Protect your home from the unexpected.
Homeowner’s insurance coverage is for people who own and occupy their home at least for most of the year. The Homeowner’s or HO-3* policy typically covers the inside and outside of the house itself. While coverage can vary from company to company, most not only cover the structure but also other structures, personal property, loss of use, personal liability and medical payments to others.
Most homeowner’s insurance policies have a deductible that will have to be met before the policy can afford coverage. Florida is unique since most policies carry a separate Hurricane deductible or in some cases a Wind and Hail deductible. The Hurricane or Wind/Hail deductible is usually based on a percentage of the dwelling value on the policy, like 2% or it can be a flat dollar amount. The all other peril deductible applies for all other losses covered by the policy and is usually a flat dollar amount such as $1000. A limited number of policies provide Sinkhole coverage and can be either based on your all other peril deductible or a percentage of your dwelling value on the policy like the hurricane deductible.
Many insurance carriers require that you purchase enough insurance to cover what is needed to rebuild your home in the event of a total loss. That amount is usually different from both your home’s value and what your local tax authority or property appraiser estimates as its taxable value.
Your policy can usually be broken down into 6 parts.
Dwelling or Coverage A
Covers the main home.
Other Structures or Coverage B
Covers buildings or structures not connected to the main home.
Examples: Shed, Fence, Gazebo or Detached Garage
Personal Property or Coverage C
Coverage for your personal possessions in the event of loss or damage.
Examples: Furniture, clothing, linens and dishes
Additional Living Expenses or Coverage D
Pays necessary living expenses while your home is being repaired.
Example: Hotel costs if your home is uninhabitable due to a covered loss while being repaired
Personal Liability or Coverage E
Coverage for claims filed against you as a result of accidental injuries to others and/or unintended property damage.
Example: You accidentally hit your friend with a golf ball on a sweet drive.
Medical Payments or Coverage F
Pays for actual medical expenses including accidental injuries to others.
Example: Your friend falls down not due to your negligence in your home.
*not all companies use this contract form but most are based on this standard form.