One of the more common causes of widespread home damage in Florida is hurricanes. Even a low-level hurricane or a tropical storm can cause terrible destruction and damage to homes. Florida residents often take substantial precautions to reduce the impact of these storms on their homes, but some damage may still occur. You may be wondering if a Florida homeowner s insurance policy will cover hurricane damage or if a separate type of coverage is needed. At Riemer Insurance Group, we can help you to keep your home comprehensively covered so that your out-of-pocket expenses after a hurricane are limited.
A typical homeowner’s insurance policy usually includes coverage for wind and hail damage. These are some of the primary perils associated with damage to Florida homes during a tropical storm or a hurricane. However, specific coverage for all damage related to a hurricane as a named peril is not usually included. This means that all damage to your home that is caused by a hurricane may not be covered. Most homeowners need to contact Hallandale Florida Insurance Groups for specific benefits related to flooding. Because hurricanes and tropical storms can bring torrential rains, flooding is a common occurrence with hurricanes. When flooding is not promptly addressed, there is also a possibility for mold growth to occur. Both flood insurance and mold coverage must be added to your policy separately and are not included with a typical Florida homeowner s insurance policy. Be aware that your lender may require one or both of these coverages to be added as part of their lending requirements.
Riemer Insurance Group is part of the Hallandale Florida Insurance Groups, and we are available to help you set up the right coverage for your needs. We can provide you with coverage that meets your mortgage company’s insurance requirements, and we can also help you to learn about any additional coverage types that may benefit you. Through our efforts, you can rest assured that we can help you to protect your home against all types of hurricane-related damages as well as other perils that may affect it over the years.
While many property owners do have Florida homeowner s insurance, that often doesn’t cover you or your personal belongings when you rent a unit from them. They may not require you to carry a renter’s insurance policy of your own, but here are some things to consider, before making your decision.
1. Rental’s Insurance is Inexpensive.
For one year, the average cost of Rental’s insurance is just $187. While that number may be adjusted according to your location, the value of your belongings, and other factors, it’s still an affordable way to ensure peace of mind.
2. Your Personal Property Will Be Covered
This means your insurance company will cover the cost of having your items replaced in the case of damage or theft. Even if your belongings aren’t very valuable, isn’t it better to know you’ll have help in replacing them in the event of an accident or burglary?
3. Your Visitors Are Protected
Most renter’s insurance policies cover medical expenses and legal fees in the event a guest is injured, while visiting your apartment. Even though they’ll only be covered up to the limit on the policy, that can be as much as $100,000 worth of coverage on some policies. The coverage can even be increased, if you’re willing to pay a larger premium.
4. Your Coverage Goes With You
Most policies will cover your belongings, even when they’re not in your apartment. This means they’re covered, while being transported in your car or when you take your clothes and jewelry with you on that trip to the Cayman Islands. As long as your policy covers the type of damage that occurred, your insurance company will cover the losses.
5. Additional Living Expenses
Suppose your apartment becomes uninhabitable as the result of damage covered by your policy. In that case, you’ll be able to receive assistance in paying for temporary housing, food, and other necessities.
To learn more about renter’s insurance, contact Riemer Insurance Group, a member of Hallandale Florida Insurance Groups. By speaking with a professional and experienced broker, you can learn more about the benefits of renter’s insurance and your specific coverage options.
Besides paying your mortgage, owning a home comes with other expenses such as repairs and homeowner’s insurance. An increase in your homeowner’s insurance premium can seriously put a dent in your monthly budget, which makes it essential to look at options for homeowner’s insurance Florida has available such as Hallandale Florida Insurance groups. Keep these seven actions that can impact your rate in mind.
Remodeling improves the look of your home and increases its value, but can also increase your insurance premium. This is because it’s more expensive to rebuild if a disaster occurs, but not informing the company can mean you don’t have adequate coverage.
2. Attractive nuisances
Items that are fun, such as trampolines and pools, known as attractive nuisances, will increase your premium. Your liability can increase due to more significant risk. Limit access by using gates, fencing, and locks.
3. Installing a wood stove
Wood stoves are a rustic way to keep your home warm, but increase your premium because they can be dangerous. Verify that your stove is installed by a licensed contractor to comply with code requirements.
4. Running a home business
Running a business out of your home is convenient, but you need to have coverage for your equipment and inventory. You might need to purchase a policy with more coverage to protecte both your home and business.
5. Owning a dog
Dogs increase your insurance because there’s a risk that they could bite someone. Some companies charge higher rates or outright refuse to ensure certain breeds of dog. Check with your insurance before bringing a dog into your home.
6. Luxury items
Expensive cars and jewelry increase the risk of theft and can hike your premium. You may need to purchase a separate rider for your policy to provide coverage for the more expensive pieces you own.
7. Making a claim
Making a claim is why you have insurance, but a history of claims will likely impact your rate. Try to limit claims to only when you need them and cover more basic repairs or expenses out of your pocket if possible.
Riemer Insurance Group can help you find the right policy and coverage limits that meet your needs.
Think you have enough insurance coverage? Think again. All it takes is one accident or lawsuit and your personal savings, home, and car may be at risk. Most people lack enough liability insurance for even a moderate car accident. Your homeowner’s insurance limits, on the other hand, may not be enough for high-end items or the cost to rebuild your home. Here are 5 items for which you probably need more insurance coverage.
#1. Your Auto Liability Coverage
Many people only buy the state-mandated minimum amount of liability insurance. In Florida, this is $10,000 in no-fault or personal injury protection (PIP) coverage and $10,000 in property damage liability (PDL) coverage. While this may sound like a lot, what happens if you are in a serious accident? Is $10,000 enough to cover medical expenses for everyone in the car? Consider that a typical 5-day stay in a hospital can top $10,000 easily.
What about damage to the other party’s vehicle? If you total a car worth more than $10,000, you will be on the hook for the remaining damages. This is why it pays to increase your coverage beyond the minimum limits.
#2. Your Financed Car
When you have a car loan, you are usually required by your lender to get full coverage, or minimum state limits plus coverage for physical damage to the car. This is because the lender technically owns the car until you pay off your balance. What you may not know is you may owe more on your car than it’s worth, especially early in your loan. If the car is totaled, you will be responsible for paying the difference between your insurance payout and your balance.
Gap insurance or loan lease insurance bridges this gap between the car’s value and what you still owe.
#3. Your Home
When was the last time you reviewed your Florida homeowner s insurance policy? If it’s been awhile, it’s a good idea to review your coverage limits. You may not have enough insurance on your home if you have made major improvements like an addition or kitchen remodel. You should also check if you have coverage for the replacement cost of your home. This is the highest level of coverage and it pays the amount it would cost to rebuild your home in the event of a total loss.
#4. Your Life
A life insurance policy can ensure you won’t create a financial burden for your loved ones when you pass. Life insurance proceeds can be used to fund your child’s education, pay off the mortgage, and pay for basic living expenses. Unfortunately, people underestimate their life insurance needs.
To determine an adequate life insurance amount, consider how much debt you would leave behind. Next, think about how much income you contribute to your household and the level of income your family members will need if you aren’t around.
#5. Your Belongings
If you’re renting, don’t neglect renter’s insurance. A landlord’s policy will not cover any of your personal possessions. Renter’s insurance usually costs about $25 a day to protect your furniture, electronics, appliances, and more. As a homeowner, it’s important to review your homeowner’s policy. If you have luxury or high-end items, they may not be covered. You may need to get a rider to protect jewelry, artwork, collections, and more from damage or theft.
Riemer Insurance Group is one of the leading Hallandale Florida insurance groups and has served the community since 1978. At Riemer Insurance Group, we make it our goal to help you get the insurance coverage you need at a price you can afford. If you aren’t sure if your coverage limits are enough, contact us to review your insurance policies.