Is insurance confusing to you? For many people it is.
I’ve heard people say, “they (the companies) make the policies to hard to understand, you need to be a lawyer to read it”. This may be true but at the least in the next few minutes you’ll know the basics.
I’m a licensed (A065236) industry insider, and have been for 29 years. Insurance is my job; my employers are my clients. I’ve sold insurance. I’ve studied it. I’ve discovered what makes “good insurance” and what makes “ bad insurance”.
Over the next few pages I will provide you with and overview of standard Florida homeowners insurance coverage’s.
The most popular of all homeowner’s policy form is the HO-3. This is the policy form we will review.
Insurance policies must declare who (named insured), where (insured location), when (policy period) and what (described below) is being insured. They do this on what’s called a declaration page. You receive a new declaration page every year to reflect the changing policy period as well as other changes that may have occurred.
Coverage A – Your Dwelling
Simply, this is your house and all of the attached structures at the insured location. Covered losses are paid at replacement cost.
Coverage B – Other Structures
These are the structures that are unattached from the dwelling by a clear space.
Warning, unattached structures used in whole or in part for business (or rented) are NOT covered under the base policy – call your agent to find out how to add this protection.
Coverage C – Personal Property
Covers personal property owned by an insured - worldwide. Covered losses will be paid at Actual Cash Value – this coverage in most cases is endorsed to include replacement cost.
Special limits apply to certain types of property including but not limited to Jewelry, furs, silverware, fine arts and antiques. If you have any valuable items of any type you may want to specifically schedule them on your policy.
Coverage D – Loss of Use
If you have a covered loss that makes your home unfit to live in, your policy will cover the additional living expenses you incur. This means any necessary increase in living expenses you incur. Including but not limited to, hotel costs, additional food cost, additional close cleaning cost etc.
Coverage E – Personal Liability
If a claim is made or a suit is brought against an insured for damages because of a bodily injury or property damage caused by a covered occurrence. Your insurance company will pay up to the limit of liability for damages for which the insured is legally liable. Your policy will also provide a legal defense.
Coverage F - Medical Payments
Payments for medical and related bills incurred as a result of an accident causing bodily injury. This coverage does not apply to the named insured of residents. This coverage responds without regard to legal liability of the insured.
Listed above is an outline of coverage, for your complete policy details you need to read your policy.
Animal Liability Limitations/Exclusions
I find that most people realize that insurance companies will decline insurance to anybody that has a “Bad Dog” (Pit Bull, Doberman, German Shepard etc. and any dog with bite history.) What many people don’t realize is that many companies may still exclude or limit all liability created by any animal. If you have an animal – no matter how nice they are – check your policy to see if you have any liability protection. This and all endorsements to the base policy are typically found toward the back of the policy package.
Trampolines, Skate Board/Bike Ramps/Pool Diving Boards
Similar to the Animal Liability exclusion/limitations, insurance companies don’t like accepting the additional liability exposure of these items. The risk of head injury is enormous. Some companies will still insure your home but exclude liability resulting from the ownership of these items.
Golf Cart Liability and Physical Damage
Using a golf cart whiling playing the game on a golf course is automatically included in an Florida HO-3 homeowners policy, the problem lies in getting YOUR golf cart to the course. Many people use their cart to and from the course or just to get around their community. This is NOT covered under the homeowners insurance policy but can be endorsed on to the policy as long as the cart is use only in a limited access community – not on the public roads or store parking lots.
Physical damage coverage can be added as well.
None of this is a Secret
It my job to share my knowledge with members of the community, knowledge that’s taken me years to accumulate organizes and perfect. I have found – time and time again – that generosity and the willingness to provide really great service comes back to me; tenfold. In fact, that is how I’ve built my business. Right now, let’s talk about three of the most important things you can do to protect your financial well being for yourself and your family:
1. Have an insurance specialist conduct a risk analysis on your home, car and family.
You live in the real world. Your life probably has more risk than you dreamed of.
And everyone is different! You could be placing yourself and your family wide open for financial disaster – unless you have had someone help you analyze your risks. And put together a comprehensive insurance plan to protect you.
Our office will do that for free.
2. Use an independent insurance agent.
I’ll be blunt about this. I know how this industry works. Like I said, there’s a lot of money in the insurance industry, and you want to make sure it works for you. So you don’t want an insurance company employee for your agent. You want someone who’s going to work for you! Not somebody whose paycheck is tied to one company, But someone who can shop the market, compare price and get the most comprehensive coverage for you – maybe even multiple companies for your total family protection.
You want a good price? And you want protection when a disaster strikes! Use an Independent agent.
3. Don’t trust the financial protection of your family to an insurance agent who is not a specialist with homeowners insurance.
Listen, insurance is a huge industry, There’s insurance for anything. Anything you can have, do, manage or whatever – there’s insurance for it. And nobody can specialize in all of it. In fact, a Professional agent can only specialize in a few niches – and fully understand them Insurance is a very technical business. Policies, coverages, endorsements, exclusions…
I’ve studied in detail:
I’m not on the payroll of any of those companies; my clients are my employers. When is the last time a professional reviewed and explained your coverages, and made suggestions to improve you protection? How would you like that kind of information?
How would you like to know that you really are going to have a more secure future for yourself and your family?
Don’t you deserve it? We’ll help you – FREE! Why? Why would I spend my time revealing what’s taken me years to learn – at no charge? I’ll tell you why.
Problems happen but that’s why we are in business, we can’t prevent problems from happening, but we can help you protect you and the people you love from financial disaster.
Call us at 778-5555 or 888-249-1849 for your FREE quote – lets talk coverage, lets talk premium, lets make sure your properly protected.