Elementary Insurance Agency

  Umbrella insurance gives policyholders extra insurance beyond the limits and coverages of their existing policies.Umbrella policies can protect your assets from; lawsuits, medical bills, injuries, etc. If your homeowners or auto insurance’s limit is not high enough to cover an incident, an umbrella policy can help. What can an umbrella policy cover? Here are some scenarios: If you are responsible for a car accident You cause a 15-car accident and your auto insurance property damage coverage can only replace a certain number of victims' vehicles. Your personal liability coverage is also not high enough to pay for their medical bills. Someone gets injured on your property Your teenage daughter throws a party at your house while you’re out of town. Someone brings alcohol to the party, and one of the guests injures himself by jumping off the roof. H is parents decide to sue you for the damages and the underage drinking. If your dog bites someone Your dog runs out of the house and ag...

  James Johnson of Ground Zero Mold and Home Inspections confirms "getting a wind mitigation is a great way to save “big” on your home owners insurance. Many clients are confused on what a wind mitigation is. A wind mitigation has nothing to do with a pass or fail. It has everything to do with how much money can you save. As a home owner that’s what we like to hear." Here at Elementary Insurance Agency, we are dedicated to making insurance simple for all and that's why we're excited to share the specifics on wind mitigations with the help of a certified professional field inspector. What is the Purpose of a Wind Mitigation Inspection? A wind mitigation report tells insurance companies how stable a home's roof is against strong winds. Events such as wind storms or hurricanes may cause damage to the construction. If your home has strong features, it reduces the chance of loss. The process involves an inspection from a certified inspector. In Florida, the inspectio...

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...

  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...

  Citizens Property Insurance was created by the Florida Legislature in August 2002 as a not-for-profit, tax-exempt, government entity to provide property insurance to eligible Florida property owners who are unable to find insurance coverage in the private market. Citizens Insurance is funded by policyholder premiums. However, Florida law requires that Citizens levy assessments on most Florida policyholders if it experiences a deficit in the wake of a particularly devastating storm or series of storms. Here are some reasons why it could be a good and comparable option. Old Roof?  No problem! Finding coverage in the private market can be hard in general but considering how old your roof is will be a vital factor. Some carriers will not take anything close to an older roof due to the risks involved. Citizens cover roofs that are much older than the average compared to other carriers. They accept roofs older than 10 years old, which for some companies is an instant rejection. ...