Home/Condo Insurance in Florida
It is important for homeowners to understand their individual policies and for those getting ready to purchase a home, it is important to know all you can about available coverage so your homes can receive adequate protection. It is also important to ask questions to the agents at A. L. Saland Insurance Solutions Inc in Lutz, FL, if unsure about anything and to carefully go through the Home/Condo Insurance policy and not just browse through it. You should also understand that there are options to coverage because exclusions and deductibles apply for different policies. Your insurance agent is the best source for getting the right information. The typical residential insurance policy for the homeowner includes several types of basic coverage, which we will discuss below.
Coverage of the Home
A Florida Home/Condo Insurance policy provides coverage to the home itself and any adjoining structures. The amount on your policy determines the amount it will cost to fully rebuild the home in case of a fire or other total loss. This amount is specific to the damages and in many cases, the amount will be in excess of the home’s appraised value.
Additional Structural Coverage
If there is any structure not connected physically to the house; after experiencing a total loss of property, you have the option of adding this coverage to your policy. This may include a detached garage or storage shed in the back.
Your Home/Condo Insurance policy will also cover personal belongings in the home. However, the insurance company will calculate this based on the property’s depreciated value. Personal property could include valuable equipment, jewelry, clothing, and furniture.
Loss of Use
The loss of use refers to any extra living expenses the homeowner in Lutz, FL has incurred as a result of a total loss of home or property. In this case, the homeowner should be unable to live in the home temporarily.
If the homeowner has been injured as a result of another party or themselves, then the homeowner’s insurance should cover personal liability.
If the personal injury causes the insured to have to seek medical attention over a period of time, then medical payments are made by the insurance company on behalf of the insured. The same is true if someone was injured while in the insured persons’ home. Contact someone at A. L. Saland Insurance Solutions Inc in Florida to learn how you can apply for a Home/Condo Insurance policy.
Condo insurance is not mandatory in Florida, but your condo association may need you to buy a condo insurance policy or show proof that your condo insurance cover meets the association's minimum cover. This type of policy covers liability, personal property, and some structural elements of your home. Condo insurance does not only protect your possession from damages and theft, but it includes liability coverage that may protect you from lawsuits.
A standard condo policy provides coverage against the covered perils as your homeowner's insurance policy comprising theft, vandalism, fire, and extreme weather. It's imperative to note that your condo insurance policy does not cover flooding or earthquake. As a Florida resident, it's always good to know that you are always covered no matter what uncertainties strike when you are occupying your condo.
Obtaining condo insurance inculcates a sense of comfort and confidence to an individual living in Lutz, FL because it will cover your personal belongings and any improvement made to your condo. Visit us today at A. L. Saland Insurance Solutions Inc Lutz, FL and get ultimate individual condo insurance that guarantees protection to your personal belongings and your condo unit.
What does condo insurance cover?
Personal property: This cover provides for replacing your clothing, electronics, furniture, and any other personal possession if they are stolen or damaged by a peril listed in your policy. Personal property coverage is divided into two:
- Actual cash value: This compensates for the depreciated value of your damaged possessions.
- Replacement cost average: This coverage helps pay the difference between your possession's actual worth or cash value and what you paid to replace or repair them.
Personal liability coverage: This coverage pays for medical bills accrued as well as legal fees when a guest visiting your condo is accidentally injured, and you are responsibly liable.
Additional living expense/loss of use: This type of condo insurance caters to your hotel bills when a covered peril like a fire has destroyed your condo, and your unit becomes uninhabitable.
Dwelling or property protection: This type of coverage pays for repair to the walls of your condo unit and interior, including items such as fixtures and built-in bookcases, cabinets if the damage was caused as a result of a covered hazard.
Medical payment coverage/guest coverage: This policy covers costs relating to emergency medical bills if someone is injured on your property. It extends coverage to your family member or pet injuries, no matter who is at fault.
Do you want to protect your condo against repair costs and damages in Lutz, FL? Feel free to call us or visit A. L. Saland Insurance Solutions Inc offices, and you won't regret it.