Property Insurance in the State of Florida is changing dramatically and there are many areas where a property owner may be exposed. Personal Property Insurance applies to many classes of property, such as investment property, rental property, vacant property, personal homes, personal property and property under construction.
Your home is the center of your daily life and likely your most valuable asset. When your home is damaged or destroyed, you need your claim settled by an insurance company that understands this simple fact. Insuramerica can help you find the home insurance that will best meet your needs and provide the most valuable combination of tailored coverage, quality service and fair pricing.
Depending on where you live – a house, apartment, or condominium – the right home insurance policy can provide you peace of mind as well as the money you need to repair or replace your home and/or belongings. We offer specialized coverage to help protect and restore your valuable assets in the event of a loss. An important factor in protecting your home or property is making sure your assets are insured to value.
Your home should be insured for the current replacement cost, not market value. The replacement cost of your home is based on the cost to rebuild your home today with similar quality materials and craftsmanship. Any improvements to your home could affect the current replacement cost.
Homeowner Insurance Policies
Homeowner Insurances differ by which losses are covered, which coverages you choose, and what type of residence you own. You choose which policy is best for you, whether it’s a policy that cover losses such as fire, hail, smoke, falling objects, vandalism and theft of personal property, or whether it’s a policy that covers only specified losses.
Your home insurance policy is most often made up of the specific options you choose. How much you’ll pay for your policy depends on:
Options you select
Often Homeowner Insurance options are priced individually, so how much you’ll pay for your policy depends on what coverages you buy.
How much you want to cover
Higher deductibles usually lower your premium price by shifting part of the loss payment to you. For example, if you had a $500 deductible, you would be responsible for paying the first $500 of the covered loss.
Where you set your limits
You may choose to set higher limits than the recommended amount if appropriate to your situation and needs.
Worried you aren’t completely covered? Consider an umbrella insurance policy that extends your coverage.
The amount you pay for your homeowners insurance depends on many factors. Think of your personal housing situation and the assets you want to protect.
Protection for Your Home
Property or Dwelling Coverage typically pays to repair or rebuild your home if it’s damaged or destroyed by an insured event like a kitchen fire or windstorm.
Protection for You and Other People
Personal Liability Coverage applies if someone is injured or their property is damaged and you are to blame. The coverage generally applies anywhere in the world. When choosing your liability coverage limits, consider things like how much money you make and the assets you own. Your personal liability coverage should be high enough to protect your assets if you are sued.
This covers medical expenses for guests if they are injured on your property, and in certain cases covers people who are injured off of your property. It does not cover health care costs for you or other members of your household.
Additional Living Expenses
If you can’t live in your home because of a covered loss, your home insurance policy will pay additional living expenses (commonly for up to 24 months) while damage is assessed and your home is repaired or rebuilt.
Protection for Your Belongings
Your home is filled with furniture, clothes, electronics and other items that mean a lot to you. Personal Property Insurance helps replace these items if they are lost, stolen or destroyed as a result of a covered loss.
Scheduled Personal Property Coverage
If you have special possessions such as jewelry, art, antiques or collectibles you may want to talk to your agent about this additional coverage. It provides broader coverage for specific items.
If You Rent Out Your Home
Landlords may have the option to buy optional liability coverage for the risks posed by tenant-occupied dwellings.
Condominium insurance is unique. Your condo insurance policy covers your personal property and liability, as well as any additions, alterations and improvements you make to your unit that are your responsibility based on the condo association agreement.
Optional loss assessment coverage is also available to protect you against certain assessments that may be levied by the association. You would be compensated for additional living expenses incurred should you need to vacate your condo after a covered loss. Let Insuramerica help you find the right amount of coverage to suit your condo insurance needs.
For a few more dollars, you can elect to carry Full Value Personal Property which ensures that you are reimbursed full replacement value without regard for depreciation after a covered loss.
If you have upgraded cabinets or put in hardwood floors, condo building item coverage protects these investments. Be sure to consult your HOA agreement to determine what the Association policy covers and what you are responsible for. If common areas are damaged, your condo association may levy assessments against all the owners to pay the deductible on their association policy.
Various limits of loss assessment coverage are available. Be sure to consult the HOA agreement to determine the potential for such assessments. We can help you determine your coverage needs to make sure you’re properly covered.
Protect Yourself and Your Guest
Your condo insurance policy protects you and your family members against bodily injury and property damage liability claims and any litigation that may result subject to the limits you select. In addition, you can select medical payments coverage, which will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various limits are available.
Extra Coverage Doesn’t Have to Cost a Lot
Many people supplement their condo insurance coverage with personal umbrella liability insurance for broader protection. If you have special valuable items such as jewelry, art, antiques or collectibles, ask about our Valuable Articles coverage, which provides broader coverage and no deductible in the event of a covered loss.
Contact us to identify the best combination of coverage, value, and price for you. We can help make sure your condo insurance continually meets your needs.
You have a lot of things that are important to you – from your clothes and furniture to your sound system, sports gear, and computer. And you want to feel confident that everything you’ve worked for is not at risk.
Let Insuramerica help you find coverage options that protect you, your family, and your personal property. Let us help make sure you’re properly covered.
What You Need to Know
Your renters policy covers your personal property against theft or damage subject to the limits and deductibles you select. The coverage applies even when you are away from home.
For a small additional premium, you can choose to carry full value coverage on your personal property, which ensures that you will be paid the full replacement cost of items that are damaged or stolen without deduction for depreciation.
Protect Yourself and Your Guests
Your renters insurance policy also protects you and your family against certain bodily injury and property damage claims for which you are liable. Legal defense is also provided in the event you are sued after a covered loss, subject to the limits you have selected.
In addition, you can select medical payments coverage, which will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various limits are available. Let us help you find the right amount of coverage to suit your insurance needs.
The Right Coverage At The Right Price
Whether you’re starting out, between homes, or downsizing, we’ll help you pick the right renters insurance coverage that best fits your needs.
Be sure to ask about available discounts including burglar alarm credits and account credits for customers who package their auto and/or umbrella policies with their renters insurance policy.
The above description provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance products. Please read your official policy for full details about coverages. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.