Home Insurance Florida - Homeowners Insurance Cover

Covers the insured's personal property and loss of use against fire and/or lightning; vandalism and/or malicious mischief; windstorm and/or hail; explosion, riot and/or civil commotion; vehicles; aircraft; smoke; falling objects; weight of ice, sleet, and/or snow; volcanic eruption; damage from artificially generated electricity; freezing of plumbing, heating, air conditioning or sprinkler system or household appliances; accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, air conditioning system, or an automatic fire protective sprinkler system.

Homeowners or HO policies are referred to as policies where you occupy the property as primary residence.

Types of HO Policies we offer are:

HO-1: Basic homeowner. Covers your dwelling and personal property against losses from 11 types of perils: fire or lightning, windstorm or hail, explosion, riot or civil commotion, aircraft, vehicles, smoke, vandalism or malicious mischief, theft, damage by glass or safety glazing material that is part of a building, and volcanic eruption.

HO-2: Basic homeowner plus. Covers dwelling and personal property against 11 perils plus six more: falling objects, weight of ice, snow or sleet, three categories of water-related damage from utilities or appliances, and electrical surge damage.

HO-3: Extended or special homeowner. Covers the 17 stated perils plus any other peril not specified in your policy, except for flood, earthquake, war, and nuclear accident.

HO-4: Renters coverage. Covers only personal property from 17 listed perils.

HO-5: All risk coverage for building and personal property. This isn't sold very often now.

HO-6: Condominium owner coverage. Covers personal property from 17 listed perils along with certain building items in which the unit owner might have an insurance interest .It also gives you a minimum of $2000 of loss assessment which is mandated in the state of Florida. The loss assessment coverage covers any special assessments that the association levy's onto the unit owners. Some examples of special assessments are; New paved parking, new roof, loss of reserves, and many more.

HO-8: Basic older-home coverage. Covers dwelling and personal property from 11 perils. Differs from HO-1 in that it covers repairs or actual cash values - not rebuilding costs. This is for homes where some historic or architectural aspects make the home's replacement cost significantly higher than its market value.

Rental Property Insurance

Protecting your investment is always a top priority. It's imperative to understand the ins and outs of rental property insurance to make sure everyone's best interests are considered.

This means both you and your tenants. You don't have to be a landlord for long to know your livelihood is directly related to that of your tenants' financial situation.

You likely have a "dwelling policy" (DP) on your investment property unless you paid cash (kudos if that's the case). A "DP" policy differs from a homeowners policy in that it does not provide liability or medical payments coverage for you. You likely have that coverage on your personal "HO Policy."

DP policies usually only provide coverage for losses that result from fire, lightning or removal. "Removal" covers your items removed from the house only in the event of a fire or lighting strike. You can insure a rental property against almost anything for additional premium.

Types of DP Policies:

• DP 00 01: Dwelling Property - Basic Form. Coverage is provided for fire, lightning or internal explosion, with no coverage for personal property or additional living expenses.
• DP 00 02: Dwelling Property - Broad Form. Identical to the Basic Form except it provides additional living expense coverage.
• DP 00 03: Dwelling Property - Special Form. Similar to a comprehensive home insurance florida policy, except that there is no theft coverage for personal property or liability/medical payments coverage.

A standard "DP" policy, available in the DP-1, DP-2 and DP-3 (better and more expensive in that order) provides four types of coverage:

1. Coverage A - Dwelling. This coverage part will pay for loss to the actual house or building (up to four units, five units is a commercial policy).

2. Coverage B - Other Structures. A detached garage would be covered here, up to 10% of coverage "A." If your property were insured for $100,000, you would have $10,000 here. This limit is NOT in addition to coverage "A" on a DP policy (it is "in addition to" on a homeowner's policy).

3. Coverage C - Contents coverage is provided here. Unlike a homeowner's policy, there is no automatic coverage amount provided here. Each and every item you want covered here needs to be listed on the policy individually and results in a higher premium.

4. Coverage D - Fair rental value. If your rental property burns down, this coverage will reimburse you for your lost income while the property is being repaired. For coverage D to apply, the cause of loss must be covered, meaning a fire or lightning strike.

It is equally important to make sure your tenants are covered. If they are in a financial bind for any reason, you probably won't receive your rental payments.

Renters can purchase an HO-4, or "renters" policy. This policy will fill the gap on the liability, personal property, loss of use and the medical payments to other coverage found in the typical homeowner's policy, but excluded on the DP.

It is a good idea to require your tenants to carry this coverage as a stipulation to renting from you. If anything, it demonstrates their willingness to be financially responsible. There are rental policies available for as little as $15 per month that will provide a reasonable amount of necessary coverage.

Luxury Homes AKA; "High Value Dwellings"

These are polices for properties with dwellings in excess of $1,000,000

Unsurpassed Protection for Distinctive Homes

A typical homeowners policy may be just fine for the average house. But when you've invested in a home with distinctive or custom features, consider a homeowners insurance solution from EquiInsurance, LLC.