Homeowners Insurance Florida | New Year’s is a time for celebrating, new beginnings, and…homeowners insurance? Once the tinsel and trimmings have been put away and the last of the New Year’s confetti swept off the floor, the last thing that may come to mind is your homeowners insurance. But it’s actually a wonderful time to not just review your existing coverage, but to make sure that your policy is up-to-date and accurately reflects all those gifts from the holiday season, as well as any home upgrades or endorsements you may need to add. Here’s some tips on how to get started.
Understanding Your Coverage
Homeowners insurance Florida is not a one-size fits all product, and you should tailor your coverage to suit your needs. To do this, first you will need to understand more about what is and isn’t covered under a standard home insurance policy.
Details like dwelling coverage, the amount it would cost to rebuild your home, and other structures coverage, which protects the structures on your property that are not attached to your home, should be considered. Home values are on the rise – have you increased your dwelling coverage accordingly? Did you recently build that detached garage or gazebo you always wanted? If so, you will want to adjust your other structures amount.
Personal property coverage protects your personal belongings in the event of a covered loss. When you chose your insurance policy, you were given the option to replace your personal property with the actual cash value, which takes depreciation into account, or the personal property replacement cost, which would entitle you to the full replacement of your personal property with no depreciation. This is an important distinction, and worth a second look at on your policy.
As you examine these areas of your policy coverage, make yourself aware of the types of disasters that will be covered on your policy as well as those that will require additional coverage to insure against.
In a typical homeowners insurance Florida policy, the following disasters are generally covered:
- Fire or lightning
- Windstorm or hail
- Explosion
- Riot or civil commotion
- Damage caused by aircraft or vehicles
- Smoke
- Vandalism
- Theft
- Volcanic eruption
- Falling objects
- Accidental water damage from within the home
- Damage due to overflowing or frozen pipes
What Is Not Covered by a Standard Homeowners Insurance Policy?
Usually, your homeowners insurance policy will not cover the following:
- Damage to your home resulting from a flood
- Damage to your home caused by wear and tear and/or lack of maintenance
- Sewer backup
- Other perils not specified by your policy
Floods
As a homeowner in Florida, floods can be a real concern. With the prevalence of hurricanes, flooding is often due to prolonged rain systems and storm surge. Home insurance Florida policies do not protect against flooding that comes from outside the home. Separate coverage is needed. Our rates are up to 15% lower than those available through the National Flood Insurance Program, and there is no waiting period for our flood coverage to go into effect. Mortgage companies will accept private insurance - American Integrity is one of less than a handful of insurance companies that has took the extra step to obtain a certification from Florida's Office of Insurance Regulation stating that our coverage is at least as broad as that offered by the NFIP. To protect against the disastrous effects of flooding, contact an agent and purchase a separate flood policy for your home today.
Maintenance Damage
Just as consumers are expected to follow a maintenance schedule for their car (regular oil changes, replacing brakes and tires when they wear down, etc.), the same philosophy holds true for homeowners. Insurance is intended to help consumers cover the cost of damage to their home that occurred due to “sudden and accidental” loss. Damage resulting from poor maintenance or neglect are not covered by standard home insurance policies, nor will insurance policies pay for costs associated with home maintenance projects.
Sewer Backup
Sewer backups are not covered under home insurance policies. Many homeowners do not realize, however, that they are responsible for the sewage pipes on their property. Tree roots, proper disposal of household by-products and aging pipelines are all the responsibility of the homeowner. Purchase a separate policy for sewage backups to protect yourself should anything go wrong.
Need Extra Coverage?
If you received some expensive valuables like jewelry or furs over the holidays, you should include “floaters” or endorsements that will cover these items beyond the basic policy limits. Other endorsements could include anything from Cyber Coverage to Home Systems Protection.
Be sure to contact your American Integrity Insurance Agent today for a full review of your current homeowners insurance policy.