Tampa Homeowners Insurance

There are some things you should know about homeowners insurance.

Take the time to find the coverage that will best fit your needs. Mortgage lenders in Florida require all homeowners to have homeowners insurance.  Even though all homeowner’s insurance policies in the State are relatively similar and they all have most of the same coverage, limitations and exclusions; you should take in consideration several aspects before you buy the coverage.

In general, insurance companies insure your home for 80% of the value, not including the lot. In essence, this means that if you live in an area where the lot is worth more than the home, your homeowners insurance coverage may not reflect the true value of your property.

It is known that every homeowner’s insurance policy is different, but in general, how many types are there?

Normally there are four different types of coverage in every policy.  This coverage is as follows:

  • Coverage A: (Dwelling Coverage)
    It generally covers the home and it can include swimming pool, pool enclosures, swimming pool safety fences, and other structures; but normally it only covers the home.
  • Coverage B: (Other Structure Coverage)
    It covers additional structures. This coverage is generally limited to swimming pools, enclosures, pool safety fences, and detached garages. Generally, this coverage is typically limited to 10% - 20% of your Coverage A amount.
  • Coverage C: (Personal Property Coverage)
    It generally covers our personal property. It includes all personal properties not attached to the house; for example, personal property that you would take when moving; such as clothes, personal items and furniture. Coverage for personal property is usually limited to 50% of your Coverage A amount.
  • Coverage D: (Loss of use coverage)
    It covers additional temporary housing expenses if you can not live in your home while you repair or rebuild uninhabitable home damaged during a covered loss. Coverage for loss of use is usually limited to 10% - 20% of your Coverage A amount. Also, it is normally limited to a certain period of time, generally a year.

How will my homeowner’s insurance policy be affected if I do any additional construction to the home?
It is very important to be sure that your Coverage A represents exactly the value of rebuilding your home as it is worth at that moment. This becomes more important if you take into consideration how property value has gone up in the last few years and construction costs.

If I increase the coverage on Coverage A policy, how are my other coverage affected?
If you increase the limits on Coverage A, then Coverage for B, C, and D will normally increase to the same percentage that Coverage A did.

What is the best way to choose an insurance company?
It is good to take into consideration two statistics:  First, analyze how many petitions have been received by the State of Florida regarding a policy written by a particular company. This will indicate if the company denies the majority of the claims filed and what percentages of these claims were considered valid by the State.

Another important statistic is financial stability. This will indicate the company’s probabilities on filing for bankruptcy or its capacity in paying for a claim as a result of a natural disaster. For example, in 1992 during Hurricane Andrew in Miami; some companies had to file for bankruptcy as a consequence of all the claims they received all at once.

Will the homeowner’s insurance policy cover my stolen vehicle?
Yes, but with certain limitations. The personal belongings that are not part of your car are covered under you home insurance policy as long as it is in the vehicle; but like everything else, there are limitations to what kind of property is covered and in what circumstances. For example, if the property is of a business it might not be covered.

Is there a time frame limit on filing a claim?
Normally, the time frame limit is a year, starting from the day the damages occurred or from the day you noticed the damages.

Will the homeowners insurance pay for my mortgage if I had to rebuild my house?
There is a coverage that will pay for it, but generally it is not covered. One will still be responsible for paying the mortgage. The policy will normally cover our home and personal property and nothing else. Nevertheless, there are also circumstances in which the paycheck will be extended not only on your name, but the mortgage bank.

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REPRESENTED CASES

Slip and Fall Accident and Wrongful Death
A twenty-six week pregnant mother tripped on a display board left on the floor by the store employee. The trauma associated with the fall caused the subsequent onset of labor wherein the child was born but later died as a result of premature complications. This case was referred to Guzman Law Group wherein a complaint was filed against the store. This case is currently pending.

Car Accident and Wrongful Death
Client was driving southbound on highway when at the same time Defendant, a federal government employee drove northbound in the opposite direction wherein the client was killed in a head on collision. This case was referred to Guzman Law Group wherein it is still currently pending.

Sexual Molestation
Client, minor child, was sexually molested while visiting Defendant’s home with family. The homeowners insurance denied coverage based on the exclusionary clause contained in the policy. The case was referred to Guzman Law Group wherein it obtained the insurance policy limits.

Electrocution
Client was electrocuted while fixing cables on the neighbor’s roof. The homeowners insurance denied coverage based on the exclusionary language contained in the policy. The case was referred to Guzman Law Group wherein it obtained insurance policy limits.

Defective Knee Implant
Client underwent knee replacement surgery wherein the hardware was later deemed defective and thereby nationally recalled. Client had to undergo a second knee replacement surgery. Guzman Law Group entered into an undisclosed resolution with the national manufacturer. This case was referred to Guzman Law Group.  

Negligent Supervision
Client, six-year-old minor child, was dropped off at school and not supervised while walking to classroom. The minor child ran off school campus when the exit door leading to a busy street was left unattended by school officials. The child was struck by a car and suffered severe head trauma, spinal cord injuries, and was in a coma for over a month.  School board officials denied liability. The case was referred to Guzman Law Group wherein the case was resolved several years later for an undisclosed amount.

Cuban Torture Victim
Client was the victim of repeated sessions of electrocution and insulin torture while a prisoner in Cuba. Client received torture sessions under the supervision and direct orders of Fidel Castro.  This case was referred to Guzman Law Group by another law firm.  

Dog Bite Accident
Client, three-year-old minor child, was bitten in the face while visiting Defendant’s home and thereby suffered severe facial injuries requiring stitches on both sides of the cheek. This case was referred to Guzman Law Group and resolved for an undisclosed amount.   

Workers’ Compensation
Client was hit in the back by a metal sheet while working the assembly line at his company. Client suffered a two level disc protrusion in the lumbar spine impinging upon the spinal cord. Defendant Employer did not want to provide Client certain benefits recognized under the Florida Workers’ Compensation Act. The matter was resolved after the petition for benefits was filed. This case was referred to Guzman Law Group.

Misappropriation of Business Funds
Client, Church Board, provided newly arrived Pastor with access to all of the Church’s business accounts.  Pastor misappropriated the funds the Church had allocated for the deposit it needed for its new construction. The case was referred to Guzman Law Group by another law firm. Guzman Law Group obtained all the money that had been taken by the Pastor thereby allowing the Church to build its new building. 

Unlicensed Construction Claim
Client, commercial developer, contacted Guzman Law Group after being referred by another attorney in order to represent them in an administrative hearing wherein it was alleged that they had been inappropriately paid over several million dollars for construction work they had performed by using several unlicensed agents.  Guzman Law Group attended the hearing wherein the administrative board found Client not in violation and not required to surrender its license for two years as requested by the moving party.