Your Home Insurance Covers More Than Your Home

Depending on your home insurance schedule, your homeowner’s policy may cover things like personal property that is damaged while not in the home and medical expenses of third parties injured on your property due to your negligence. When you go in to talk to your agent about homeowner's insurance, be sure to ask about the different policy schedules and which one is right for you.

Schedule A  (HO-1)

While schedule A insurance used to be the industry standard, it has fallen out of favor and isn’t nearly as widely available as it used to be. This insurance covers the structure of the home as well as its contents against the 10 major disasters that can befall a home, including vandalism and fire.

Schedule B (HO-2)

Certain homeowners need to take out protection against particular events like heavy snowfall causing roof damage or power outages. This is usually an add-on to a standard home policy and is used in areas where extreme conditions warrant it. It is sometimes used as an individual home policy on mobile homes as the premiums are low and the coverage can be written to cover the major causes of mobile home damage.

Schedule C (HO-3)

Schedule C home insurance covers the entire home and its contents, including any injuries that occur while in the home. In addition, it covers flood damage, damage from war and earthquakes. These inclusions make schedule C one of the most comprehensive and expensive choices.

Schedule D (HO-4)

Schedule D is renter's insurance that covers the same items that are covered for owners in Schedule B and C.

Schedule E (HO-5)

While all the policies up to this point only cover the physical home and its contents, Schedule E covers the entire property. So if a person is hurt while in your driveway or yard, this policy will cover it. It also covers damage to fences and outbuildings and their contents.

Schedule F (HO-6)

This is specific household insurance comparable to Schedule C for Condominium owners.

Schedule G (HO-7)

If you own a mobile home and choose not to take out Schedule B insurance, the more comprehensive Schedule G is your best choice. This policy covers the structure and all belongings, and if you include a float policy, it can also include outbuildings such as sheds and carports.

Schedule H (HO-8)

Schedule H is the same policy as the Schedule A policy with the only difference being that the home will be paid out as a current cash market value instead of a replacement cost value. This policy is usually used on hard to replace older homes. Taking out this policy instead of a Schedule A could be the difference between having all of your losses covered and just a portion of them.

Schedule I (HO-9)

Schedule I insurance is used for older homes. It is often a Schedule C policy with special provisions for leaky plumbing coverage, electrical systems coverage and insect damage, although it can be tweaked to account for any area-specific  peril.  

As you can see, there are several types of home insurance that you can purchase. Which one is right for you depends on the amount of coverage you are looking for, and the type of home that you own. By far, the most common insurance is the Schedule C or E option, although many homeowners would do well to consider additional riders or floater policies  to secure complete coverage.

For more information about Tampa home insurance, give Adcock-Adcock Insurance Agency a call at 813-933-6691.

Is Your Learner’s Permitted Teen Covered?

Teenagers can't be expected to get behind the wheel of a car on the day of their driver’s test and ace the exam without having had any practice beforehand. A learner's permit allows an unlicensed teen to practice driving in real-world conditions as long as they have an adult present. This gives them valuable, firsthand experience in driving, helping them pass their test and become better drivers in general.

Generally, notifying your Tampa auto insurance company that your teenage son or daughter has received his or her learner's permit is sufficient to ensure that they’re covered under your policy. Because the teen is not yet a licensed driver and cannot drive alone, many insurance companies will not officially add them to the policy while they have a learner's permit--but some may. Either way, contact your insurer or agent to find out how your insurance company handles this situation.

If your teen drives another adult’s car with their permission, he or she is likely covered under that individual’s insurance policy. Before any other adult allows your teen to drive their vehicle, have a discussion with them about how you and/ or your teen will handle expenses for any claims that occur while the teen is driving. Also, find out the deductible on their policy so that you know what to expect should there be an accident. If their deductible is too high, you may not want your teen to drive their vehicle after all.

Lastly, it's always a good idea to raise your limits and consider lowering your deductible before your learner’s permitted teen gets behind the wheel. As an inexperienced driver, your teen is a big risk and adjusting your policy so that you have minimal financial exposure is a good idea. If other family members plan to take your teen driving in their vehicles, you may want to discuss this with them as well.

If you have a teenager getting ready to venture out into the world of vehicle operation, stop by or give us a call at 813-933-6691. We can discuss with you the many changes you might consider making in your insurance policy and help limit your risk exposure so that you can focus on training your teen to be the best driver possible.