With Florida homeowners insurance being whittled away at constantly, many policies don’t cover what they used to. Homeowners who suffer a loss may not be aware until they file a claim that their coverage was insufficient, or restricted by the language in their policy.
In the face of weakening industry standards, Olympus policies have retained coverage for multiple situations that are now omitted from a standard homeowners (HO3) policy, including:
Verbiage in Florida homeowners insurance documentation has shifted throughout the past two decades. Policies now typically exclude coverage for damage that is not reported within a specific time period starting from the date the leak began (usually 7-14 days). For damage that is covered, strict caps often apply.
Damage From Wind-Driven Rain
Coverage for home contents damaged by wind-driven rain have typically been excluded from most policies, but many homeowners are now seeing exclusions for damage to their home itself and other buildings on their property.
Dwelling Under Construction
A home being built has little coverage under many policies, which doesn’t address such incidents as materials being stolen from the site of the build.
Other buildings on the property, such as a shed, or detached structures like fencing, boat lifts, and docks, are typically excluded from coverage completely.
Pool cages and screens are also typically excluded from coverage completely, or only partially covered.
Whether you are looking for homeowners insurance for the first time or it’s time to renew your policy, Olympus is on your side with exceptional coverage and outstanding customer service. Ask your agent about your coverage options today, and experience The Olympus Difference.
About Olympus Insurance Company
Headquartered in Palm Beach Gardens, FL and founded in 2007, Olympus Insurance Company specializes in Florida property insurance. Through its independent agency force, Olympus insures $40 billion worth of residential and investment property including homes, condos, rental property, and valuable personal property, with umbrella coverage and Spartan Enhanced Coverage available. Coverage for individual risks up to $5 million in total insured value is provided on one of the most comprehensive coverage forms in the industry.
For more information, visit olympusinsurance.com.
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.