Homeowners, Condo, Tenants & Landlord Insurance

Homeowners Insurance

Homeowners Insurance covers your single most valuable piece of property, your home. It will protect your main structure, other structures on your property that are not attached to the home, personal property, loss of use, liability and medical payments to others.

Condominium/Co-Op Insurance

Condominium and Co-Op Insurance will include many of the same coverages as a homeowner's policy. It will also cover additions and alterations, fixtures and installations within the perimeter walls, floor and ceiling of the unit. The main difference is that the condo owner is not responsible for the building, since the condo association will be responsible for that coverage. Specific responsibilities vary, so be sure to check your building's by-laws.

Tenants or Renters Insurance

A Tenant or Renters Insurance policy is designed for those who rent an apartment, condo or home. It will include many of the same coverages as a homeowner's policy; the main difference is that a person who rents does not need to protect the building, since the landlord is responsible for that coverage. You will see protection for your personal property as well as liability coverage.

Rental or Landlord's Insurance

A Rental or Landlord's Insurance policy is designed for those who own a home, condo or co-op, but rents the location out to a tenant. It will include many of the same coverages as a homeowner's policy; the main difference is that a landlord only has limited personal property at that location and is not responsible for insuring their tenant's personal property. A landlord will typically require a tenant to have their own tenant's policy. This will ensure that there is liability coverage for everyone, just in case of a lawsuit.

Coverages For Homeowners Policies

  • Coverage A (Dwelling Coverage) - This covers you for the actual building or structure. It will provide protection to your owned home or condo/co-op if damaged by fire, wind, hail, falling objects or other hazards. The amount of coverage will vary according to policy levels and forms. Some policies are on a 'named perils' basis, which means they are limited to coverage only for the hazards which are specifically listed. A policy that includes 'Special' or 'Comprehensive' will broaden your dwelling coverage, which allows for more flexible limits and greater protection.
  • Coverage B (Other Structures) - For Homeowners, this will protect other structures on your property which are not attached to your home, such as garages, sheds, inground pools or fences.
  • Coverage C (Personal Property) - Also known as contents coverage, this provides you with coverage for your personal possessions such as clothing and furniture. Be aware of limitations and exclusions, some policies may offer broader coverage for your personal property or exclude certain items. Be sure to ask your agent about creating a schedule of your higher valued personal property. For example: Jewelry that is not scheduled will be limited to a specific amount of coverage. That $10,000 ring that was lost, you may only receive $2,500 if it is not scheduled to the appraisal value. You should also remember to get an updated appraisal every few years to make sure you have the right amount of insurance.
  • Coverage D (Living Expenses/Loss of Rental Income) - This coverage will provide protection if you cannot live in your home due to damages from a claim. It will compensate you for the extra costs of having to rent an apartment or stay at a hotel. If you are an owner and rent the location to a tenant, should there be a claim that prevents your tenants from living in the space, this coverage will reimburse you for lost rental income while the location is repaired.
  • Coverage E (Personal Liability) - This coverage provides protection for accidental bodily injury or property damage to others for which you are legally liable. Examples include: dog bites, a child breaking a neighbor's window or even a guest slipping and falling on your property. If you are sued, this will also provide the cost of your legal defense.
  • Coverage F (Medical Expenses) - This covers medical expenses incurred by others who are injured while on your property or through your personal activities. Generally, this is used to prevent a lawsuit, which would cause a much higher claim.
  • Scheduled Personal Property - This will protect valuables such as jewelry, antiques, works of art, coin or stamp collection, fine glass and porcelain collectibles with potential for breakage, musical instruments, and cameras. Anything that has a high value you should be getting appraised and adding to your schedule. Even if your item or collectible doesn't fit within those categories, ask you agent to make sure you are covered properly. Schedules generally will also include coverage even if the item is lost.
  • Off Premises Theft Coverage - This is an extra coverage that will extend to your vehicle or to your person for theft away from your home residence. If you do a lot of traveling or carry a lot of expensive items around for business, you might find this coverage is something you need. On the other hand, some find it is unnecessary and will exclude the coverage to allow for a decent savings. Some Examples: If Christmas gifts are stolen out of your vehicle, this covers those gifts. If you go away on vacation and your luggage is stolen, this would cover items in your luggage. If you are on the train and your laptop and other electronics are stolen from a bag, this would cover your belongings.
  • Replacement Cost Coverage - This is something that everyone should make sure is on their policy for the building and your personal property. Without replacement cost, your damaged possessions will be subject to depreciation. With replacement cost, the company will replace your damaged possessions at today's prices for similar kind and quality.
  • Dog Liability Coverage - This will cover you for any of your dogs that may bite others. Be careful as some companies exclude this coverage. Be sure to notify your agent you have a dog and their breed, so they can advise you on the best coverage for your needs.

Discounts & How To Save Money

These are some steps you can take to lower your insurance costs:

  • Keep good credit and you will be rewarded with lower premiums.
  • Consider raising your regular deductible or your hurricane deductible.
  • Install a central station alarm in the home.
  • Install a local burglar alarm, local fire alarm, plus fire extinguishers and smoke detectors.
  • If you have a water detection device that will warn you if there is a leak, some companies will also give a discount.
  • Ask about multi policy discounts. Some companies will give you a discount if you package auto with your home insurance.
  • Make sure you are covered for the correct amount and not over insured - Ask your agent to do a new replacement cost estimate. Remember, don't confuse what you paid for your home or the current market value with rebuilding costs. Insurance is meant to be based on the cost to rebuild your home, to the current building code.
  • Don't put in multiple small claims. If you can handle the claim out of pocket, that would be your best course of action. Insurance is there to help you get back on your feet, don't exploit it as you will find your premiums increase drastically. It may be difficult to switch to a new company because of your claim history.
  • Do you have a community security gate, guard or doorman? Let your agent know, because some companies offer discounts.
  • Have a homeowner's association for your building or community? Let your agent know!
  • If this is a condo, and you have sprinklers in your living space or in common areas, you can see a discount as well.
  • Check with your agent if you are thinking of getting a dog - some dog breeds are looked at as high risk and some companies will not even accept you if you have that dog. You may want to re-think adopting that adorable pit bull.
  • Try not to switch companies every year, most companies give a discount if you were with your prior company for at least 3 years.
  • Keep your home updated - including your plumbing, heating, electrical and roof. Companies want to see systems updated within the last 15 years. A roof that is old and deteriorating may not pass inspection, and the company would require you to fix it before they allow you to take a policy with them.
  • Are you over the age of 55 and retired or do you have someone that does not work that is in the home during the day? Some companies offer discounts if you have one resident that is home most of the time, able to act should a claim occur.
  • Some companies offer a paperless discount if you sign up to receive documents by email. If you are comfortable with receiving electronic copies of documents, this is an easy way to save a little on premium.
  • Keep your scheduled valuables locked in a vault if they are not in use. Some companies will offer a discount if it is kept in the vault. Just make sure you contact the company prior to removing the item and when the item is returned so that they extend coverage when it is out of the vault. This allows you to get a discount, since the vault is more protected than if the item is worn all the time.
  • For Our Florida Clients: Install hurricane-rated windstorm protective devices throughout your home. If you are replacing your roof, have your contractor look at the bracing and attachments, you may want to upgrade or retrofit them. Remember, ALL openings to your home must be protected by hurricane resistant features to get the FULL credit. This includes ALL: windows, doors, garage doors, skylights, sidelights, etc. Contact our Florida agents for additional information and advice with windstorm mitigation.

Contact Us

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    Phone: 516.546.5500
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    8615 Commodity Circle, Suite 15
    Orlando, FL 32819
    Phone: 877.546.6474
    Phone: 407.720.7998
    Fax: 516.546.5535

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