Q: |
What is a “Wind/hail exclusion” and
why should I care? |
Q: |
Does my policy cover everything? |
Q: |
What is covered in my policy? |
Q: |
Is my house covered for hurricanes? |
Q: |
Why is the dwelling coverage on my policy less than what I
paid for my house? |
Q: |
My policy says I have $20,000 of contents coverage. Is that
enough? |
Q: |
My policy shows a limit of 0 for theft coverage. Am I covered
for theft? |
Q: |
What is “Personal Property”? |
Q: |
What is “Ordinance or Law Coverage” and
why am I being asked to reject it? |
Q: |
Am I covered for flooding? |
Q: |
What is a sinkhole? |
Q: |
Am I covered for sinkholes? |
Q: |
Is my swimming pool covered? |
Q: |
Is my pool pump covered? |
Q: |
What is “Deductible”? |
Q: |
Does my policy have an Excess? |
Q: |
What does it mean when my policy says, “This policy
contains a separate deductible for hurricane losses, which might
result in higher out-of-pocket expenses to you”? |
Q: |
Does my mortgage company pay for my insurance? |
Q: |
If my bank pays for my insurance, why did I get a request
for payment? |
Q: |
Why did my mortgage company pay for my Hazard Policy but not
my Umbrella Policy? |
Q: |
Why did the title company take $157 more than my insurance
cost? |
Q: |
How can this site help me with my insurance
needs? |
Q: |
What Customer Service can be done online? |
Q: |
What additional advice do you have for a potential
policyholder? |
Q: |
I see that I can purchase insurance over the
internet with Florida Chartered Insurance can I also come to
your office or schedule a meeting with a licensed representative. |
Q: |
How often should I have Florida Chartered Insurance
re-quote or "shop" for insurance for my property? |
Q: |
What are the "things" that reduce
Hazard Insurance cost? |
Q: |
What are the "things" that increase
Hazard insurance cost? |
Q: |
Are there any other things I need to know to
get the best insurance VALUE? |
Q: |
How can Florida Chartered help me? |
|
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(top) |
Q: |
What is a “Wind/hail exclusion” and
why should I care? |
A: |
Any American Strategic Insurance policy of type DP3 written
before February 22, 2005 contains a provision in the “Special
Provisions for Florida” excluding coverage for wind or
hail damage to screen enclosures, awnings, satellite dishes,
antennas, and any structure not attached to the dwelling.
Hail storms and tornados are frequent in Florida during the
months of March and April, and we are subject to hurricanes during
the late summer months. These are examples of wind/hail events
that would trigger this exclusion, potentially leaving you with
a very large out of pocket expense. However, any damage to a
screen enclosure caused by wind or hail would be subject to this
exclusion.
ASI has introduced an Endorsement to add wind/hail coverage
to the DP3 policy for screen enclosures and carports, up to $10,000.
For any policy written before February 22, 2005, you must request
that this coverage be added to your policy. You can make this
request by clicking on the ASI Screen Endorsement tab at the
top of this page.
If your policy was written on or after February 22, 2005, it
should include this endorsement. If you have any question about
whether or not you have this coverage, read your Declaration
Page or ask your agent. |
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Q: |
Does my policy cover everything? |
A: |
No. No insurance policy covers everything. You must read your
policy to know what is covered, and what the limitations and
exclusions are. |
|
(top) |
Q: |
What is covered in my policy? |
A: |
To know what is covered in your policy, you must look at the
coverages listed on your Declaration Page. For a short explanation
of each of those coverages, click
here. For a full explanation
of coverages, including all limitations and exclusions, please
read your policy. |
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Q: |
Is my house covered for hurricanes? |
A: |
Yes, your policy does cover you for hurricanes, but the deductible
for hurricanes may not be the same as that for other losses.
You must read your Declaration Page to find your hurricane deductible.
There might be limitations or exclusions in your policy in the
event of hurricane losses. Coverages vary from company to company
and by policy type. You must read your policy to see exactly
what is covered in the event of a hurricane. |
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Q: |
Why is the dwelling coverage on my policy less than what I
paid for my house? |
A: |
Your purchase price included the house, the land, and intangible
market value. The correct amount of insurance is what would be
required to replace the house in the event of a total loss. (You
do not need insurance for the dirt.) |
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Q: |
My policy says I have $20,000 of contents coverage. Is that
enough? |
A: |
Only you know how much contents coverage you really need.
We use a default coverage of $20,000 when we have not received
instructions otherwise from the insured, but we have no way of
knowing for sure how much you have invested in your contents.
We highly recommend that you periodically inventory your contents
and review your insurance to confirm that the coverage is appropriate.
You want enough contents insurance to replace all the contents
of your home new. To change the level of coverage, click on the
Policy
Servicing tab above and choose “Please
change POLICY LIMITS” from the drop down menu. |
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Q: |
My policy shows a limit of 0 for theft coverage. Am I covered
for theft? |
A: |
For policy type DP3:
If your Declaration Page
shows a charge for “Theft Coverage,” then
your personal property is covered for the peril of theft the
same as for any other loss, up to the limit for “Personal
Property” or “Contents” shown on your
Declaration Page.
For policy type HO3:
Theft of personal property is included automatically in the
policy.
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|
(top) |
Q: |
What is “Personal Property”? |
A: |
Personal Property is contents. A good way to think of it is,
if you could pick the house up and tilt it, anything that would
fall out would be personal property. |
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Q: |
What is “Ordinance or Law Coverage” and
why am I being asked to reject it? |
A: |
The state of Florida requires that this coverage be added
to your policy unless you specifically reject it. Ordinance or
Law coverage provides, as an additional amount of insurance,
10% of the Coverage A limit to pay for certain increased costs
of construction incurred due to the enforcement of an ordinance
or law.
An example of a possible use of this coverage: Suppose your
house has a kitchen fire. The insurance company will say, “No
problem, we’ll take care of that.” The building inspector
from the county comes by and says, “Wait a minute - electrical
codes have changed since the house was built, and you will have
to rewire the entire house to bring it up to code in order to
do this repair. The insurance company (if you don’t have
O/L Coverage) would say, “The rest of the house is not
damaged – that’s not our problem.” Ordinance
or Law Coverage would fill that gap.
Whether or not you would
choose to take this coverage might depend upon the age of your
home. A newer home would not be as likely
to be subject to code changes as an older home. |
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Q: |
Am I covered for flooding? |
A: |
Your Hazard Policy (DP3 or HO3) does not cover you for flooding – i.e.
rising or standing water from outside the house that inundates
the neighborhood. On the other hand, water damage originating
inside the house (leaking pipe, tub overflow, etc.) is considered
water damage, and is covered for any home less than 40 years
old. |
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Q: |
What is a sinkhole? |
A: |
Florida is a large sandbar resting on a bed of limestone caverns
that are normally full of fresh water (the aquifer). When the
aquifer level goes down too far (from drought or overbuilding),
sometimes one of these caverns will collapse, causing the sand
over it to fall into the resulting “sinkhole.” All
of peninsular Florida is subject to sinkholes. |
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Q: |
Am I covered for sinkholes? |
A: |
Yes. Your policy covers you against the peril of sinkholes
(see the Special Provisions for Florida section). Read the policy
for full details of the coverage and the limitations to the coverage. |
|
|
Q: |
Is my swimming pool covered? |
A: |
Yes, the swimming pool is covered as a part of the dwelling.
However, there are limitations to the coverage. Read your policy
to know what is covered and what is excluded. |
|
|
Q: |
Is my pool pump covered? |
A: |
Yes, the pool pump is covered as a part of the dwelling. |
|
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Q: |
What is “Deductible”? |
A: |
The deductible is the portion of the loss that you pay out
of pocket before the insurance company begins to pay. Known in
the UK as the Excess. |
|
(top) |
Q: |
Does my policy have an Excess? |
A: |
Yes. In Florida, it is called the Deductible. Read your policy
to know the limits of your deductible. |
|
|
Q: |
What
does it mean when my policy says, “This policy contains
a separate deductible for hurricane losses, which might result
in higher out-of-pocket expenses to you”? |
A: |
Every insurance policy in Florida
has two separate deductibles, one for loss caused by hurricanes,
and one for everything else
(called “All Peril” or “Non-hurricane”).
While the All Peril deductible is usually $500, the hurricane deductible
on most companies’ policies is a percentage of the dwelling
coverage – usually 2%, but sometimes 5% or even 10%. (A
house insured for $200,000 with a 2% deductible would have a
$4000 hurricane
deductible.) The state of Florida requires that the notice above
appear exactly that way on every homeowner policy as a protection
to the consumer. To know your deductible, look at read your Declaration
Page. |
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|
Q: |
Does my mortgage company pay for my insurance? |
A: |
That depends upon the terms of your mortgage and the arrangements
you have made with your mortgage company. If you do not know, you
will need to consult with your mortgage company. If you think we
are billing the wrong party, or the mortgage company named on your
policy is incorrect, please communicate that to us by clicking
on the Policy
Servicing tab at the top of the page and
choosing “Please
change my mortgage company” from the drop down
menu. |
|
(top) |
Q: |
If my bank pays for my insurance, why did I get a request
for payment? |
A: |
As the owner of the policy, you always receive a courtesy
copy of everything that goes to your mortgage company. |
|
(top) |
Q: |
Why did my mortgage company pay for my Hazard Policy but not
my Umbrella Policy? |
A: |
The Umbrella policy is an optional coverage in which the mortgage
company has no interest. |
|
(top) |
Q: |
Why did the title company take $157 more than my insurance
cost? |
A: |
If the title company took $157 more than your hazard insurance
cost, you likely have a second policy (an Umbrella policy) for
additional liability coverage. The Umbrella Liability policy
gives you $1,000,000 of third party liability coverage, and costs
$157/yr. |
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Q: |
How can this site help me with my insurance needs? |
A: |
FloridaChartered.com provides you, the Florida property owner,
the opportunity to obtain quotes of insurance, receive customer
service, make a payment and file a claim. |
|
|
Q: |
What Customer Service can be done online? |
A: |
Name Changes, Policy Changes, Mortgage Company Changes, Order
Copies of Policies, Download Policy Forms, Make a Payment on your
Policy; Cancel a Policy, Request Contact by a Licensed Representative. |
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|
Q: |
What additional advice do you have for a potential policyholder? |
A: |
To make sure that you are purchasing the proper policy for your
property please be sure to answer all questions completely. When
you have made a choice of a particular policy please review the
application of insurance presented for your signature to verify
that all information is correctly entered. When you receive your
policy of insurance you must read it to ensure that you understand
all of the Limitations, Exclusions and Conditions in the policy. |
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|
Q: |
I see that I can purchase insurance over the internet with Florida
Chartered Insurance can I also come to your office or schedule
a meeting with a licensed representative. |
A: |
Yes, Florida Chartered encourages all policyholders to schedule
a meeting with their respective licensed representative to discuss
their policy of insurance. If you do not have contact information
for your licensed representative please look on our site under
Contact
Us or About
Us. |
|
|
Q: |
How often should I have Florida
Chartered Insurance re-quote or "shop" for insurance
for my property? |
A: |
Florida is one of the most dynamic insurance venues in the United
States. New companies and new policies become available every year.
We encourage you to contact us at every policy renewal to see what
other options may be available to you. |
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|
Q: |
What
are the "things" that
reduce Hazard Insurance cost? |
A: |
ALARMS: monitored alarms (monitored by a paid
alarm company).
STORM SHUTTERS: approved storm shutters result
in significant savings to an insured as mandated by state law.
GATED
COMMUNITY: if the home is located in a gated community.
FIRE/BURGULARY
PROTECTION: the most cost effective insurance is
for homes located within 1,000 feet of a fire hydrant and
5 miles from a fire station.
MULTI-POLICY: a discount applies
in most cases when the same
insurance company insures both your home and autos. However,
many insurance companies offer a Hazard discount off of your
auto insurance just for being a homeowner.
RETIREE: retired individuals over 55 years or age are eligible
for up to 15% off of their Hazards insurance with many companies.
GOOD CREDIT: several insurance companies offer discounts up
to 20% for eligible individuals. |
|
|
Q: |
What are the "things" that
increase Hazard insurance cost? |
A: |
FRAME CONSTRUCTION: masonry insurance rates are up to 18%
cheaper.
RURAL EXPOSURE: homes +1,000 feet from a fire hydrant or +5
miles from a fire station are more expensive.
BANKRUPTCY/FORECLOSURE/REPOSSESSION (B/F/P): many carriers will
not insure a home owner who has had B/F/P in 5 years.
AGE OF HOME: older homes receive surcharges for "Home-Age'
usually over 30 years.
CRAWL SPACE: homes on crawl spaces are placed in standard policies
as opposed to preferred policies in many instances.
ANIMAL EXPOSURE: Liability Exposures for the Rotweiller, Chow,
Pit Bull and other targeted and highly publicized breeds can
be more expensive and/or difficult to insure.
FLOOD ZONE: homes in flood zones not lying in X or C zones will
require Standard Federal Flood insurance which will drive up
the annual cost of insurance for the home owner. |
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|
Q: |
Are there any other things I need to know to get the best insurance
VALUE? |
A: |
COST: not all insurance policies are the same price, in fact
the range in cost from the most affordable to most expensive,
could be double. Most owners of homes own their homes from 5
to 8 years and the over-payment is compounded each and every
year.
DEDUCTIBLES: policies in Florida now come with deductibles for
the following:
HURRICANE: applies to damages which occur when
a named storm damages the home, other structures or personal
property.
WINDSTORM: applies to damages which occur as
a result of windstorms and hail.
ALL OTHER PERILS OR AOP: applies to all
other causes of damage to the home, other structures or personal
property
COMPANY ORIENTATION: is the insurance company a Domestic or
Excess & Surplus lines writers of Hazard insurance? Domestic
writers are participants in the state of Florida's Catastrophe
and Guarantee Funds which secure claims payments for both catastrophic
losses and company insolvency respectfully.
Excess & Surplus carriers are not participants in those
funds and expose the home owner to the opportunity of loss should
either fund be necessary in a given catastrophe or company insolvency.
CAUSES OF LOSS: Special Form Cause of Loss for Dwelling & Other
Structures: the hazard insurance policy that you select should
include Special
Form Causes of Loss for both the Dwelling and Other Structures.
This is the very broadest of coverage available and is not always
included in all hazard insurance policies (some policies have
a Stated Perils Cause of Loss which offers significantly less
protection).
Replacement Cost Endorsement for Personal Property: the hazard
insurance policy that you select should include Replacement Cost
Endorsement to ensure in the event of loss the home owner can
be compensated for the replacement value of their personal property
as opposed to the depreciated value which can be significantly
less. |
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|
Q: |
How can Florida Chartered help me? |
A: |
COMPANIES:
Florida Chartered Insurance Group sells policies with
the following fine companies: ACE, AIG, American Mercury, American
Strategic,
American Bankers, American Southern Home, American Reliable,
AXA, Bankers, Clarendon Select, Chubb, Fidelity National, Fireman’s
Fund, Florida Select, Foremost, Hanover, Hartford, Mercury,
Omega, Progressive, SAFECO, St. Paul/Travelers, Tower Hill,
United,
Zurich and others. *Keep in mind that not all companies offer
all of their products to all classes of insureds in all counties. CHOICES:
Each insured and home can & must be evaluated to maximize
each and every possible insurance policy credit. Likewise, each
insured and home can & must be evaluated to minimize each
and every potential surcharge. The proper Owner to insurance
company/policy "fit" is a must. Florida Chartered will
fit each home owner to company/policy that is the very best "match" which
requires a comprehensive understating and mastery of Florida
Hazard insurance. *Keep in mind that not all companies offer
all of their products to all classes of insureds in all counties.
COVERAGES:
Florida Chartered counsels every insured to ensure
that they are aware of any and all deductibles. We place 95%
of our insured
clients with a flat $500 deductible ($500 applies to Hurricane
Windstorm Theft AOP). Florida Chartered encourages all home owners
to take policies of insurance with Special Form Cause of Loss
and Replacement Cost Endorsement to ensure the broadest forms
of coverage. *Keep in mind that not all companies offer all of
their products to all classes of insureds in all counties.
COST:
Florida Chartered strategically matches each home owner-insured
to the best policy at the fairest price. There is no "one
policy fits all" in the world of Florida Hazard insurance.
In every case there is a best policy for an insured and a lowest
price for the right "fit" and "match". Florida
Chartered 's representatives are taught to "GO SHOPPING" for
each and every insured providing the home owner with value and
cost savings for every home owner every time. *Keep in mind that
not all companies offer all of their products to all classes
of insureds in all counties.
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