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Homeowners Insurance 101 Specifically For Naples Florida Residents
Are you new to the homeowner’s insurance market place? Perhaps your Local insurance agent never thoroughly explained what’s covered or even more important, what’s not covered under your homeowner’s insurance policy? MainStreet Insurance & Financial Services only objective to provide you with protection and peace of mind. The same concept will apply to a condominium insurance as well as rental property insurance.
Lets take a look at your homeowners insurance declaration page. The thing in your outline of coverage is Dwelling coverage. This is the part of your homeowner’s insurance coverage that pays to repair or replacement your home in case of a covered lost. The dwelling coverage must always be 100% of the cost to repair or replace the property from scratch not what the loan amount.
The second coverage is Other Structure. This is coverage for a secondary building on your property not connected to the main building such as a shed;detach garage or a guest house.
Next up is Personal Property also known and Contents. This is the coverage you need for your personal items such as furniture, appliances, clothing and electronics. This coverage can issue on an actual cash value basis or on a replacement cost basis. Actual cash value (ACV) means they will depreciate the value of the items you lost. Replacement Coast (RC) means the insurance companies will replacement the lost items with new items. The best way to insure your personal property is on replacement cost basis even though a little more expensive.
Additional Coverage Available as Endorsements
· Money or related property, coins and precious metal
· Watercraft,trailers and equipment
· Jewelry,watches, furs and semi-precious stones
· Silverware, gold ware or pewter ware
Now we are up to Loss Of Use. This coverage will pay for additional living expenses should your home become inhabitable due to fire damage, hurricane damage or if you are forced to evacuate.
We’re almost done here. Next up is Personal Liability. This coverage will pay for bodily injury to others due to your negligence in case of a lawsuit.
Medical payment coverage will pay for medical expenses to others accidentally injured at the home or property of th e insured.
Now let’s talk about deductibles. When you get a homeowners insurance quote in the state of Florida there will be two set of deductibles. We have what we call an AOP deductible also called All Other Peril deductible. That’s your actual deductible for everything except for a hurricane lost. For Hurricane damages we have what’s called,ready for it? A Hurricane deductible.
In the state of Florida, your homeowners insurance policy has a standard 2% deductible however, it could be less or as high as 10%. Please understand the 2% or 10% has to do with your dwelling coverage. If your dwelling coverage is $100,000 then your deductible is $2k and if your hurricane deductible is 5% then you're looking at a $5,000 deductible. Please make sure you know what your hurricane deductible and see if it makes sense to go with a higher deductible.
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