Homeowner’s Insurance Update
How many of you have actually read your homeowner’s insurance policy? We guess not too many. We do recommend that you read your policy to help you understand what coverage you have. Most homeowners are familiar with the basic coverage found their homeowner’s insurance policy; including coverage for the home itself, personal property and liability associated with owning a home.
Are There Other Coverages?
There is often other coverage found in your homeowner’s insurance policy that you may not know you have. Remember, each policy is different, so these coverage examples are general in nature. This “hidden” coverage may have specific limits and terms of which you need to be aware, but here are some examples of coverage found in most homeowner’s insurance policies.
- Liability coverage away from your home. You have coverage if you cause injury to a third party away from your premises.
- Damage to your neighbor’s property. If you are at a party and cause damage to your neighbor’s property, chances are it would be covered.
- Legal expenses. Should you be sued for an accident that occurred in your home, chances are legal costs would be covered under your homeowner’s insurance policy.
- Additional living expenses. Your policy can pay the additional costs of living away from home if you cannot live there due to damage from an insured loss. It covers hotel bills, restaurant meals and other costs, over and above your usual living expenses, incurred while your home is being rebuilt.
- Many homeowners’ policies provide a small amount of coverage for stolen money.
- Property of your college student. If your dependent child is a full-time college student living on campus, their property is covered by your homeowner’s insurance policy
It is important to note that not all homeowner’s policies are created equal, and what one company offers may not be the same as another company. Also keep in mind, if you bought your policy online, who really knows what coverage you have?
Special insurance for Florida college bound children
By this time of year many Florida high school seniors are preparing for their next level of studies. Their plans may include heading off to college in another city or state. One of the most important things they will need at school is something that doesn’t have to be packed at all – the right insurance coverage. If your child is renting a home or apartment with others, you may want to consider a renters policy. This will keep any liability separate from your individual policy.
As parents it is important to understand how sending your child off to college may impact your insurance needs.
What will a Florida homeowner’s policy provide?
- Personal property – Depending on the value, items like clothes and computers should be covered under your homeowner’s policy. Most homeowner’s policies provide 10 percent of Coverage C (Personal Property) for your property while it is at a secondary residence. If you have a high deductible on your homeowner’s policy you may want to consider purchasing a renter’s policy for your college student to cover his/her belongings at a lower deductible. Check with our office for any limitations.
- Jewelry or other high end items – These may require special coverage. It is a good idea to call our office for a review.
- Personal Liability – This coverage is provided anywhere the student goes, unless it is outside of the US. Then the policy may have some limited coverage.
What will an Auto policy provide?
- Auto – If your child is living in a different city or state without a vehicle, please notify us as there may be an additional discount since they are not a full time driver. We do recommend keeping your child on your policy, even if they don’t have a car at college.
- Health – Children can remain on your health policy until the age of 26.
Once your child graduates and moves out of your home you and your child will need to make different decisions regarding their insurance needs. We recommend you contact us to review all the exposures with you, which will allow us to create individual solutions for you.
By having an office in North and South Charlotte County, we can provide convenient and timely service to our clients. We would appreciate having the opportunity to serve as your insurance Agent for your personal and/or business needs. Amberg Insurance Center, Inc. was established in 1974 to serve the growing insurance needs of the many businesses and individuals