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Home Insurance

Home Insurance

Get financial protection for your home in Florida against unexpected disasters with home insurance at low rates from Pinnacle Insurance. We specialize in home insurance for Single Families, Condos, Renters and Flood Insurance. We partner with a diverse list of Home Insurance providers in order to get you the policy that suits your needs, as well as the lowest rates possible. 

Coverage and policy 

Most homeowners' insurance policies include at least six different coverage parts. They are called Dwelling, Other Structures, Personal Property, Loss of Use (this pays for temporary housing), Personal Liability and Medical Payments (this helps with medical bills)

Dwelling coverage 

Dwelling coverage is one of several types of home insurance available. it helps pay to rebuild or repair the physical structure if your house is damaged by a covered hazard. 

Liability Protection

Liability insurance helps cover medical and legal fees if you're held legally responsible for someone else's injury, or damage to someone else's property. Every driver is required to have liability insurance coverage, which makes the owner of a car responsible for any damage or injuries inflicted by that vehicle. 

Personal property coverage 

Homeowners insurance also provides coverage for your personal property when it is lost or damaged by a covered incident. This includes furniture, clothing and appliances as well electronics like TVs and computers 

Guest Medical protection

This kind of insurance helps pay for medical expenses if one of your guests is injured on or around your property. Your policy can help you cover things like: X-rays, surgical procedures and dental work.  

 

HO-3

An HO-3 policy is a type of homeowner insurance coverage that protects the structure, contents and liability aspects of your home. An HO-3 plan will also cover additional living expenses, protection for other structures on your property and protection against damage from certain weather conditions. This policy is available for detached homes, single-family homes and duplexes in which at least one unit is owner-occupied; the owner must live in the home as their primary residence.  

HO-4

The HO-4 policy is a type of renters insurance. It protects your personal possessions if they are damaged under certain circumstances, and it also provides liability coverage for accidents that occur on your property. The HO-4 does not cover damage to the building itself, however; that's what an owner's policy does.

HO-6

Condominium insurance also sometimes referred to as “HO6 insurance,” condo insurance can cover liability claims, damage to your condo unit and belongings, and additional living expenses if you're unable to stay in your residence due to a covered incident. It does not cover the exterior of the condominium building.

HO-8

A highly restricted homeowners policy form, the HO-8 policy covers 11 named perils, with several major exclusions. The most notable exclusion is water damage, which accounts for roughly half of all Citizens’ homeowner claims. The HO-8 policy uses an alternate calculation to determine replacement cost or actual cash value, which can result in significantly lower claims payouts. HO-8 policies also may not meet the minimum insurance requirements of many mortgage holders; before purchasing, confirm with your mortgage holder that the HO-8 policy meets your insurance requirements.

DP-1

A DP1, also known as a Dwelling Fire Form 1 policy, is an insurance policy that essentially offers building-only protection. It covers damage caused by the perils named in the policy, and those perils are usually limited to these nine: Fire and lightning. Internal and external explosions.

DP-3

This policy is available for tenant-occupied properties and properties that otherwise may not qualify for an HO-3 or HO-8 policy. It provides coverage for the dwelling, other structures on the property, personal property, and loss of rent or additional living expenses. Coverage for tenant or renter’s contents and liability is available. If you own a home, but do not live in it, then a dwelling fire policy is the right option for you. This might also apply if you own a home but rent out the rooms or the whole property. 

 

Mobile Home Dwelling Fire (MDP-1, MD-1) 

Available for tenant-occupied properties and properties that otherwise may not qualify for an MHO-3 or MW-2 policy, this policy provides coverage for the dwelling, other structures on the property, personal property, and loss of rent or additional living expenses. Coverage for tenant or renter’s contents and liability is available.

Personal Umbrella Policy 

A personal umbrella policy is called an "umbrella" policy because it provides liability coverage over and above your standard auto insurance or homeowner insurance. It offers protection for you and family in your household against large and potentially devastating liability claims or judgments.

 

 

Flood Insurance

Flood insurance, generally purchased separately from your homeowner insurance policy, may cover losses from water damage related to flooding and may help protect your home and belongings. If your home or personal property is damaged by a flood, your flood insurance company will typically cover the costs to rebuild or repair your home and pay you the actual cash value of your personal items.

How does flood insurance work?

Typically, homeowner insurance companies won't cover water damage as a result of a flood. If you live in a higher-risk flood zone, you may want to purchase flood insurance from the National Flood Insurance Program (NFIP) or from a private flood insurer.

What does flood insurance cover?

Depending on your policy, flood insurance typically covers the structure of your home and the contents in it, including:

  • Your home’s foundation and structure 

  • Garage and other detached structure 

  • Personal-property, including furniture, clothing and electronics (actual cash value) 

  • Built-in appliances, including dishwashers, stoves and refrigerators

  • Permanently installed carpeting and household fixtures 

  • Air conditioning unit and furnace 

  • Plumbing and electrical systems 

  • Up to $2,500 in valuables such as, Jewelry and art and collectibles

  • Debris removal  

 

The National Flood Insurance Program (NFIP) offers up to $250,000 in coverage for your home's structure and up to $100,000 for your belongings. If you need higher limits because your home has a high property value, you may purchase a policy from a private flood insurer. Private flood insurance may either supplement your NFIP policy or completely replace it.

 

Through the NFIP, homes are covered on a replacement cost basis while your personal property is insured for the actual cash value. That means the NFIP will typically pay you the actual value of your covered belongings. For instance, it may cost $1,000 for a brand-new couch of similar quality to replace the one you lost in a flood. However, if your couch was worth $600 at the time of the covered loss, that's the amount you'll receive from the NFIP. If you choose a private insurer for flood insurance, they may cover your personal property at replacement cost.

What does flood insurance NOT cover? 

Whether you buy a flood policy from the NFIP or a private company the following exclusions may apply: 

  • Landscaping 

  • Financial losses you might suffer from not being able to conduct your home-based business

  • Damage from sewer line backups or to your sump-pump

  • Motor vehicles (car, ATV, motorcycles, watercraft, etc.)

  • Stock certificates

  • Floodwater damage leading to mold and termites

  • Cash and jewelry up to specified limits

  • Swimming pools, outdoor hot tubs, and patios

 

Do I need flood insurance?

As a condition of the loan, your mortgage lender may require you to purchase a flood policy if you live in a high-risk area. Otherwise, you're not required by law to purchase one. FEMA estimates that an inch of water could cause $25,000 of damage to your home.

 

Even if you don't live in a high-risk flood zone, heavy rain, melting snow, and severe coastal weather may cause flooding. Moreover, 20% of flood claims come from low- or medium-risk areas — so flood insurance is often an important safeguard for many homeowners living near a river or body of water.

 

For now, though, only new Citizens Property Insurance customers who live in special flood hazard areas must have flood insurance to be eligible for a policy. Their deadline is April 1. Existing policyholders living in these vulnerable areas must renew theirs by July 1.

 

Over the next five years, new requirements will be phased in based on property value, not just location. Eventually, by 2027, all Citizens customers would be required to tack on flood insurance.

Renters insurance and flood damage

Renters insurance policies won't cover damage resulting from a flood. To protect your personal property against flood damage, you'll need a separate flood insurance policy. However, you'll only need to cover your belongings on your flood policy and not the actual residence. It is your landlord's responsibility to insure the structure you live in.

Car insurance and flood damage

If you carry comprehensive coverage on a car damaged from flooding, your auto insurance policy may pay to repair or replace your vehicle. A deductible typically applies.

 

How much does flood insurance cost?

Flood insurance policies from the NFIP cost around $700 annually. Like any type of insurance, your rate will depend on the risk. You'll obviously pay more if you live in a high-risk flood zone or an area prone to flooding. Premiums for private flood insurance companies will vary greatly based on location (how close is your home to the water's edge?), elevation, and the coverage limits you select.

 

How to buy flood insurance? 

Speak with your agent or insurance company to find out how you can purchase a flood policy. You may also get a flood insurance quote online or also by calling Pinnacle Insurance at 954-306-3333

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