The Difference Between Homeowners Insurance and a Home Warranty
Owning a home means a lot of responsibility – when something goes wrong, you are on the hook for repairs. If you have a new home, you may also have a home warranty – but what a warranty covers and what homeowners’ insurance covers are two very different things. Home Warranty Coverage According to the Federal Trade Commission’s information on home warranties, a home warranty may provide “limited coverage of workmanship and materials” for specific parts of the house in a new ho
Covering Your New Florida Home While It’s Under Construction
If you buy a new home in Florida, you know the importance of obtaining comprehensive homeowners insurance to protect your investment. What happens if you are having a new home built from the ground up? How do you insure a home under construction? Olympus Insurance provides a special kind of policy for property owners who have a “Dwelling Under Construction”. This policy is known as a DUC Endorsement, and can easily be converted into a standard homeowners (HO3) policy once con
Here’s why property insurance premiums could be going up in Florida and in Tampa Bay
Three major hurricanes caused about $80 billion in insured losses nationwide for property and casualty insurers in 2017, but in Florida, legal maneuvers are as much a factor as weather in driving up pricing on homeowners’ insurance policies, a new report says. “Pricing on homeowners’ property risks in Florida continue to increase, but not as a direct result of catastrophe loss activity,” according to the report from Fitch Ratings. “Accusations of fraud and abuse of assignment
4 Valuable Possessions Which May Not be Covered by Your Home Insurance
Homeowners insurance is designed to protect yourself, your property and your belongings. What if you discovered that the most valuable items in your home weren’t actually protected by your standard homeowner policy? That could be the case if you own high-dollar items. There are limitations built into most standard home insurance policies for coverage on items like musical instruments, valuable collections, jewelry, and other luxury items. It’s not uncommon for the value of th
How to Prepare Your Florida Home for Hurricane Season
Is your home ready for a potentially devastating storm? Although the Sunshine State has been pretty lucky in recent years — remaining relatively unscathed from any devastating tropical storms or hurricanes — this doesn’t mean we should risk being unprepared. After all, all it takes is one major hurricane to cause severe damage. Are you worried about preparing for the impending hurricane season that begins on June 1st? Want to learn how to best prep your home for the unpopular
Dealing with Leakage / Seepage Water Damage
It has happened to many homeowners over the years – a suddenly appearing damp spot in a floor, wall, or ceiling that turns out to be the product of a long term hidden leak. Hidden water damage (often referred to as “leakage / seepage”) can present many challenges and concerns for homeowners. The Problem with Leakage / Seepage Claims Water damage from a hidden cause may or may not be covered depending on your carrier and their specific restrictions on water damage claims. Many
Shop Flood Insurance Before the Storm Season to Avoid Coverage Delays
Over 850,000 Floridians in high risk flood areas don’t have flood insurance – that’s almost two thirds of the 1.3 million homes in the four southernmost counties in the state, where there is at least a one-in-four chance of flooding during a 30-year period. Many of these homeowners aren’t even aware that their home insurance policy doesn’t cover flooding, or that they have to purchase it separately to have flood coverage. Across the state, millions more homeowners also don’t
