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See our interview on Florida Homes, a leading site for Florida Real Estate, South Carolina real estate & North Carolina real estate: Your Options for Supplemental Coverage


What is an example of typical/basic coverage for home insurance in Florida?

A standard homeowners insurance policy is written on a HO-3 form. This form includes six standard coverages: A. Dwelling Coverage
B. Other Structures
C. Personal Property
D. Loss of Use
E. Personal Liability
F. Medical payments

When should a homeowner consider additional policies on top of their basic protection?


I recommend all my clients consider an umbrella policy to provide additional liability coverage for their property. A standard HO-3 policy provides $100,000 in liability coverage. This coverage can be increased to $300,000 with most carriers. However, If an individual is injured on the property and files a lawsuit against the homeowner an umbrella policy would provide an additional $1,000,000 in coverage. This additional coverage is very important for the property owners to protect their assets if found negligent in a lawsuit.

How should homeowners decide what supplemental coverage that they need?

There are many endorsements that can be added to a homeowners policy to provide additional protection. A homeowner should speak with an agent to determine if their personal items exceed the basic policy limit. For example, jewelry coverage may be limited to $2,500 for any single item. A firearm may be limited to $500 per item. An agent will be able to explain specific coverage limits and offer additional coverage by adding the appropriate endorsements to the policy.

Can you briefly explain why having a flood insurance policies is important?

One of the biggest misconceptions is that homeowners Insurance covers flood damage. A standard homeowners policy excludes all damages from rising water outside of the dwelling. This means not only is water damage from a flood not covered, but also any mold problems or foundation issues.

Properties in Florida are assigned a flood zone from F.E.M.A.'s Flood Hazard Maps. Some zones are considered to be higher risk than others but even low-risk zones can still experience a flood. In 2012 Tropical Storm Debbie flooded entire subdivisions that were located in low risk zones and many of the homeowners did not have flood insurance. Federal disaster assistance is usually a loan that must be paid back with interest. For a $50,000 loan at 4% interest, your monthly payment would be around $240 a month ($2,880 a year) for 30 years. Compare that to a $150,000 flood insurance premium, which is about $350 a year ($33 a month).

What does equipment breakdown insurance cover?
Equipment breakdown is an endorsement to your homeowners policy that extends coverage for causes of loss that are not normally covered. For example, If your air conditioner is struck by lightning, it is covered under a standard homeowners policy. However, if your compressor fails in the A/C unit or your fan motors burns up it is not covered unless you add the equipment breakdown coverage to the policy. This endorsement provides coverage for items like A/C units, washing machines, dryers, refrigerators, TVs, computers and pool equipment and will cost about $50 a year.

What are three of the most popular endorsements for homeowners Insurance in Florida?

Some basic endorsements include:
Equipment Breakdown
Food Spoilage Coverage
Scheduled Jewelry, Fine Art and Firearms
What's the best way for people to contact you and your company?

You can contact us through our website at www.greeneinsurance.com or give us a call at 1-800-252-6885. Our Company information is below
.
Greene & Associates Insurance
417 SW Baya Drive
Lake City, FL 32025
Phone 1.800.252.6885
Fax 386.754.1578

- See more at: http://www.floridastatehomes.com/articles/home-insurance-and-your-options-for-supplemental-coverage-an-interview-with-joe-greene-of-greene-associates-insurance#sthash.1J3rPvzo.dpuf
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