As a single state insurer, Olympus Insurance calls Florida home, which means we have a great deal of expertise in serving homeowners in this state. One niche Olympus has gradually carved out is insuring second homes not intended for rental purposes. “No one else in the market has the ability like we do to cater these types of policies and customize them to a preferred clientele living in Florida,” explained Olympus Regional Product Manager of Northwest Florida, Amy Banning. “Standard, cookie cutter policies just don’t serve these policy holders well so what we have been able to develop is a valuable, quality product that has pricing mechanisms built in to provide the best possible rate for superior, tailored coverage.” There’s no need to compromise on the coverage of your second home with a selected risk dwelling and fire policy when you have the option of Olympus’s comprehensive HO3 all risk homeowners policy and optional Spartan Enhanced Coverage.
What’s different about insuring a secondary home in Florida?
There are quite a few differences in insuring second homes in Florida. As an expert in the industry in the state, Olympus understands our various types of properties, homeowner demographic and unique exposure to various risks. Amy Banning noted, “There’s quite a bit of exposure you face in Florida, particularly related to weather—like wind, hail and flood.”
Florida secondary homes are typically seasonal, meaning the owner lives elsewhere and chooses to come here for the season. Usually, the properties are more valuable, well maintained, secured and guarded. Many are located on or very near the ocean or other waterways. Many have pool cage enclosures. Factoring in all of these things (and more), Olympus has subsequently created policies with superior coverage for a select clientele.
Why Olympus insurance for a secondary home?
We’ve got secondary homes covered in a variety of ways! Olympus Regional Product Manager of Southwest Florida Janice McCann said, “The big difference between Olympus and our competitors is that we offer more customization. We don’t force you to strip off or keep coverages you don’t want or need. You get exactly what you want for a fair price, and it actually ends up being a better policy—particularly when you add the Spartan Enhanced Coverage.”
Here are some of ways Olympus shines in Florida secondary home insurance:
- Olympus doesn’t require primary insurance in order to write insurance for a second home, which is great news for out-of-state seasonal residents!
- We offer a multi-policy discount on the secondary home if the homeowner has other property written with us in the state.
- We don’t limit coverages or exposure on secondary properties so policy holders can feel completely secure in knowing we will take care of covered losses small or big.
- For homeowners that help mitigate risk—like installing an alarm system—we can substantially improve rates.
- Olympus offers replacement cost on pool cages for our seasonal single family homes. Most competitors offer a stated dollar amount of $10,000 or $25,000 for these structures which can cost up to $50,000-plus to replace. It’s one more example of how Olympus well exceeds standard policies!
- Olympus generously provides 25% Ordinance and Law coverage. This means that if you have a covered loss and you have to comply with a law, ordinance, statute or building code that incurs added expense separate from your actual damage, you are covered up to 25% of your policy limits with us. “Other companies don’t even build this in to their standard coverage,” said Amy Banning. “Including this, especially at 25%, illustrates the substantial coverage of our base product.”
- With our Spartan Enhanced Coverage, policy holders receive up to five times more protection at a greatly reduced cost over itemized pricing. This includes $500,000 in personal liability coverage and personal property replacement cost. In addition, unlike a dwelling and fire policy, our Spartan Enhanced Coverage for scheduled property on an HO3 policy includes mysterious disappearance coverage which is typically difficult to purchase. Unlike other companies who would require another policy, Olympus also allows policy holders to schedule items like artwork, an expensive set of golf clubs or jewelry so they can be left in the secondary home and be covered. We even include some smaller but helpful benefits like reimbursement for expenses incurred due to identity fraud, credit card theft and lock replacement. Amy Banning noted, “You could add separate endorsements or purchase additional insurance to get this type of coverage, but with Olympus, it’s all included which makes the offering more unique.”
- Olympus offers optional deductibles that can meet an individual policy holder’s threshold of risk tolerance—particularly attractive to preferred clientele.
- We understand the needs of discerning secondary home owners. Said Amy Banning, “This risk is a bit different than the average risk. Price is a factor, meaning the individual doesn’t want to pay more than he/she needs, but it’s more important to purchase a product that is extremely valuable and suitable for that individual’s unique situation. Olympus does this really well, offering a high end product with valuable coverages, not a stripped down policy.”
Your second home shouldn’t play second fiddle! See how Olympus Insurance can tailor a comprehensive homeowners insurance policy on your secondary home in Florida. Visit www.OlympusInsurance.com for more information.
This article is for informational purposes only and does not form a part of, replace, change or amend any terms, conditions, provisions or language within your Olympus Insurance policy. We encourage you to read your entire policy.