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Homeowners Insurance

Sarasota Homeowners Insurance Experts

Homeowners insurance protects the homeowner financially from damage or destruction to their home or property from storms, fire, and many more disasters.

Coverages and costs can vary and choosing the correct plan can be confusing and complex, don't be under insured and find out after it's too late that you coverage leaves you exposed to thousands of dollars in repairs or other costs.

Valek Insurance are Florida Homeowners insurance experts and can guide you to the correct plan and peace of mind that you have the right amount of insurance coverage for your needs.

Homeowners benefit from choosing Valek Insurance. As an independent insurance agency we will find the best coverage available for your unique homeowners insurance needs.


Homeowners Insurance Survival Guide

At the most basic level, homeowners insurance protects you financially should you experience a total loss of your home and your possessions.

Key Considerations for the Homeowners insurance shopper:

  • One should get enough insurance to replace ones home in case of a total loss.
  • When insuring your house and belongings, know the difference between the replacement costs and the actual cost value of the house.
  • Take an inventory of your belongings to get an idea of how much coverage you will need for all your possessions to be replaced.
  • Remember that the homeowners doesn't cover flood damage. You will need to take out a flood insurance policy
  • Use a Sarasota independant insurance agency they will save you money.
  • Consider buying car insurance with your homeowners insurance together.
  • Do your homework when learning about homeowners insurance coverage.

Questions To Ask Yourself

  • How much coverage do I need for my new or established residence?
  • Your policy should cover the cost to replace you residence at today's construction costs.
  • Ask a realtor or insurance agent to calculate the replacement cost of your home or residence.
  • How much coverage Do I need for separate structures?
  • Your policy should cover separate structures on your property such as garages, barns and other structures.
  • Make sure to calculate the replacement costs for all the additional structures.

How much Coverage do I need for my possessions?

  • Take an inventory to get a better idea of the worth of all your belongings.
  • Consider scheduling the addition of extra coverage for valuables, such as jewelry or fine art if necessary.
  • How high a deductible can I afford?
  • The deductible is the amount you will pay before the insurance will kick in. If you can afford the higher level deductible than it should help lower premiums.

How much Liability coverage do I need?

  • How likely is it that a guest in your home will be injured and try to sue you?
  • In today's society, full of sue-happy accident lawyers, liability coverage is not the place to skimp.

Useful Homeowners Insurance Information

What will Homeowners Insurance Usually cover?

  • The Structure for the homeowner
  • Personal belongings for the homeowner
  • Liability protection for the homeowner
  • Living expenses if you have to leave your home because of insured disaster.

The Levels of Coverage made by homeowners insurance:

There are three basic levels of coverage for the theft and destruction of the property:

  1. Actual cash value- cost to replace the home minus the deduction for depreciation.
  2. Replacement Cost- Cost to replace the home without deduction for depreciation.
  3. Guarantee or extended replacement costs- Replacement cost of the home regardless if that cost exceeds coverage level.

Examples of Homeowners Policies:

  • Ho-1 : A barebones policy that covers 10 of 16 perils. Not advisable.
  • Ho-2 : Basic policy that protects against all 16 perils.
  • Ho-3 : Popular policy that covers all 16 perils, except those specifically excluded.
  • Ho-4 Renter: Renters policy that covers all 16 perils.
  • Ho-6 Condo/ time share: protects belongings and structural parts of the building that you own against all 16 perils.
  • Ho-8 Policy for older homes. Covers all 16 perils.

The Perils:

  • Fire or Lightning
  • Windstorm or hail
  • Explosion
  • Riot or civil disturbance
  • Damage by aircraft
  • Damage by vehicle
  • Smoke
  • Vandalism or malicious mischief
  • Theft
  • Volcanic eruption
  • falling object
  • weight of ice, snow or sleet
  • accidental discharge (flooding) from household appliance, plumbing.
  • Sudden and accidental breaking of an air conditioner, hot water heating system, sprinkler system.
  • Frozen pipes or appliances.
  • sudden and accidental damage from artificial electrical current.

Homeowners cost factors:

  • Size of home and surrounding structures
  • Local building costs
  • Natural disaster risk
  • condition of heating, electrical and plumbing systems
  • Proximity of crime in neighborhood
  • Home's construction, materials and architectural features

Homeowners Insurance Glossary

Actual cash value-

This kind of policy pays replacement cost, minus a deduction for depreciation. For example: to replace your stolen bike, which you bought for $500 but is now valued at $200 because of depreciation, your insurance company will pay you $ 200.

Replacement cost - Replacement cost is a higher level of coverage. It means that the insurance company will pay to replace what was lost, even if the current value is less than what you paid.

Deductible - The amount you pay before your insurance starts paying for things.

Depreciation - The loss in value of somethings worth over time.

Earthquake Insurance - This kind of coverage often comes in the form of a scheduled item on a homeowners policy. It is not a standard part of insurance.

Floaters, riders, endorsements, and schedules - These terms have similar meanings. See the definitions below.

Floater - A floater insures movable property, such as jewelry, furs, baseball card collections, ect. It provides more coverage than a regular homeowners policy.

Rider/ endorsement - A form attached to an insurance policy that alters the terms of the policy.

Schedule - A list of (scheduled) items that are covered under a policy. Schedules can list specific benefits, assets and other features such as other insurances.

Flood Insurance - Flood insurance is a separate insurance and is offered through the National Flood Insurance Program. Important to note that Homeowners Insurance does not cover flood damage.

Guaranteed or extended replacement cost - This is the highest level of coverage. This type of policy covers replacement costs even if they exceed your policy limits.

Liability coverage - Protects members of your household from financial loss.

Peril - most providers cover 1 0-16 of most of the perils

Premium - The price of a policy set over a period of time

Replacement cost - This kind of policy pays for replacement cost without deduction of depreciation.

Free Insurance quotes from Valek Insurance and Bonds in sarasota florida for auto insurance, homeowners insurance, life insurance, flood insurance and more.
2079 Constitution Blvd., Sarasota, FL 34231 Tel. 941-923-1218 fax. 941-923-1765
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