What is the replacement cost for my home? How do I know if the coverage on my homeowner’s insurance is correct? I paid more for my home than the amount of my insurance. Why is that? Is it right? Those are all good questions, and the replacement cost is one of the most important coverages […]
What is Ordinance or Law Coverage?
What is Ordinance or Law Coverage? Is it important? Should I have it on my Florida home insurance policy? Those are good questions. For most coverages, you can get an idea of what it is based on its name, but Ordinance or Law isn’t immediately apparent, and many homeowner’s don’t know what this coverage is […]
My Florida Roof Isn’t Old. Why are the Guidelines So Strict?
That’s a good question. Your Florida roof is probably rated for 30 years, right? If it’s only 15 or 16 years old, why are you so limited with your homeowner’s insurance options? This has become a big issue here in Florida over the last several years, and it makes shopping for insurance very difficult if […]
Introduction to Your Homeowners Coverages Your homeowners insurance policy is a package of coverages. These coverages protect your home, your belongings, and your lifestyle if you cause an injury. What does each one mean, though? If you prefer to talk to an insurance expert, our team at Think Safe Insurance is here to help. For […]
What is Additions and Alterations Coverage? Do I Need It?
On your condo insurance policy, you may see Additions and Alterations. What is this? Do you need it? To understand that, let’s look at a standard, base condo policy first. Standard Condo Policy The standard condo policy is primarily based off the coverage C – Personal Property coverage. Coverage A – Dwelling will automatically be […]
What Is Condo Unit Owners Special Coverage A? Do I Need That?
Condo Unit Owners Special Coverage A – The Short Answer This is a great question, and it often isn’t very clear on your policy declarations page. A standard Florida condo policy is what’s called a named perils policy. Condo Unit Owners Special Coverage A upgrades the coverage from named perils to open perils. Related: Sample […]
Open Perils vs Named Perils Policy
What is the difference on an open perils (all risks) vs named perils policy? It is a good, important question but can get into kind of boring insurance stuff. We will try to make it as easy to understand here. First, what are “perils” anyways? Perils are the things that cause the claim. Fire, wind, […]
Personal Property Replacement Cost vs Actual Cash Value
One of the most valuable coverages on your homeowners insurance is your personal property coverage. Personal property are the items that you own that aren’t part of the actual house. Imagine turning the house upside down and shaking it. The things that would fall out are personal property. Related: Homeowners Coverages The standard policy covers […]
Escrow – What Happens When I Pay My Insurance with My Mortgage?
When you are paying through escrow, your homeowners insurance is included in your monthly mortgage payment. You usually pay a year of insurance up front or at your closing. Then, your mortgage company collects insurance each month throughout your policy term. When the policy renews, they pay your premium in full with the amount they […]