Can you advice on coverages and limits I'm considering for home insurance? (South Florida)

[robink]

1.How does this amount of coverage sound? what should i consider when determining if it's too much or too little?

2.Should I review my auto insurance coverage with my home insurance broker, even though the company they are quoting doesn't offer auto insurance?

3.How / when would an "umbrella" policy come into play? What questions should we be asking ourselves? (home insurance broker has not brought it up)

Thank you!

Paid 465K for the house

Deductible: $2,500

Hurricane deductible: 2%

A. Dwelling $ 350,000

B. Other Structures $ 7,000

C. Personal Property $ 175,000

D. Loss of Use $ 35,000

E. Liability Limit $ 300,000

F. Medical Payments $ 1,000

Loss Assessment Coverage $ 5,000

Mold Limits - Limit of 10/10/50

Water Back-up and Sump Discharge or Overflow $ 5,000

Ordinance or Law Coverage 25%

 

[davelew86]

@robink As far as the limits go, it looks good to me, although I'd talk to your agent to make sure that you're adequately covered. They'll be able to give you the local rebuild costs so that you can make the right call.

If you're going to get a discount for the Auto or you feel like it's more convenient, you should see about the bundle. Otherwise, it's your call.

The Umbrella is strictly about the Liability coverage, and it would go over both your Homeowners Liability (the $300k) as well as your Auto. In FL, it's probably good idea to consider it.

 

[robink]

@davelew86 Thanks key2616.

For the auto insurance - it wasn't so much about saving $ - it was about seeing whether we might need to increase our auto insurance coverages now too because now we own a home, etc. (something I learned about on Reddit, actually). Or comparing how the auto / home insurance complement each other, etc.

Right - the umbrella also related to the above.

When you say about considering the umbrella/increasing liability for Florida, do you mean because of hurricanes?

 

[davelew86]

@robink Hurricanes have nothing to do with Umbrellas at all. Hurricane coverage is for things that are damaged by winds. Umbrellas are for things damaged by YOU (or your stuff). Umbrellas only respond when you're sued, and they won't kick in at all if your house is swept off the map by Hurricane Neckbeard.

Make sense?

 

[robink]

@davelew86 Right - I "knew" that but forgot in the moment - it's easy to confuse the 2 / forget the differences between the 2.

So what specifically about Florida did you mean? (genuinely curious, I don't care about what you say about Florida! I'm thinking maybe you meant older drivers?)

ETA: I really like how you explained it above though - might help it stay in memory!

 

[davelew86]

@robink Lots of uninsured drivers in FL and it’s very litigious.

 

[robink]

@davelew86 Thanks for clarifying key2616.

 

[3qg43q4fq234]

@robink Looks pretty normal except for the cov B. I've never seen the other structures not 10% of the Dwelling. It should be $35k.

 

[robink]

@3qg43q4fq234 Thanks RadCitizen - I just took a look through all the quotes I got and they are all for around 7K - 2% of the dwelling costs.

Maybe in this area they are always 2%?

(also wondering if the 2% is related at all to the 2% hurricane deductible?)