The cost of your home is far more than just the cost of the house itself. From taxes to utility bills, any homeowner knows that there are far more pieces to the puzzle than just his or her mortgage. Whether you’re buying a home for the first time or the tenth, you are likely surveying all the pieces of the puzzle and visualizing how they will fit together. If you want to slide the home insurance piece snugly into place, look no further!

If you’d like to save this piece for later and just skip to some actual estimates, give us a call at (813) 685-9393 or fill out the form on this page.

Location, Location, Location!

It can be a heartbreaking moment to fall in love with a home… and then learn that the flood insurance would shatter your budget. In the same way that location plays a large role in determining the price of the home itself, it also plays a major role in determining your insurance payment.

In general, the following factors will drive your insurance costs up:

1. Densely populated neighborhood
2. High crime area
3. Far away from fire hydrants and/or fire station
4. Location vulnerable to natural disasters or severe weather

Please note that floods, earthquakes, and mudslides aren’t usually covered by regular home insurance. If any of these risks apply, you will need an additional policy!

Certain Characteristics of a Home Affect Premiums

Now that we’ve covered the location, the next consideration is the home itself. First and foremost, your home’s value will have a major impact on the premium. If your home is destroyed in a fire or other covered disaster, your home insurance will pay to rebuild it. This is called dwelling coverage. Dwelling coverage can generally be calculated by multiplying the home’s square footage by local construction costs.

There are also a variety of other characteristics that come into play when it comes to insurance premium calculations. These often include:

1. Age of your roof
2. Type of your roof
3. Whether you have impact-resistant roofing
4. Your home’s electrical system (circuit breakers are usually less than fuse boxes)

There’s Also Protection for Personal Items & Liability

Of course, your home is more than just your house! The vast majority of homeowners insurance policies include protection for your furniture and personal belongings. They also include liability in case someone is injured on your property.

Don’t forget that the things you love may require a little more coverage! This includes items like swimming pools, hot tubs, and trampolines, as well as certain breeds of furry friends.

Your Credit Score Also Affects Your Home Insurance

Remember, insurance is all about assessing risk! This means that your credit score will impact your home insurance premium as well. The better your score, the lower your premium will be.

Past claims can also affect what that final number is going to be. If you’ve made a number of insurance claims in the past, you will appear more likely to make a claim in the future. That said, insurance is meant to be used when you need it. This should never defer you from making a claim, as an experienced insurance agent (link to contact or about us) will be able to find you the best price.

How to Discount Your Home Insurance Premium in Florida

Speaking of finding the best price, there are certain actions you can take to decrease the amount you’ll pay for coverage. One of these is bundling your home and car insurance, which can lower your premium up to an impressive 20%. Of course, the exact savings depend on your provider and other considerations, but it is often a good idea. We are happy to advise as to whether or not bundling would be the best idea for you!

Insurance discounts are also typically a great idea! Some providers offer 5% off of premiums for having a smoke detector and some also grant a discount of up to 15% for home alarm systems. Please note that figures are estimates that depend on state and provider. If you’re here in Brandon, FL (or anywhere in Florida!) we will use our extensive knowledge of Florida insurance to find any available discounts for you.

Conclusion

If you’ve ever put together one of those 500-piece puzzles, you already know it’s faster and more efficient with a partner and a strategy!

The insurance experts here at Charles D. Talley Jr Insurance, Inc are ready to help protect your masterpiece with the best coverage for the best price. With over 35 years of experience, we are proud to say we’ve had client after client say, “We didn’t know THIS level of coverage existed at THIS low of a price.”

Want to see if we can do the same for you? Give us a call at (813) 685-9393.

In today’s post from Charles D. Talley Insurance Agency, Inc, our resident Insurance expert, Adam Talley, is going to walk you through the different coverages included in a home insurance quote that you would receive from an independent insurance agency like ourselves. For any homeowner who has had questions about their home insurance in the past, this is information they don’t want to miss!

Be sure to take careful note of everything that was covered in this video. If you feel like you have more questions about your home insurance policy or you’re looking to save money on a better policy in Florida, then please give us a call today at (813) 685-9393. Adam would be happy to help you and your family.

Dwelling Coverage

When you receive a home insurance quote, the first thing you should see is your dwelling coverage. So what does this actually cover? Dwelling coverage is the limit that your insurance carrier has set for rebuilding a damaged home. For instance, say a home was severely damaged in a massive storm in Tampa. We’ll assume that the homeowner had the appropriate home insurance in this scenario. Their dwelling coverage will cover the costs to repair or rebuild their home.

Other Structures Coverage

The next item you should see in your home insurance quote is other structures coverage. If you’re wondering about what this actually covers, we understand because the name is a little vague. Other structures coverage is for other structures that are on your property, but are not part of the house.

Covered other structures can include:

• Detached garages
• Fences
• Sheds
• Bird baths
• And more…

Personal Property Coverage

The next item in your home insurance quote is personal property coverage. What’s included as covered personal property on a home insurance policy in Florida? Imagine that you are holding your house in your hand. Now imagine that you can take the roof off the house with your other hand and turn this mini version of your house upside down. Then you start to shake it like you would a shoe you’re trying to empty of sand. Think of all the items in your home that would fall out in this hypothetical scenario. To your home insurance carrier, all these items are considered personal property.

With a home insurance policy in Florida, there are two ways to cover your personal property.

• Actual cash value – This would be the depreciated value of your personal property.
• Replacement cost – This would be the cost to replace the item for a brand new version.

(Insurance Insider Tip: Make sure you ask your insurance agent about scheduled personal property.)

The Flat Screen TV Scenario

If you’re still a little confused about personal property, here’s another good example. A homeowner has a big flat-screen TV that is about 10 years old. During a serious thunderstorm in Tampa, lightning strikes the home and destroys the TV. If this homeowner was using actual cash value to cover their personal property, then they’re probably not going to get more than $100 from their insurance carrier for the TV. That’s because this is what the actual cash value of a 10 year old TV would be (if it was in relatively good condition). However, a homeowner that was using replacement cost could get $800 to $1,000 to replace that destroyed flat screen TV. This would be equivalent to the price for a new TV at a electronic store or online in Tampa .

Loss of Use Coverage

The next item in your home insurance quote is loss of use coverage. This is an important item to note for homeowners living in Tampa or other places that are at risk from massive storms like hurricanes. This is coverage for homeowners that can’t live in their house due to a covered claim.

Let’s say that a hurricane ends up causing significant water damage to a home in Hillsborough. The residents of the home must vacate the property while repairs are being made. The cost of having to stay in a hotel and purchasing meals over an extended period of time can be significant. Fortunately, loss of use coverage will cover those extra costs.

Liability and Medical Payment Coverage

The next items in your home insurance quote are going to be personal liability and medical payment coverage. These two types of coverages are tied pretty closely together when it comes to home insurance in Florida.

Personal Liability Coverage

Let’s say a homeowner decides to throw a party for their neighbors at their home in St Petersburg. Everyone’s having a great time, but then something very unfortunate happens. One of the guests ends up tripping as they are walking around the pool in the backyard. Even more unfortunate is that this person decides to sue the homeowner who threw the party. Personal liability coverage will protect that homeowner in this scenario.

Medical Payment Coverage

As we mentioned before, this form of coverage is closely tied to personal liability and here’s why. Let’s imagine the same scenario that we did before — a homeowner in St. Petersburg throws a party for their neighbors and some of their close friends. However, this time it’s a good friend of theirs that trips and falls during the party. While we’ll assume that they aren’t going to sue their friend, they may need some help paying for their medical bills. This is where medical payment coverage comes in.

Conclusion

In this post and video, Adam Talley wanted to cover some of the essential coverages included in your home insurance policy. But there could be other coverages and endorsements included in a home insurance quote in Florida. If you have any questions about items on your quote that weren’t covered in this post, then please don’t hesitate to contact us at (813) 685-9393.

Most homeowners insurance policies have a sub-limit for jewelry items, usually somewhere between $1,500-$2,500. So if you are planning to buy your loved one an expensive piece of jewelry for Christmas, you will want talk with an agent about scheduled personal property, or a rider as it is commonly referred to.

What’s Scheduled Personal Property?

Ask any insurance agent, and they will tell you that personal property insurance coverage is an essential aspect of homeowner’s insurance. However, a good agent will also tell you to take a close look at what is protected under your policy.  You may discover that an additional coverage (aka scheduled personal property) can provide better protection for your most valuable possessions.

What’s the Difference Between Standard Personal Property & Scheduled Personal Property?

Your standard homeowner’s policy usually provides coverage for your personal property. However, there it may also apply a dollar limit to how much will be paid out for specific possessions, such as jewelry. Some policies have a per-item limit applied for these types of valuables.

So for instance, there could be a $1,500 sub-limit applied to what your insurance will pay for jewelry following a theft. This would be upheld even if your overall personal property limit is significantly higher that.

Continuing with this example, let’s say you or your spouse has an engagement ring that is worth $3,000. It is stolen during a break-in. If you haven’t asked your insurance agent about scheduled personal property, your policy will likely only cover up to the $1,500 (maybe up to $2,500) sub-limit. This isn’t a situation we want you to find yourself if, especially with the holidays coming up.

Scheduled Personal Property for the Win

Scheduled personal property is an optional add-on to your homeowner’s insurance policy that provides increased coverage limits for specific, valuable possessions like that expensive engagement ring. Experiencing a break-in is terrible, but this coverage can be extremely helpful.

What types of possessions are covered by scheduled personal property?

• Art and antiques
• Expensive cameras and technical equipment
• Firearms
• Jewelry and furs
• Musical instruments
• Extensive and unique collections

Please note that your insurance agent will usually need to see a recent receipt or professional appraisal for the item(s) you want covered.

Call one of our agents at 813-685-9393 to discuss your options, and make sure you and your loved ones are properly protected. Charles D. Talley Jr. Insurance Inc., serving the Tampa Bay Area since 1983.

1) Depopulation Home Insurance

The Citizens Take-Out program is also referred to as Depopulation. It is required by Florida law for Citizens to create programs to return policies back to the private market. For an insurance company to qualify as a take-out company it must first be approved by the Florida Office of Insurance Regulation.

2) Carriers

There are currently over 20 insurance carriers approved as take-out companies. These companies have wide range of experience level in the marketplace, ranging from several years (Avatar Insurance) to well over twenty years (Universal North America) of service.

3) Opt-out Letter

If your policy has been selected by one of these companies you will be notified in writing that your policy has been assumed. That letter will also provide instructions on how you can “opt-out” and stay with Citizens. It is important to read your assumption letter carefully, as there is a limited timeframe in which you can elect to opt-out.

4) Policy Assumption

If you do not respond during the designated timeframe you will receive documents from Citizens and your new company advising you of the non-renewal of your current Citizens policy and the assumption and creation of your new policy with the take-out company.

5) Know Your Options

If you receive an opt-out letter the most important thing is to call your insurance agent. Here at Charles D. Talley Jr. Insurance Inc. we are dedicated to providing you with the knowledge and service to allow you to make the right decision regarding your insurance policy. If you choose to opt-out of the assumption, it is our pleasure to fax, email, or mail the letter to the prospective company for you, to give you peace of mind.

Bonus For You!

Due to the current state of the insurance market in Florida many homes that could previously only be insured by Citizens can now be insured through the private market. At Charles D. Talley Jr. Insurance Inc. we have over 10 homeowners insurance carriers that we can quote you with to ensure you are receiving the best coverage that fits your needs.