Lehn Vogt Insurance Mobile Home Insurance

What Does your Home Insurance Policy Cover?

Your homeowner’s insurance policy is designed cover you for losses and damages to an individual residence, along with furnishings and other assets of the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property. home. However, not all policies are the same, and coverages can vary from carrier to carrier. Knowing what your policy says about specific circumstances and risks, and what to expect in case of a loss, can help you make an informed decision about your coverage.

In the language of the homeowner’s insurance industry, “perils” are the circumstances which can cause a loss. HO3 policies can either cover damage caused by Named Perils only, which means that only circumstances specifically outlined in the policy are covered, or All Risk, meaning all circumstances are covered except for those specifically excluded in the policy.

Named Perils

For most Floridians, a standard (HO3) homeowners policy covers a range of Named Perils which typically include:

·       Weather events: lightning, windstorms, hailstorms, and named storms or hurricanes

·       Other events: explosions, falling objects, fire, smoke, or volcanic eruption

·       Acts committed by others: theft, vandalism, malicious mischief, riot, or civil commotion

·       Damage caused by vehicles: cars, aircraft, unmanned drones

Unless specifically named as covered, losses from all other situations are assumed to be not covered.

All Risk

An All-Risk policy will usually have higher premiums, but can cover an even wider range of perils, including:

·       Damages typically not covered without an endorsement or rider: flood, sewer backup, sump pump failure, or personal property damage caused by wind-driven rain

·       Situations related to construction: building ordinance or law stipulations for repair or rebuilding after a loss, or theft of building materials and supplies  

·       Changes to terrain: earth movement, earthquakes, or sinkholes

·       Losses due to off-premises utility service interruption: refrigerated items such as food or other perishables

An alternative to an expensive All-Risk policy is to add a comprehensive rider to a Named Peril policy. Many Companies offers optional endorsements to provide additional coverage.

Deductibles

There are two types of HO3 policy deductibles – one for hurricanes, and another for All Other Perils. Deductibles for All Other Perils can vary depending on a wide range of factors but can usually be lowered by increasing the monthly premium. Conversely, premiums can often be lowered by accepting a higher AOP deductible.

Hurricane deductibles are typically set at 2% of the insured value of the home. A home with an insured value of $350,000 would carry a $7,000 deductible. Many Companies  offers flat rate $500 and $1,000 hurricane deductibles as an option for Florida homeowners, reducing their risk of a high out-of-pocket cost in case of a catastrophic weather event.

Ask your agent at Lehn & Vogt Insurance about what perils are covered under your HO3 policy, what endorsements are available, and how to adjust your deductibles and premiums to find the right balance of coverage and cost for your family.

                                                              

Lehn & Vogt Insurance

2980 S McCall Rd E

Englewood, FL 34223

 941-698-8877

www.lehnandvogt.com

Providing Homeowners Insurance throughout the State of

Water Damage Tip

COVID Insurance Update 4/9/2020

Florida Hurricane Resource Page

Hurricane season is June 1 – November 30 and we urge all Floridians to review their insurance policies, understand their coverages, and protect their homes from the threat of flooding. Florida has one of the highest exposures and levels of risk to tropical weather events in the United States. Since 2016, Florida has experienced three consecutive Atlantic Hurricane Seasons with at least one hurricane making landfall during each season accounting for a combined total of more than $17 billion in estimated insured losses. The resources included below will help you become financially prepared for severe weather and we encourage you to continue monitoring this page for important updates throughout the storm season.Florida Hurricane Resource Page

'Cane Day 2019

Summary of 2018-2019 NFIP Flood Insurance Changes

Summary of NFIP Program Changes

by Matt Lehn

The National Flood Insurance Program (NFIP) just announced changes effective April 1, 2018 and January 9, 2019. The changes outlined below apply to new business and renewals that will become effective on or after April 1, 2018. The premium changes for Preferred Risk Policies (PRPs) and Newly Mapped procedure policies will become effective January 1, 2019.

Premium Increases and Surcharges

Average increase of 8%. These amounts do not include the HFIAA surcharge or the Federal Policy Fee (FPF).

For policies issued on or after April 1, 2018, there will be no changes to:

Deductible Factors

Federal Policy Fee

Reserve Fund Assessment

HFIAA Surcharge

Probation Surcharge

ICC Premiums

Pre-FIRM Subsidized Policies (a group of policies in SFHA Zones A, AO, AH, A1-30, AE, A99, AR, AR/A1-30, AR/AE, AR/AO, AR/AH, AR/A, V1-30, and VE, that receive rates insufficient to pay the anticipated losses and expenses for that group)

Other Pre-FIRM Subsidized Policies Not Subject to 25% Annual Increases: These are primarily condominium policies and multifamily policies. Premiums will increase 5%, with a total increase of 5%.

V Zones (coastal high-velocity zones)

Rate increases are being implemented again this year as a result of the Heinz Center’s Erosion Zone Study, which clearly indicates that current rates significantly underestimate the increasing hazard from steadily eroding coastlines.

Post-FIRM V Zones: Premiums will increase 11%, with a total increase of 11%.

A Zones (non-velocity zones, which are primarily riverine zones)

Post-FIRM AE Zones: Premiums will increase 1%, with a total increase of 1%.

AH, Zones (shallow flooding zones): Premiums will remain unchanged.

X Zones (zones outside the Special Flood Hazard Area)

Standard-Rated Policies: Premiums will increase 2%, with a total increase of 1%.