In Jupiter, and across all of South Florida, homeowners insurance is a must have item. Nearly every year homes are destroyed by fires, floods, tornadoes, sinkholes, tropical storms, and worst of all, hurricanes. Homeowners insurance a form of property insurance intended to cover private residences in such cases including:
- Losses to One’s Home
- Losses to Homes Contents
- Loss of Use (Living Expenses)
- Personal Possessions
- Injuries on Property
At Gulfstream Insurance, our insurance agents understand that homeowners insurance is a very important policy that is used to protect your largest asset. Our team represents many carriers to offer you coverage. Company stability and competitive prices are our top priority. When claim time comes you want to make sure your company is there to pay, in your time of need. Making sure you are placed with a top rated carrier is very important to our agency.
Homeowners Insurance Policies
In order to standardize homeowner’s insurance policies, the Insurance Services Office has created a series of homeowner’s insurance forms. These forms make it simple for everyone to get a better understanding about their home insurance policy.
Some popular home insurance policies include:
- Dwelling Fire Form – This form provides coverages against smoke, fire, hail, lightning, windstorms, explosions, vehicles, and civil unrest. This form does not cover personal liability, personal property, or medical expenses. In most cases, this policy will be purchased by a mortgage lender in the case that the latter’s homeowners insurance policy has a lapse.
- Basic Form – The basic form covers a home against 11 listed perils; including the homes contents which are typically in this coverage, but MUST be enumerated. The listed perils in this coverage include windstorm or hail, fire or lightning, malicious mischief or vandalism, theft, damage from aircraft’s or vehicles, civil commotion or riots, explosions, smoke, gall breakage, volcanic eruption, and personal liability. Some general exceptions to the basic form include earthquakes, and floods.
- Broad Form – The broad form is a bit more advanced as it offers coverage for a home against 16 listed perils, including the 11 perils listed in HO1. In this case, the coverage is typically a “named perils” policy, and lists each event that would be covered.
- Special Form – This is the most comprehensive and typical form used by most single-family homes. It provides an “all risk” coverage excluding some perils including floods and earthquakes. Of course, the homes contents can be covered as long as they are included on a named peril basis.
- Contents Broad Form – This is typically utilized by renters, and covers personal property included in the perils of HO2 and HO3. This form will typically include personal injury liability coverage, or property damage inflicted by another person.
- Comprehensive Form – The comprehensive form includes the perils covered in HO3, while the contents are covered on an open peril basis. This means that any loss that is not excluded on the policy will be covered.
- Unit-Owners Form – HO6 is used by condominium owners, and insures personal property, floors, walls, and ceilings against each of the perils listed in HO2.
- Modified Coverage Form – The HO8 for is intended for an older home that is owner occupied, while the total replacement cost exceeds the total market value of the property.
To get further assistance choosing and creating a home insurance policy for your Jupiter home, we welcome you to contact us at 561-373-7940 today.
Homeowners Insurance Coverage Classifications
In each policy, there are usually five classifications of coverage. These coverages are based on the Insurance Services Office or American Association of Insurance Service forms standards. Our insurance agents are well versed in each of these coverages, and will help you find the coverage that is right for you.
The insurance coverage classifications include:
Section I – Property Coverages
Coverage A – Dwelling
This covers the value of the dwelling while excluding the land value. In most instances, a coinsurance clause will state that as long as the dwelling is insurance up to 80 percent of the actual value, the losses can be adjusted at a replacement cost up to the limit of the policy.
Coverage B – Other Structures
This covers each structure throughout the property, and those not used for business, excluding a private garage. In most cases, this coverage is limited at 10 percent to 20 percent of Coverage A, with additional percentages available through endorsements.
Coverage C – Personal Property
Coverage C is used to cover personal property with the exclusion of theft and loss of particular classes of property including coins, bullion, banknotes, medals, etc. In most cases, 50 percent to 70 percent of Coverage A is required for the contents. In addition, there are two policies included in personal property including a cash value policy which replaces any belongings excluding depreciation, and a replacement cost policy which reimburses the assured for full and current costs of replacing belongings.
Coverage D – Loss of Use & Additional Living Expenses
This coverage covers the expenses associated with any additional living expenses, such as rental expenses, along with fair rental value, and if part of the residence is rented. This only includes rental income for the actual rent of the spaces, and not services such as utilities.
Additional coverages include the expenses for repairs, debris removal, damage to shrubs and trees, and other items named in the perils including any fire department charges, identity theft charges, removal of property, loss assessment, landlord’s furnishings, collapse, and building additions.
With open insurance policies, exclusions can be listed in this area. These exclusions will most likely include any water damage, earth movement, neglect, power failure, nuclear hazards, war, septic tank back-up expenses, concurrent causation, and intentional losses. In fact, according to a 2013 survey by the Insurance Journal, 41 percent of Americans believed that mold was covered, while it is typically not covered if water damage occurs over a period of time, such as by a leaking pipe.
Damage caused by flooding is usually not included under the standard homeowners and renter insurance policies; however, flood coverage is often available.
Section II – Liability Coverages
Coverage E – Personal Liability
Coverage E covers any damages where the insured is legally liable for, and must provide legal defense at the insurer’s expense. According to the Insurance Journal, nearly one third of the losses for Coverage E are from dog bites.
Contact Our Home Insurance Agency
At Gulfstream Insurance, we are not out to make the most amount of money off our clients, and will be completely honest with our clients when explaining the coverages they need. As such, this will protect them against anything that can and may occur in their particular situation.
Based in Jupiter, Florida we are able to serve homeowners throughout the area. Some other surrounding areas we serve include:
- Juno Beach
- North Palm Beach
- Palm Beach Gardens
- Riviera Beach
- West Palm Beach
If you are searching for homeowners insurance that will fit your budget and your needs, our insurance agency is right for you. We encourage you to give us a call to discuss the many options available for you and your family at 561-373-7490, or simply complete the form to the right of this page. Here, we will collect some information, and give you an accurate quote for your insurance – It’s that easy.