What’s covered on my Florida homeowners insurance policy?
Florida homeowners insurance is a relatively straightforward concept, variations between policies and companies exist and you will need to understand these differences in order to make an informed decision.
Before securing any homeowners insurance, we recommend you speak with a Carpenter Insurance Licensed Homeowner Insurance specialist to identify the right coverage for your home that will protect your investment. We can then work with the over 20 insurance companies we represent to get you the right coverage at the best possible price.
Homeowners Insurance Coverage Options*
- Dwelling — Pays for damage or destruction to your house and any unattached structures and buildings, such as fences, detached garages, and storage sheds.
- Personal Property — Covers the contents of your house, including furniture, clothing and appliances, if they are stolen, damaged, or destroyed.
- Liability — Protects you against financial loss if you are sued and found legally responsible for someone else’s injury or property damage.
- Medical Payments — Covers medical bills for people hurt on your property. Medical Payments coverage also pays for some injuries that may happen away from your home, such as if your dog bites someone.
- Loss of Use — Pays for additional living expenses if your home is too damaged to live in during repairs. Most standard home insurance coverage pays 10 to 20 percent of the amount of your dwelling coverage.
Optional Florida Home Insurance Coverage*
- Guaranteed Replacement Cost — Provides the most complete coverage for your home. Your home insurance company requires you to meet specific underwriting rules and conditions to qualify for this coverage. For instance, you may need to increase your home insurance amount on a monthly, quarterly or yearly basis to keep up with the inflation rate.
- Inflation Guard Endorsement — Automatically adjusts your home insurance limits during your policy period so they are at 80 percent or more of your home’s replacement cost, which is the amount most home insurance companies require you to have. This coverage is beneficial if your home’s replacement cost is increasing with inflation.
- Scheduled Personal Property Endorsement — Also called a personal article floater. With this coverage, possessions, including jewelry, furs, stamps, coins, guns, computers, antiques, etc., are covered. Each article is itemized and detailed in the floater, and excluded perils also are outlined. Personal article floaters often do not have deductibles.
- Increased Limits on Money and Securities — Increases coverage amounts for money, bank notes, securities, deeds and more.
- Secondary Residence Premises Endorsement — Covers a secondary residence, such as a summer home. Insurance for secondary homes is not automatically provided by the home insurance policy you have for your primary or principal residence, so it’s important to consider this endorsement if you own more than one home.
- Watercraft Endorsement — Expands personal liability and medical payments coverage for small sailboats and outboard motor boats only.
- Theft Coverage Protection Endorsement — If items from your motor vehicle, trailer or watercraft are stolen, theft coverage protection broadens theft coverage without requiring proof of forcible entry.
- Credit Card Forgery and Depositors Forgery Coverage Endorsement — Coverage applies if your credit cards are lost, stolen or used without permission, or if someone forges a check, draft, promissory note, etc. Certain restrictions apply and are noted in your home insurance policy.
What coverage may be excluded from your Florida homeowners policy*
- Animal Liability – Most Florida homeowners insurance companies will exclude or limit the amount of coverage for an animal related claim. Other coverage can be obtained to cover animal liability, so check with your agent.
- Sinkhole Coverage – In Central Florida it is difficult to obtain sinkhole coverage. Most Florida homeowners insurance companies offer catastrophic ground collapse coverage which will only trigger coverage if the home is condemned. Cosmetic damages are not covered under the catastrophic ground collapse unless the home is condemned. Some Florida homeowners insurance companies will still offer sinkhole protection, so if you are interested in covering this make sure you ask about it.
- Dangerous Conditions/Activities – Trampolines, skateboard ramps, diving boards, slides, ungated and unscreened pools, or other unusual or dangerous conditions may be uninsurable or excluded from coverage.
*See specific policies for coverage, limitations & exclusions