Every Homeowners policy we sell includes "Catastrophic Ground Collapse Coverage" that will pay out in full due to a total loss of the covered premises if the county condemns the home or property. However most policies do not include "Sinkhole Coverage". Additional Sinkhole Coverage requires a ground survey Usually as the cost of the Insured and has a 10% deductible.
There are two ways to cover your contents, Actual Cash Value (ACV) and Replacement Cost (RC). ACV pays out less due to the age and depreciated value of your personal property. RC pays the most for your personal property in the event of a loss.
Flood defined as rising water from the outside, is not covered under the standard Insurance policy therefore requiring coverage by a separate policy in the state of Florida. Depending on the amount of coverage and the location of the home coverage starts from $199 to $450 per year (if the home is not in a Flood Zone). If you are in a flood zone all we need is an elevation Certificate to accurately quote you a rate! Not sure if you live in a flood zone? Give us a call and we will tell you.
A common misconception is that the home should be insured for what it sells for. This is not the case. We must insure the home to the cost of reconstruction including the cost to haul away the old house or whatever is left. These factors and other determine what the true replacement cost of the house is. We will work with you to determine the correct amount of insurance for your home.
This coverage allows additional money for changes to Building Codes since the home was built. Simply put if you ever have to rebuild due to a total or catastrophic loss you will have to build up to current building code. This may increase the cost of reconstruction. Most of our policies include 10% Law and Ordinance coverage built in to the policy. You have the option to increase to either 25% or 50%. We can help you decide which level might be right for you.
What happens when a drainpipe becomes clogged and you get brown water back up? Sometimes it creates a back up that can overflow into your home! By adding this coverage to your policy you can coverage up to $5000.00 of damage done to the walls, floors or other effected items. This coverage is very affordable and is not a part of the standard policy. It must be added by endorsement.
There are so may different questions and coverage options that we could not possibly cover them all here. Please call us to review your existing policy and let us work with you to place you with the best carrier for your needs and make sure you and your family are properly protected.