Tuesday, December 7, 2021

Homeowners Insurance

REVIEW YOUR CURRENT POLICY. We offer a market with a FLAT $500 deductible for wind/hurricane/fire. NOT the 2% deductible, which could result in you paying for the entire cost of repair out of pocket.

Dwelling (Coverage A)

Covers damage to the main structure, attached structures, and permanently attached

fixtures to the home (built-in appliances, plumbing, AlC, Heating systems) The limit on the

policy is the maximum you will receive if the structure is totally destroyed.

Other Structures (Coverage B)

Covers damage to structures not physically attached to the home. Detached garage,

storage shed, fence. **Detached structures used for business purposes are not covered

under a personal homeowner’s insurance policy.

Personal Property (Coverage C)

Covers damage to or loss of personal property. These are items not physically attached to

the structure. (furniture, electronics, clothing, toys) This protection can be based on actual

cash value or replacement cost.

Additional Living Expenses (Coverage D)

Covers living expenses, up to the stated limit on the policy, over and above your normal

living expenses if you cannot live in your home while repairs are being made.

Personal Liability (Coverage E)

Protects you against claims arising from accidents to others on your property. You must be

proven legally liable, negligent, for this portion to payout.

**WiII not cover claims arising from auto, motorcycle, boating, accidents or liability occurring from the operation of a business in your home.

Medical Expenses (Coverage F)

Coverage is limited to the amount per person, per accident for injuries occurring on your

property to persons other than the insured if caused by you, a member of your family, or

your pets. Unlike Personal Liability coverage, this payment is made regardless of proving

your legal liability.

Deductibles

There are various deductible options. Having access to multiple carriers enables Elite to

customize the policy to accommodate your situation.

Flat Deductible: One set amount no matter how damage occurs ($500, $1000, $2500)

This is the most secure way to not get “hit when you are down”. You are aware of the

deductible and if the damage is $5,000 or $150,000, your out of pocket expense is not that

devastating.

Percentage Deductible: Can be 2%, 3%, or 5% of the dwelling amount and usually is for

damage caused by Wind, Hail or Hurricane.

An example of this would be: Coverage A Dwelling policy limit $350,000, your deductible is

2% of $350,000, your out of pocket expense would be $7,000 when damage occurs as a

result of wind / hail / hurricane.

Your Homeowner’s Policy will not cover RISING WATER (ground up). Water damage

covered under homeowners is the result of Falling Water. Damage as a result of roof

damage or broken windows is an example.

Renter’s Insurance

If you rent an apartment, condo, single family residence you may not realize the high cost

of replacing your belongings in the event of fire, theft, flood, wind event, or hurricane. Elite

can offer coverage for your personal contents. Your landlord ONLY provides coverage for the structure, your personal items are exposed if you are not covered.

Builders Risk

This policy covers a VACANT dwelling which is undergoing renovations or a new construction (ground up) project. Policy will cover the dwelling as well as anything that is to be permanently attached to the structure. Covers wind, hurricane, fire, theft (providing adequate measures are taken to protect the premises) Policy limits should be sufficient enough such as if you are one day from completion and the structure is totally destroyed.

**will not cover personal property, tools, and a structure that is occupied.