Home and Flood Insurance
Home Insurance Basics
Types of policies:
HO3 Homeowner's Policy - Special form for owner occupied homes provides coverage for losses not specifically excluded. As many policies in Florida have limited coverage for water damage, sinkhole and mold to name a few differences. It’s always recommended any coverage choices are reviewed with your agent.
HO4 Renters Policy - Insurance for renters of apartments or homes includes coverage for personal property and personal liability.
HO6 Condominium Owners Policy - includes coverage for personal property, interior walls, fixtures cabinets and floors as well as personal liability
HO8 Homeowner's Policy - Basic Perils form for owner occupied homes coverage applies to only the specific types of losses such as Fire, Lightning, Wind, Hail, Smoke, aircraft or vehicle damage to name a few, these policies should be read for the list as they may differ from one company to the next.
What can affect the cost of homeowners insurance:
Wind Mitigation Report - Inspection of roof, windows and doors on your home performed by a certified inspector which can be submitted to your insurance company provide credits based on the security of the building from hurricanes and windstorms.
4 Point Inspection - Inspection of your homes plumbing, roof, electric and air conditioning systems. Usually required by insurance companies on homes over 30 years old
Age of home - older homes may have an age of home surcharge
Central Station Alarms - burglar and fire when monitored by a central station reporting to local police and fire departments can provide a discount on most homeowner policies
Electrical Panels/Boxes - some of the older models of electrical boxes found in older homes and considered unacceptable to most insurance companies - Zinsco, Federal Pacific, Sylvania and Challenger. A 4 point inspection will identify the type of electrical panel/box in your home and can make your home ineligible for coverage with many insurance companies.
Other Things to know:
Replacement Cost Value on Building(RC) - Having replacement cost coverage on your home provides for the replacement of the building at current cost to replace without deduction for depreciation.
Actual Cash Value - Replacement cost minus depreciation, based on age and condition of building Replacement Cost Contents -
Flood Insurance Basics
Flood insurance provides coverage for rising waters and storm surge, it does not provide coverage from any other types of losses water losses and it does not include liability coverage
**For more information please contact one of our agents directly via the "Contact Us" page**