Personal Lines

Coverage Types

 Auto, Home, Condo, Renters  

Flood & Umbrella

What is covered?

Why do I need homeowners insurance?

Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it. Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. Damage caused by most disasters is covered however there are exceptions. The most significant are damage caused by floods and poor maintenance. You must buy a separate policy for flood coverage. Maintenance-related problems are the homeowners’

A standard homeowners insurance policy includes the following:

  • Dwelling coverage
  • Other structures
  • Contents
  • Personal liability
  • Medical payments
  • Loss of use
What does my homeowners insurance cover?

Dwelling
Covers the house and attached structures for accidental direct physical loss except those losses excluded by the policy. This includes built in or attached items such as built in appliances or wall-to-wall carpet.

Other Structures
Covers other buildings or structures on the property that are separated by clear space from the house. Examples are a detached garage or gazebo. Covers for accidental direct physical loss to the structure except as excluded or limited by the policy.

Contents
Covers your personal property, such as: furniture and clothing, and items that are not attached to or built into the home. Covers these personal items for loss due to specific causes such as: fire, smoke, wind, theft, and other causes as described in the policy.

Personal Liability
Covers damage to others for which you are held liable except as limited or excluded by the policy.

Medical Payments to Others
Pays for medical or funeral expenses of others who are injured on your property or caused by your activities on or off your property.

Loss of Use
Pays for reasonable living expense if you are not able to reside in the home due to a covered loss.

How much homeowners insurance do I need?

When choosing the amount to insure your home for, a common mistake is using the purchase price rather than the amount it would cost to rebuild the structure in the event of a total loss. The purchase price of a home includes the land the home is built on, as well as market inflation or deflation.

Why do I need auto insurance in Florida?

Auto insurance protects you against financial loss in the event of an accident, primarily for physical damage or bodily injury. An auto insurance policy is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Specific terms of auto insurance coverage vary by legal regulations in each state and company guidelines.

What does Florida auto insurance cover?

Bodily injury liability: Provides liability coverage to others for injury or death resulting from an accident in which you are found to be at fault for. Bodily injury liability, also known as BI, can help pay for the injured party’s medical expenses and lost wages, and may also help provide compensation for legal defense. The limit, or the amount covered, is selected when you purchase your auto insurance policy. This is not required in the state of Florida but highly recommended.

Property damage liability: Provides liability coverage to others for damage to someone’s property, up to the limit of liability you select. The minimum amount of coverage required in the state of Florida is $10,000.

Collision coverage: Collision coverage is for damage to your own vehicle in an accident. Collision is generally optional unless your vehicle is financed or leased. This coverage applies anytime there is a collision with another vehicle or any stationary object such as a tree, mailbox, building, sign, etc.

Comprehensive coverage: Covers damage to your vehicle for losses resulting from things other than collision, such as damage from fire, theft, falling objects, storms, collision with birds or animals, and glass breakage.

Uninsured motorist coverage:  This coverage is also known as underinsured motorist coverage or UM. It covers bodily injury to occupants of another vehicle that you or passengers of your vehicle are legally entitled to. Not everyone is required to carry BI coverage in Florida so if you’re injured in an accident and the other driver is at fault but uninsured (or underinsured), your UM will help with medical expenses.

Medical payments: Covers necessary expense for medical or funeral services provided to you and your passengers as a result of an accident.

Personal injury protection:   Also known as PIP coverage, this is for injuries sustained by you when you are a driver or passenger of any vehicle, not just your own. While liability coverage follows the vehicle, PIP follows the insured person. This can also apply to passengers of yours if they do not have their own PIP and cannot get it from a household member’s insurance. Eligible parties are entitled to reimbursement of 80% of reasonable and necessary medical expenses, as well as 60% of lost wages, as a result of a covered auto accident. Florida law requires this coverage for every vehicle owner. Even if you don’t own a vehicle, you can purchase a named-non owner policy with this coverage for when you drive someone else’s car or are a passenger

Loss of use coverage:  This is optional coverage that helps pay rental vehicle costs when your insured vehicle is disabled as the result of a covered accident or loss. Florida policies typically have a daily limit up to one month, which can possibly be extended under certain circumstances.

Towing and labor coverage:  This may also show as Roadside Assistance coverage and applies if your vehicle needs to be towed, has a flat tire, runs out of gas, has a dead battery, etc.

Why do I need condo insurance?

Condo insurance provides financial protection against disasters. A standard policy insures the condo itself and the things you keep in it. Condos insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family may cause to other people. Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods and poor maintenance. You must buy a separate policy for flood coverage. Maintenance-related problems are the condo owners’ responsibility.

What does condo insurance cover?

Dwelling/building additions and alterations – Covers the house and attached structures for accidental direct physical loss except those losses excluded by the policy. This includes built in or attached items such as built in appliances or wall-to-wall carpet.

Applicable to condominium unit owners. Policies cover the following building items that the condominium unit owner is responsible for:

  • Floor, wall and ceiling coverings
  • Electrical fixtures
  • Appliances
  • Air conditioning and/or heating equipment
  • Water heaters
  • Water filters
  • Built-in cabinets and countertops
  • Window treatments
  • Air conditioner compressors that serve your unit
  • Unit upgrades/alterations from the original plans

Contents – Covers your personal property, such as: furniture and clothing, and items that are not attached to or built into the home. Covers these personal items for loss due to specific causes such as: fire, smoke, wind, theft, and other causes as described in the policy.

Personal liability  – Covers damage to others for which you are held liable except as limited or excluded by the policy.

Medical payments for others  – Pays for medical or funeral expenses of others who are injured on your property or caused by your activities on or off your property.

Loss of use  – Pays for reasonable living expense if you are not able to reside in the home due to a covered loss.

Condominiums loss assessments – Covers your share of an assessment against all condominium unit-owners for a direct loss to the condominium property owned by all unit-owners collectively. Loss must be caused by a peril insured against.

Why do I need renters insurance?

Renters insurance policies provide protection if your personal property is damaged , stolen, or destroyed. The named perils your renters insurance likely covers, may include, but is not limited to:

  • Fire or lightning
  • Windstorm/ Hurricane
  • Smoke
  • Vandalism or malicious mischief
  • Theft
  • Water-related damage from plumbing, heating or A/C units

Flood damage is NOT covered and requires a separate policy.

What does renters insurance cover?

A standard renter’s insurance policy provides coverage for the following:

Personal property: Provides protection for your personal property, such as furniture, clothing, and electronics. This coverage limit is chosen by you when you purchase the policy.

Loss of use: Additional expenses you incur when your rental property cannot be used because of an insured loss. This part of the policy will usually only cover around 10-20% of your personal property value.

Personal liability: Covers damages to others for which you are held liable, unless there is policy exclusion.

Medical payments for others: Pays for medical expenses for minor injuries to others even if you are not at fault. A typical policy includes limits of $1000-$5000 per person.

What you need to know about flood insurance in Florida

Flood insurance protects you against damage to your property caused by flooding. Your property policy does not cover damage from flood loss to any property resulting directly or indirectly from water or damage caused by water-borne material. Water and water-borne material damage includes, but is not limited to flood, surface water, tidal waves, or overflow of body of water.

What does Florida flood insurance cover?

Building Property: Covers the insured building for direct physical loss caused by flood.

Personal Property Coverage (Optional): Covers your personal property including appliances and window coverings for direct physical loss caused by flood.

Condominium Loss Assessments: Covers up to the building property limit for your share of loss assessments charged against you by the condominium association, as a result of direct physical loss by or from flood.

Why do I need a Personal Umbrella Policy?

As you accumulate assets, you become a bigger target for lawsuits. If you lose a lawsuit and don’t have enough liability insurance, your assets could be taken to satisfy the judgment. In addition, your assets probably include savings and investments. Even your future earnings can be garnished to satisfy a judgment against you.

A Personal Umbrella Policy is a low-cost insurance policy that provides excess liability coverage above and beyond the limits of the liability coverage on your personal auto, homeowners, boatowners and recreational vehicle policies. This additional coverage pays after you have exhausted your primary coverage if you are sued for damages suffered by someone as a result of an accident, especially an unexpected catastrophic accident, involving your car, property, or recreational activities.

Have questions? Let us know how we can help!

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Location:

1901 Island Walkway, Suite 113

Fernandina Beach, FL 32034

Office Hours:

Monday: 9am -5pm

Tuesday: 9am -5pm

Wednesday: 9am -5pm

Thursday: 9am -5pm

Friday: 9am -5pm

Saturday: 10am – 3pm

Sunday: Closed

Contact Info:

Phone: +1 (904) 267-1585

Email: Brad@RaulersonInsurance.com

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