For homeowners

Every West Palm Beach homeowners insurance policy varies and is structured to fit the unique needs of the insured. It is important that you and your agent have a discussion to ensure that they fully understand what needs to be covered and what you are willing to self-insure.

Generally most homeowners insurance policies only cover certain assets to a specific limit. For example, on most homeowners policies only cover cash up to $200, jewelry to $1,000, firearms to $2,500, and silverware/ pewter ware to $2,500. Of course it is possible to increase these limits for an additional premium.

In West Palm Beach, Florida there are 9 different homeowners insurance forms. They type of form that your property is written on will vary depending on your needs.

Homeowners Insurance Forms

HO1 – Basic or Standard Policy – This is a very limited type of coverage and a policy that we will not write as it is very limited in the coverages it provides.

HO2 – Broad Form – This homeowners insurance policy will cover the basic perils of lightning, smoke, hail, fire, glass breakage, water damage from a leaking pipe, building collapse, and theft.

HO3- All Risk – This is the most common type of homeowners insurance sold in Florida. Instead of the policy listing the perils that it covers against, it list the only risks that are not covered. The exclusions of these homeowners insurance policies include; wear and tear, rotting, flood, war, earthquake, and a few other.

HO4 – Renters Policy – This type of policy is purchased by a person who is renting a property and wants to insure their personal property (contents). The easiest way to know what is considered personal property is to imagine flipping your property up-side-down. Anything that falls out is considered personal property.

HO5 – Enhanced Special Coverage – This type of policy form is very unique and hard to come by. They are only offered by a handful of companies and only to a selective properties.

HO6 – Condo Insurance Policy – This type of policy is used when the association has a master policy that covers the outside of the building. The amount of dwelling coverage that you would need to insure your condo is often less due to the master policy of the association. From time to time a townhome will also have a master policy. However, it is vital to confirm this prior to purchasing an HO6 to ensure that you are properly protected.

HO8 – Older Home Policy – These policies provide very limited coverage and we will not sell them.

Homeowners Insurance Coverages

There are several key coverages that are part of your homeowners insurance:

Coverage A – Dwelling Coverage – This is the amount of insurance that will be paid to cover the structure itself.

Coverage B – Other Structures – This type of coverage is used to insure buildings, sheds, detached garages, or other structures that are not attached to the primary dwelling.

Coverage C – Personal Property or Contents – There are two ways to insure your contents: Actual Cash Value (ACV) or Replacement Cost (RC). ACV coverage is less expensive but covers your contents on a depreciated amount.

Coverage D – Loss of Use – If your property is uninhabitable and you need to rent, this coverage will kick in to pay for your expenses while your damaged property is being rebuilt.

Medical Payments – If someone is on your property and is injured the policy will pay for their medical expenses. Generally most companies offer this coverage up to $5,000.

Liability Insurance – If someone sues you, your homeowners insurance policy will cover you up to the amount of your limits. The standard coverage is $100,000 but additional coverage can be purchased up to $1,000,000 for a very minimal premium. If you have a personal umbrella policy it is important to note that you will need to have at least $300,000 of liability insurance.

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301 Clematis St., Suite 3000
West Palm Beach, FL 33401