Condo Insurance in Sunny Isles Beach Explained
You bought an apartment in Florida's Sunny Isles Beach, and now you need to protect it from various hazards. Learn what is covered by different...
This post goes into every little detail on getting the best out of your personal lines insurance plans for a minimum price on the example of Sunny Isles Beach.
Personal insurance is designed to protect you from the losses you would not be able to cover on your own. Even driving to work or running a bath can lead to a financial disaster. If something goes wrong - you can get seriously injured or cause water damage to two apartments under yours.
Here are some of the personal insurance lines: Auto, Homeowners, Renters, Windstorm, Flood, Umbrella, Life, Health Insurance. Even though not all of these types of insurance are mandatory, you should get covered to avoid the probability of a financial ruin!
South Florida residents! This post will go into every little detail on getting the best out of your coverage for a minimum price on the example of Sunny Isles Beach Insurance.
We have explained different types of Auto Insurance coverage in the Blog Post on Auto Insurance in South Florida (definitely worth going through if you are new to Miami).
Take a look at this short video explanaiton:
What Auto Insurance Coverage you must have:
What Auto Insurance Coverage you should consider having:
Living in Sunny Isles Beach is like a dream come true! Driving among the newest Bmws, Teslas, Lamborghinis and Ferraris on Collins Avenue should be the best part of your day and not a horrible nightmare underinsured drivers have!
Remember: getting Liability coverage is as important as having your own car properly insured!
Here is an example of an auto insurance plan that will not empty your pockets:
Obviously if the Lienholder requests Full Coverage with $100/300/50 for Liability there is no way around that, oh, wait, is it?
Some companies offer Split Limits of Liability (e.g. Infinity Auto). This means that your Policy will have the required $100/300/50 of BI and PD limits to protect the Lienholder in case of a lawsuit, and $10/20/10 to protect you. This trick will significantly reduce the premium.
Total Premium: from $160 / month.
The best part - Auto Insurance Discounts:
Every time your policy expires you receive a Renewal offer for the next 6 or 12 months. The price went up, what was it this time? Rate revision, speeding ticket, injury claim?
The reasons can go on and on and there is not much to do about them. (Unless you have been in the car accident - then you need to wait for 3 to 5 years for it to go away from your insurance "reports'). But maybe you are eligible for discounts, check if these apply to you:
Some of the Sunny Isles Auto Insurance Companies we recommend:
Progressive, Foremost, Mercury, Infinity, Windhaven (Clutch), United Auto
Construction never stops in Miami: high-rises with hundreds of condos keep growing like mushrooms! More and more Florida natives and guests of the state are purchasing condos on the beach.
We have explained different types of Condo Insurance coverage in the Blog Post on Condo Insurance in Sunny Isles Beach.
What Condo Insurance Coverage you should be getting:
Requesting a quote, decide what your priorities are and discuss the plan with your Agent:
There are a lot of more questions an experienced Insurance Agent will ask you. But for an estimate please see the basic Condo Insurance coverage limits:
Total Premium: from $600 / year - HO6 without Windstorm;
from $900 / year - HO6 including Windstorm;
from $250 / year - HO4 (Renter's) including Windstorm.
Condo Insurance - What to Save On:
Some of the Sunny Isles Condo Insurance Companies we recommend:
Lloyd's of London, Universal Property & Casualty, Federated National, Florida Family
There is a reward for those who made it this far in the article - Homeowners is very similar to Condo Insurance! The main difference is that Homeowners policy covers both: the Exterior and Interior of the house, it can also protect the other structures built on your land such as garages and tool sheds.
It is important to choose the right type of Homeowners Insurance as there are so many of them. It is better to work with a knowledgeable Agent who will ask the right questions and help you navigate in numerous coverage options. But for now:
Most common Types of Homeowners Insurance:
- HO3 Form - Homeowners Policy
This form is designed for Home Owners residing in the house at risk. To qualify for this form only 2 families can occupy a single private residence. HO3 offers the minimum coverage required by most Mortgage Lenders
- DP3 Form - Dwelling & Fire Policy:
This form is for rental properties, not occupied by the Owner. It covers the basics of the house (Dwelling) and does not automatically include Other Structures, Personal Property or even Liability Coverages - make sure to go through these options requesting a Homeowners Quote.
Perils Homeowners Insurance protects you against:
Compared to Auto and Condo examples of coverage limits we have provided above, Homeowners is too complex for such estimation, but nevertheless please see the average limits for Sunny Isles and North Miami Beach Homes:
Total Premium: from $1,600 / year - without Windstorm;
from $2,250 / year - including Windstorm;
Five Myths about Homeowners Insurance Exposed:
1. "Dwelling Coverage Limits should exactly the same as my Home's Current Market Value."
- No. Dwelling Coverage Limit is the amount of money your Insurer will pay to rebuild your home if it is destroyed. The Market Value of your home has nothing to do with it, your Agent chooses the Coverage amount according to the Replacement Cost Estimation for your house not to under- or over-insure it.
2. "Flood and Water Damage are synonyms."
- If your home was "flooded" plumbing accident - it is not actual Flood, it is the case of Water Damage. Flood is a risk that is covered by a separate policy to protect you in case of a natural disaster an area that is usually dry, suddenly gets submerged under water that is rising from the ground. This water can carry along objects like trees, cars, bridges, furniture and even houses (By the way, when the Lender requests Flood Insurance for an apartment on the 23rd floor - make sure to ask them for a clarification on this one!).
3. "Home Insurance will pay for the renovation repairs to my house."
- Homeowners Policies do not cover "Wear and tear" or damages caused by bad maintenance, it is your responsibility to take care of your house's condition.
4. "Medical Payments Coverage will cover me in case I'm injured at home."
- Medical Payments is designed to pay for small medical expenses of your guests and visitors in case they got injured on your property. You should have Individual or Family Health Insurance to cover yourself.
5. "My Homeowner's Insurance will fully replace electronics stolen from my house."
- Even if you have the photos, videos and receipts for each item of your Personal Property, the depreciation will be taken into account, for example replacing a 3-year-old laptop stolen from your house the Insurer will not pay for a brand new laptop but for a matching 3-year-old one. In order to be covered exactly for what you paid several years ago and to be able to afford the new computer - add Personal Property Replacement Cost to your policy.
Some of the Sunny Isles Home Insurance Companies we recommend:
People's Trust, Lloyd's of London, Universal Property & Casualty, Olympus, Federated National
Thanks for reading! If you have any questions on Insurance in Sunny Isles you can ask us in the Learning Center or contact us directly via email or phone at 1 (305) 944-0002.
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