Orlando, Fla.—If you, like most people, consider your home your biggest asset— it will be important to take the necessary steps to protect it in a way that doesn’t affect, or causes minimal impact to your bottom line— in the event that it suffers damage which require you to rebuild it.
In order to better understand how well covered you are under your current policies, there are a few details you must inquire about.
- Replacement cost - Most policies cover replacement cost for damage to the structure. A replacement cost policy pays for the repair or replacement of damaged property with materials of similar kind and quality.
- Extended replacement cost - This type of policy provides additional insurance coverage of 20 percent or more over the limits in your policy, which can be critical if there is a widespread disaster that pushes up the cost of building materials and labor.
- Inflation guard - This coverage automatically adjusts the rebuilding costs of your home to reflect changes in construction costs. You must find out if your policy includes this coverage or if you have to purchase it separately.
- Ordinance or law coverage - If your home is badly damaged, you may be required to rebuild it to meet new building codes. Ordinance or law coverage pays a specific amount toward these costs.
- Water back-up - This coverage insures your property for damage from sewer or drain back-up. Most insurers offer it as an add-on to a standard policy.
- Flood insurance - Standard home insurance policies provide coverage for disasters such as fire, lightning and hurricanes. They do not include coverage for flood (including flooding from a hurricane). Flood insurance is available through the federal government’s National Flood Insurance Program, but can be purchased from the same agent or company representative who provides you with your home or renters insurance. Make sure to purchase flood insurance for the structure of your house, as well as for the contents. Excess Flood Protection, which provides higher limits of coverage than the NFIP in the event of catastrophic loss by flooding, is available from some insurers. Keep in mind that there is a 30-day waiting period before the insurance is valid.
The Importance of An Umbrella Coverage
Umbrella Insurance is extra insurance that provides protection beyond existing limits and coverages of other policies. Umbrella Insurance can provide coverage for injuries, property damage, certain lawsuits, and personal liability situations when homeowners, auto, and boat insurance policies limits are exhausted.
Umbrella insurance generally provides liability coverage for:
- Damage to property
- Certain lawsuits
- Personal liability situations
Your Umbrella Insurance provides coverage for claims that may be excluded by other liability policies including claims like false arrest, libel, slander, and liability coverage on rental units you own. The right coverage for you is unique. Talk to us today to find out how to protect yourself, your family, and your future with the right personal umbrella insurance for you.
Talk to our local experienced agents at Orlando Insurance Center and let them know what your needs and priorities are. You will be presented with options from multiple insurance companies, and be able to compare rates as well as coverage to then determine your path to provide the best protection for you and your family. Give us a call today at (407) 680-1214— for an initial consultation and quotes from among 20 different insurance carriers who support us!
Iraida Pedroza, 2-20 Agent
"Email me" <iraida [at] orlandoinsurancecenter [dot] com>
407-680-1214 ext. 500