Coverage A – Dwelling (Home)
Coverage B – Other Structures (Garage, Pool Screen)
Coverage C – Personal Property (Furniture, Clothes, Electronics)
Coverage D – Alternative Living Expenses / Loss of Use (Living Elsewhere While Home is Fixed)
While each insurer calculates the coverage's differently the value of the house itself is usually 80%-90% of the appraised market value. The “Other Structures” is usually 10%-20% of the house value. The “Personal Property” value is usually 40%-60% of the house value and the “Alternative Living Expense / Loss of Use” is 10%-20% of the house value.
Fire Insurance- There are three types of insurance coverage. Replacement cost pays the cost of replacing your property regardless of depreciation or appreciation. Extended replacement cost will pay over the coverage limit if the costs for construction have increased. This generally will not exceed 20% of the limit. Actual Cash Value provides replacement minus depreciation. When you obtain an insurance policy, the coverage limit established is the maximum amount the insurance company will pay out in case of loss of property. This amount will need to fluctuate if homes in your neighborhood are rising; the amount needs to be in step with the actual value of your home. In case of a fire, household content replacement is tabulated as a percentage of the value of the home. In case of high value items, the insurance company may ask to specifically cover these items separate from the other household contents. One last coverage option is to have alternative living arrangements included in a policy. If a fire leaves your home uninhabitable, the policy can help pay for a hotel or other living arrangements.
Condo Insurance- Your condominium association insurance covers the condominium building, commonly owned property, and liability insurance for the association. But that insurance doesn't cover losses to your unit as a result of a burglary, if water damage ruins your living room walls, or if someone slips on your wet kitchen floor and is injured. Condominium policies protect you from losses to your personal property and the interior of your unit. You will also have liability protection for bodily injury or property damage to others
Protect your investment by getting a Homeowners Insurance Quote. Even if you have a current Homeowners Insurance Policy, we will review it free of charge. We will assess whether you have adequate coverage to protect your home to determine if you need better coverage, all the while guaranteeing you the best possible price for your home insurance needs.