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South Florida Homeowners & Condo Insurance
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Homeowners Including Hurricane / Wind & Flood
Wind Mitigation Discounts Applied in Many Cases
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Whether you own a house, condominium, townhouse, or
apartment, for most people, their home is their most important investment. We offer Florida homeowner's insurance policies that have flexibility to meet your individual needs and above all, provide you with the security that comes only from the knowledge that your home is safe. |
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Homeowners insurance is one of the most popular forms
of personal insurance and the typical Florida homeowner's insurance policy has two main sections:
Section I - insurance coverage for your property
Section II - personal liability coverage (to cover you in
case of lawsuits arising from things that happen on your property)
Homeowners insurance is often required by lenders to
obtain a mortgage and nearly everyone, whether you own or lease property, should have the protection of Florida homeowners insurance. |
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Click on the link below to fill out a quote request form for
a Florida homeowner insurance policy that will provide first class homeowner insurance coverage at an affordable cost. Or you can call us toll free at 1-866-454-9555 to discuss the policy features in more detail. |
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We offer affordable Florida condominium insurance and homeowners insurance
policies in the following south Florida counties and cities: Miami-Dade County, Broward County, Palm Beach County, Coral Gables, Kendall, Richmond Heights, Pinecrest, Howard, Coral Way Village, Westchester, Westwood Lakes, Brownsville, Sweetwater, Key Biscayne, North Bay Village, Miami Beach, Miami Springs, Virginia Gardens, Hialeah, El Portal, Miami Shores, Indian Creek, Surfside, Bal Harbour, North Miami, Biscayne Park, Pinewood Park, Opa Locka, Bunche Park, Hialeah Gardens, Palm Springs North, Carol City, Miami, Norland, Ojus, Miami Lakes, Biscayne Gardens, Hallandale, Sunny Isles Beach, Golden Beach, Aventura, Uleta, Miramar, Pembroke Pines, North Miami Beach, Hallandale Beach, Ives Estates, Pembroke Park, Hollywood, Dania Beach, Cooper City, Davie, Weston, Plantation, Playland Isles, Melrose Park, Lauderhill, Sunrise, Tamarac, Fort Lauderdale, Wilton Manors, Oakland Park, Lauderdale Lakes, Sea Ranch Lakes, Pompano Beach, Margate, Coral Springs, North Lauderdale, Lighthouse Point, Hillsboro Beach, Coconut Creek, Deerfield Beach, Boca Raton, The Hamptons, Highland Beach, Boca West, Delray Beach, Boca Pointe, Boynton Beach, Lantana, Rainbow Lakes, Atlantis, Lake Worth, South Palm Beach, Palm Springs, Greenacres, Wellington, Haverhill, Palm Beach, Golden Lakes, Riviera Beach, Glen Ridge, West Palm Beach, Lake Park, Royal Palm Beach, Jupiter, Juno Beach, North Palm Beach, Loxahatchee, Belle Glade, Palm Beach Shores, South Miami, Cutler Ridge, Princeton, Perrine, Naranja, Homestead, Florida City, Leisure City, Key Largo, Tavernier, Islamorada, Key Colony Beach, Marathon, Big Pine, Summerland Key, and Key West, FL. |
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Replacement Cost or Actual Cash Value Option in Florida
Condominium, Townhouse & Homeowners Insurance |
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Covered losses under a Florida homeowners insurance policy can be paid on either a
replacement cost basis or on an actual cash value basis. When "actual cash value" is used, the policy owner is entitled to the depreciated value of the damaged property. Therefore, the older the item is, the less money you may receive for it. If you choose the "replacement cost" coverage, the homeowner's insurance policy will reinburse the amount it costs to replace the property with something of a similar type and quality at current prices. |
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An "All Risks" policy provides the broadest Florida condominium, townhouse, and
homeowners insurance protection because it will cover losses that are due to any peril except those specifically excluded in the policy. A "Named Perils" policy covers losses that are due to only those perils listed in the standard homeowners insurance policy and typically include fire, hail, windstorm, and other physical losses. |
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If your policy limit is less than 80% of the replacement cost of your home, you will
face a "coinsurance penalty," which means you'll have out-of-pocket expenses to cover costs beyond the policy deductible you chose. For example purposes we will assume your home's estimated replacement value (RCV) is $100,000. The co- insurance clause requires you carry at least $80,000 (80% of your RCV). If you chose to purchase only a $40,000 Florida homeowners insurance policy you would be underinsured by half. Therefore, in the example the insurance company would pay one-half of a loss less the policy deductible, so if you suffered a $10,000 covered loss and had a $500 deductible, your policy would only pay $4,500. |
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Personal liability in a Florida homeowners insurance policy is also an important
part of having security from accidents that may occur on your property. We suggest you choose coverage limits that are not less than those on other liability insurance you own, such as auto insurance. |
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"Your local south Florida homeowners insurance specialist!"
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Copyright 2003-2011 Insurance Benefit Agency, Inc. - All rights reserved
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Insurance Benefit Agency, Inc.
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Florida Homeowners Insurance
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Homeowners Insurance FAQ
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Replacement Cost or Actual Cash Value
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Florida Homeowners Insurance FAQ
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Personal Liability
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Florida Homeowners Insurance FAQ
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Coinsurance Penalty
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Florida Homeowners Insurance FAQ
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All Risks or Named Perils
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Florida Homeowners Insurance FAQ
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Answer a few questions and
we will provide you with a no obligation quote by phone. Choose the Florida personal
or business insurance
coverage you're interested in from a menu above. |
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"Your Miami, Florida
Area Homeowners
Insurance Agent"
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Request a Quote Here!
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We can cover your one million dollar plus home for replacement cost with insurance
from top rated insurance companies. Insurance that offers coverages for hurricane, flood, fine arts, paintings, jewelry, and additionally umbrella insurance of over $1 million. |
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Business Insurance
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Individual Insurance
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Website built and managed by InsuranceWebsiteServices.com
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Property Underwriters of Florida
Insurance Benefit Agency, Inc.
409 W. Hallandale Beach Blvd.
Suite # 215
Hallandale, Florida 33009
(305) 931-5988
(954) 454-9599
Toll Free: (866) 454-9555
Fax: (954) 843-0313
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Click on the link below to fill out a secure quote request form for a Florida
homeowner insurance policy that will provide first class homeowner insurance coverage at an affordable cost. Or call us toll free at 1-866-454-9555 to discuss the policy features. |
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What is my home worth? Market value versus reconstruction costs
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Many homeowners equate the "worth" of a home to its market value, especially if the
home was a recent purchase. While market value is a valid calculation of a home's worth for buying and selling, it has little to do with the cost of rebuilding. The estimate you are providing is the amount to reconstruct the home at today's costs. |
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Why is reconstruction cost more expensive than new construction?
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Rebuilding a home inj Florida includes many factors and expenses not considered in new
construction. |
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Economies of scale:
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It costs more for a contractor to build one home at a time because materials are not
purchased in bulk. A single household item that matches the one that's been destroyed will nearly always cost more than if it had been part of a larger purchase. |
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Top-down versus bottom-up:
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Repair work for a partially destroyed home in Florida is done from the top of the home
down. This is more time consuming and labor-intensive. |
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Demolition and debris removal:
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This step is necessary before reconstruction can begin and adds to the total cost.
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Use of labor:
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When a builder constructs many homes at once, they can efficiently schedule labor for
carpenters, plumbers, electricians and other workers. For a single rebuild, labor is not as efficient and contributes to higher costs. |
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Access to worksite:
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Worksite access is easier for brand new construction. For reconstruction, obstacles such
as neighboring homes, trees, lawns, fences and other landscaping prevent easy site access. This makes it difficult to transport materials and can drive up labor costs. |
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Building code changes:
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Changes to building codes may require costly updating, even for undamaged parts of a
home. This could include updating wiring or other utilities and is costly, especially for older Florida homes. |
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Natural disasters:
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After a natural disaster, the costs of building materials and labor rise because of
increased demand. Over the past 20 years, there has been a significant increase in the frequency and severity of weather events, resulting in a high number of losses that require repairs. |
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Protecting undamaged parts of the home and contents:
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Keeping a partially destroyed home from further damage until permanent repairs can be
made adds to the overall cost. This could involve covering a damaged roof or holes in walls. |
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Specialized laboris more costly:
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Reconstruction is often completed by contractors who specialize in rebuilding as opposed
to new construction contractors. Their specialized labor tends to be more expensive. |
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Replicating old construction methods and materials:
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A standard homeowners policy provides for replacement with like kind and quality,
which means replicating a home as it stands today. In older homes, interior walls are often made of plaster instead of drywall and exterior brick walls are made of solid brick instead of modern brick veneer. Homes constructed prior to 1940 were built with full dimensional lumber, which is larger and more costly than typical modern lumber. Because of features and materials such as these, older homes, especially those built in Florida prior to 1940, cost more to replace. In addition, the rising cost of commodities contributes to higher reconstruction costs. For example, petroleum based materials such as shingles have increased in cost dramatically. |