Tuesday, June 18, 2013

What type of insurance do I need on my Orlando Property?

Once you are under contract for purchase on your Orlando Home you will need to secure home owners insurance to protect your Central Florida home in the event of wind damage, fire, or theft for example.

Single Family Home Insurance

If you are purchasing a single family home depending on the age and condition of a home, you would seek quotes for HO3 which gives you the most coverage, to HO8 which gives you less coverage based on age and condition of the home. There are also policies called builders coverage for home under significant rehab repair.  

What do they cover?

These policies will cover replacement cost of the building structure, coverage for contents, and coverage for general liability.  Other coverages will be dependent on carry will have variations of sink hole, water damage, dog bite, and ordinance coverage. Premiums will depend on age and condition of the home. But you can alter your premiums by changing your coverage such as deductibles or personal contents for example.

You may need a 4 point inspection before you get an insurance quote if the property is older than 30 years.  This is an inspection that report age and condition of plumbing, roof, electric, and AC.

Condo Insurance

If you are purchasing a condo, then you need insurance just for the interior of the home called HO6 policy.  Condo insurance is usually much less expensive,  because it does not cover exterior insurance. The condo association has insurance for the exterior of the condo.

Getting insurance is not difficult, but you want to start searching for quotes as early as possible at the onset of your transaction rather than later.  We assist our buyers with experienced insurance agents for quick quotes.