Florida Dwelling Fire (DP3)

Your home is your most important investment, and renting it out requires additional insurance coverage. Not only will this provide peace of mind, but if something happens while you have a tenant, you could be financially responsible for repairs or legal fees. Because of this, Florida residents that have rental properties are looking for dwelling fire policies or landlord insurance policies that insure single-family or duplex homes. A dwelling fire (DP3) policy from Heritage Property and Casualty provides coverage that you can count on for many of the following options:

Loss of Rents

Condo Insurance – Medical Personal Liability Coverage One of the biggest challenges a rental property owner faces after a natural disaster is that not only do you have to repair the property, but also you are not getting any income from that property while it is vacant. Loss of rents coverage provides a landlord with continuous rental income if their existing rental property must be vacated due to repair work after a covered peril such as a fire, windstorm, or hurricane. This comes in handy if your renters need to move out and live elsewhere, and ensures your focus remains on repairing the property and not on financial hardship.

Other Structures

Condo Insurance – Loss Assessment Coverage A Florida dwelling fire (DP3) policy not only covers the landlord’s Florida property, but also includes additional structures as sheds. This coverage helps to ensure other structures on the rental property such as a detached garage or pool house are eligible for repair or replacement in the event of a covered peril. This coverage prevents the landlord from having to pay the full cost to rebuild these structures if damaged in a hail storm or destroyed by fire.

Personal Liability and Medical Payments to Others

Condo Insurance – Personal Property and Valuables It is recommended that renters have a supplemental insurance policy to cover accidents as well. As the owner of the property, you may ultimately be responsible for your tenants and any accidents occurring on the property. A DP3 policy will assist with legal court costs and can help by paying for medical bills and damages. Your financial reserves could be drained very quickly by a serious accident, so Heritage will make sure this policy is used to its full potential.

Optional Coverages in Florida

Ask your Heritage Property and Casualty Insurance agent if they about optional coverage on the following:

Florida Ordinance or Laws

Many Florida communities have an ordinance that states if a structure such as a single family home or duplex is damaged beyond a certain threshold, often about 50%, it must be demolished and rebuilt by current building codes rather than simply repaired. If an older home is damaged, there may be significant costs to upgrade the electrical, ventilation and other structural components of the house. As a landlord, you can obtain an optional Ordinance or Law endorsement that will cover the loss of the cost of demolishing and rebuilding, or the increased cost of rebuilding an older structure in accordance with current building codes.

Florida Theft Coverage

Heritage’s DP3 policy does not apply to personal property that is stolen out of a rental unit due to outside theft. Additional theft coverage will ensure your refrigerator or other appliances and furnishings within the rental property will be replaced if they are stolen from the single-family home or duplex. Unfortunately, if the property is stolen by the tenant, this additional coverage would not kick in.

Always Contact your Heritage Insurance Agent

Your Heritage insurance agent can help you define the amount of coverage and options appropriate for your individual situation. We are proud of our partnership with independent agents, who are highly trained professionals focused on customer satisfaction and attention to detail. Contact us right away to get the information you need to secure a policy that’s right for you and your family. If you should need to report a claim, we’ll be there for you 24 hours a day, 7 days a week to process your claim quickly and efficiently.

This information is provided to you as an overview of our products and services. Consult your insurance agent to understand all of the provisions, limitations, and exclusions that are part of a standard condominium insurance policy.