Dwelling Coverage: This is the amount that covers your home, not the amount to sell it. This coverage should be evaluated each year to make sure you are up to date with most current building costs. This amount is most always calculated by an insurance agent using a replacement cost calculator provided by the insurance company.
Other Structures: This coverage is for the other building on the property not connected to the main house. The coverage amount can vary however; it is always a percentage of the dwelling amount. (Example: 2% to 10%)
Personal Property: This coverage is for all you belongings, if you turn the house upside down everything that falls out including blinds, celling fans and some light fixtures. The amount of coverage is determined by you the homeowner which cannot be less than the dwelling coverage or more then. (Example: 50% to 75%)
Loss of Use: This coverage is to be used if you are out of the home during a claim. The amount of the coverage starts out at 10% and can be increased in most cases for a fee.
Personal Liability: This coverage is used in the event you are responsible or liable for an accident occurring on or off the property and you don’t know the person. The amount can vary from company to company however most companies give a standard $300,000 limit to start. Other amounts include $100,000 & $500,000.
Medical Payments: This coverage is used when you do know the person and something minor happens on or away from your property that you are liable for. The amount generally starts out at $1,000 and can be purchased up to $5,000.
Your homeowner's policy will have the coverage purchased on the declarations page, this way you know what coverage’s you have. Your home policy also will explain when you are covered and all the perils you are insured against. At Riteway Insurance you can have peace of mind because we have taken the time to know what each insurance company has in their policy jackets, this way we can match your homeowner's insurance needs to the right company. The most frequent question we get is:
How much is homeowner's insurance in Florida
- This question on home insurance is based on a few simple factors: Age, building material, location and coverage amount. Those factors are unique to each person buying their home, that’s why it’s a good idea to give us a call for a homeowner's insurance quote. We can take those simples answers and guide you thru your new homeowner's insurance policy. Remember buying homeowner's insurance before you sign on the dotted line to your new home is key.
What is sinkhole coverage in Florida
- Sinkhole coverage in Florida covers a potential pocket (void) under your home, in the event you become aware of this situation. However, sinkhole coverage in Florida is no longer on your standard homeowner's policy. You may request the company to add the coverage before you purchase the policy if you pay for a sinkhole inspection. This inspection does not guarantee the coverage will be added to the policy and even if it is added the coverage will contain a 10% deductible. The coverage that will cover your home in the event of it falling into a hole is Catastrophic Ground Cover Collapse.
What is Catastrophic Ground Cover Collapse in Florida
- the coverage that will cover your home in the event of it falling into a hole. Unlike Sinkhole coverage, Catastrophic Ground Cover Collapse is under your normal deductible. If your home collapses into a hole your homeowner's insurance policy will pay coverage limit.
Flood Insurance Rate Increase
- Flood Insurance rates are going up in Florida. The Biggert-Waters Flood Insurance Reform Act of 2012 which goes into effect on Oct. 1 2013 is the cause. The act removes federal subsidies from properties in flood zones. If you’re in a flood zone and purchased your home before the act was signed on July 06 2012 then most of you will see an increase of 25% annually. However if you purchased after that date then your insurance could increase 10 times the amount. The affected areas are not just on the coast of Florida but in low-lying inland areas also. Please contact us so we can help guide you thru this important change to Flood Insurance.
Riteway Insurance has a variety of homeowner’s insurance companies in Florida that protect you and your home in the event of a loss.
Homeowner's insurance in Florida is a package policy with two major parts: Property & Liability. These are the two items you need to keep you safe. Property coverage includes everything tangible in life, whereas the Liability coverage covers you for intangible circumstances. Each company has different optional coverage’s you may purchase, so it’s always a good idea to speak with us so we can guide you through those coverages.
Below are a few Florida homeowner's insurance definitions to help guide you through your homeowner’s insurance policy. Each homeowner's policy provides you with these basic coverages: