Elementary Insurance Agency

What is an HO3? An HO3 policy is the minimum amount of homeowners insurance that has a broad range of coverage. HO3 has a limitation for its contents coverage. This type of coverage is called named perils. HO3 policies typically have a list of 16 named perils that they will cover your personal property from damage. Any other type of damage that isn't listed on your policy, will not be protected.   Examples of common named perils include: Fire or lightning Theft Vandalism Windstorm Falling objects and more An open peril policy would be used for your property's structure. An open peril gives you more freedom than a named peril because there are less limitations. Unlike named perils, there is no list to review on this type of policy. If your insurance doesn't exclude the type of damage, you are protected. What is an HO5? HO5 policies have a more expanded coverage and less limitations compared to HO3 policies. With an HO5, the contents and structure of the home are protected un...

What is a Personal Article Floater Policy? A personal article floater policy is independent coverage, where an endorsement is added to a homeowners policy and covers valuable property. Typically, the item(s) require more coverage than the current homeowners policy limit. The majority of homeowners policies insure everyday belongings, including appliances and furniture in the event of a natural disaster or robbery. Items like jewelry, antiques and computers may be covered, however the pay out may not cover the replacement costs. This is why a personal article floater policy is put in place, so the insured is able to replace the item when an unfortunate event occurs. What items are covered under a Personal Article Floater policy?  A personal article floater policy covers items that the homeowners policy does not. In a homeowners policy, these items are granted limited coverage, so having a personal article floater policy lets the insured get the replacement cost covered. This policy ...

  Why Are There Limited Insurance Carriers in South Florida? It has been a lingering thought in many people's minds why South Florida has such trouble insuring homes. South Florida includes Broward, Miami- Dade and Palm Beach counties and those counties are known as the TRI- county area.  When seven different carriers reduced their policies in Broward and Miami- Dade throughout the 2017 year, c arriers such as Universal and Citizens had to insure the excess homeowners. In 2018, Universal ended up with over 24,000 additional policies and Citizens accrued more than 5,000 policies. Universal again faced the obstacle of rising reinsurance costs and insurance fraud, when having to cancel or non renew a significant number of policies before the 2021 storm season. Citizens Property Insurance used to be known as a last resort insurance carrier, but now they are the first choice of many homeowners in Miami-Dade and Broward counties.  Other counties that have been denied coverage a...

  Protecting Personal Information October is recognized as the Cybersecurity Awareness Month which promotes awareness about the importance of cybersecurity and making sure Americans have the resources needed to remain safe online. Protecting Your Home Everything in our homes are becoming smart devices. More smart devices means more network dependent items. It is important to be safe and protect your digital homes. Here are some tips: Tips : Secure Your Network - Be sure to change all factory-set passwords and usernames.  Security - Be sure to add security software for all devices, updating web browsers, and updating operating systems. Scan for viruses and malware.  Social Media - Resist the urge to post information on social media. Personal information has no place on social media. Passwords The easiest way to take first steps toward protecting yourself onlin...

What is Risk Rating 2.0? Flood Risk Rating 2.0 is a redesigned version of the original rating method for the National Flood Program. This version includes new technologies that rate the risk of flooding more accurately and precisely. This technology bases its ratings on information such as where the building is located relevant to flood zones, replacement costs, prior claims, the building’s number of floors, mitigations, and first floor elevation. There is additional information required, including square footage of the building, if the location has multiple buildings, as well as the insured’s contact information. All of these aspects are taken into consideration by FEMA rating system prior to determining the policy premium. How will this affect my insurance? This will affect any new flood policies that are effective on and after October 1st, 2021 and will also affect policies that have renewal dates of April 1st, 2022 and later. These policies will be required to use the ne...