EQUIP YOURSELF WITH KNOWLEDGE AND LOCAL ADVISORS
Our Florida-based team provides local market knowledge and service. We help introduce our clients to local advisors who assist in the Florida domicile process. As clients seek a Florida residence, NEBCO can help identify the factors that play a role in underwriting eligibility and annual premiums.
- The Office of Insurance Regulation publishes this form, which is completed during an inspection. It is a standardized form to verify the features of a structure that help reduce the possibility of damage during a high-wind event. It will document features such as: roof shape, window protection, and the anchoring of the truss to the walls.
- The results of this inspection will impact two components of your insurance: underwriting eligibility and premium credits.
- Elevation Certificates are required to accurately rate the premium for Flood Insurance. This document is used to compare your homes elevation to the Base Flood Elevation.
- Zones B, C or X are considered “Preferred” zones and the lower annual premiums reflect the lower likelihood of flooding.
- Zones AE, AH or V are considered higher hazard locations; If your residence is located in one of these zones you will need to secure an “Elevation Certificate” to determine the exact elevation of your property, which will be used to calculate the annual premium.
Insuring Your Condo
- The condominium association is responsible for the exterior of the structure and common elements. You will maintain insurance coverage inside the walls of a home and your personal contents.
- Florida is a “No Fault” State. Each condominium owner is responsible for their own unit. If a pipe burst in a neighboring unit, the owner will be responsible for the damages within the unit.
- Flood Insurance is still a consideration when purchasing a condominium. The condominium association limits the coverage.