Insurance Info: Homeowners Policy Types

Disclaimer: The information provided is not meant to be all-encompassing. Every insurance company and state is different.  call your agent to make sure you are fully protected!

Insurance Info Homeowners Policy Types

Every month we will be bringing you a week of Insurance Info packed with tips  and things you need to know!

There are so many different types of insurance out there that this article could realistically be 10 or more pages long. (You already know this because you read your insurance policy cover to cover, right?) But we won’t bore you with all of that junk, instead we’ve provided you with the most common types of insurance and the differences between them so you can fully understand what you’re being covered for or what you’re not.

Talk the Talk

Here is a quick rundown on some insurance terms and coverage types you’ll need to know!

Dwelling- This is the main structure of your home, such as the flooring, walls, windows and roof. Agents will run a replacement cost estimator (RCE) to determine the cost needed to rebuild it from the ground up.

Contents- This coverage basically insures everything that would fall out if you turned your house upside down; such as, clothing, electronics, and furniture. Most companies have specific limits for contents that typically include artwork, firearms and jewelry. If you have an expensive art collection, or any of these specialty items advise your agent so additional coverage can be added to your policy. (Don’t assume anything is covered just because you have insurance!)   Contents coverage can typically be insured at actual cash value, or replacement cost.

Replacement Cost- If your house were to burn down there should be enough coverage in place to fully rebuild, including labor and materials. Replacement cost will allow your home, or contents to be replaced at today’s value exactly as it was; meaning, you cannot add major custom upgrades unless the home was originally in that state prior to the fire.

Actual Cash Value- This coverage is the opposite of Replacement Cost, meaning if you have a claim the things that need to be repaired, or replaced will be done  at depreciated value rather than at today’s value. (Think about car’s blue book value, but concerning your personal belongings. Everything depreciates the minute you drive away from the store.)

Personal Liability- This coverage is to financially protect you if you are being sued, or are involved in a lawsuit due to an injury that happened on your property, or for damage you caused to another person’s property.

Medical Payments- This coverage comes in handy if someone injures themselves on your property. ( Example: If you have a children’s birthday party at your home and a child is hurt in any manner- trips, bumps their head, etc.- you as the homeowners are liable.)

Mold Coverage- This coverage is typically broken down to mold property and mold liability coverage to protect your home from damage cause by mold, or fungi. The mold could be caused by a leak, overflow of water, etc. Contact your insurance carrier at the first signs of mold! It can become EXTREMELY expensive!

Claim/ Loss – If your property incurs damage, or if you are being sued you would need to report a claim to your insurance company to determine if you have coverage on your policy to cover the cost.

TIP! Every insurance company has different policy limits, exclusions and guidelines. Your agent can usually quote your home with multiple companies  to save money, but make sure you know what the  difference is before choosing the lowest price.


Coverage for Dwelling & Contents

HO3- This is a standard policy meant to insure your home from most common hazards like fire, theft or mold at full replacement cost. A homeowner’s policy is meant for people who are occupying a home they own on a primary, secondary, or seasonal basis. This policy is not meant for people who rent their houses, or are leaving it vacant without security.  These policies typically include contents, liability, medical and mold coverage unless they were specifically excluded. Additional coverage can be added for protection from wind/hurricane, sinkhole or flood damage, if necessary.

HO8- This is similar to the HO3 policy, but the structure of the home is only insured at actual cash value. Actual Cash Value is the opposite of Replacement Cost, meaning older homes that have a claim will be repaired at a depreciated value depending on the year of construction rather than at today’s value.

HW2- This a special wind only policy that does not include any hazard, or liability coverage. It is similar to an HO3 policy since it is meant to insure owner occupied homes, not rentals. (This policy is very popular in Florida. You know since its a peninsula and all…)

DP3 – This policy is meant to primarily protect the main house; such as, the walls, foundation, roof, plumbing, etc. These policies are made for homeowners who are renting their house to others since this policy insures the structure of the home and does not typically include coverage for the home’s contents. ( If you are renting your property work into the lease that the insured understands they are responsible for their personal belongings and it is recommended they obtain a renters insurance policy!)

TIP! Sometimes you can save money by separating your wind and hazard insurance between two different companies with a HW2 wind-only and a HO3 ex-wind policy.


Coverage for contents only

HO6- This policy is for condominium owners who are not responsible for repairing the exterior dwelling of the building. A HO6 policy provides coverage for the interior unit’s contents and provides the normal package of liability, medial and mold coverage most policies include. The condo association should have a ‘master policy’ in place that covers the entire building and roof, which is why this policy only provides coverage for the interior unit (or our favorite way of describing it “The Walls In”).

HO4- This is a renters policy, meant for tenants occupying an apartment, condo, or house that is owned by others. This policy provide contents, liability, medical and mold coverage for a low yearly cost.


Other Policies

Forced Placed Insurance – If you have a mortgage on your home, but do not provide them proof of homeowners insurance within a specified timeframe they will ‘force’ an expensive … like super expensive…. policy with lower limits. Since the mortgage company has an interest in keeping your home safe (they do technically own it until the mortgage is fully paid off) you are required to add them to your homeowners policy! Be careful though,  if this happens call your agent as soon as possible to get a new policy, or to submit proof of your insurance policy.

Builder’s Risk Policy– If you are having major renovations, or construction done on your home then ask your agent about this policy type. Most homeowners policies do not insure homes that are under construction, so it is better to have a builder’s risk policy than to have a lapse in coverage. Companies can apply a surcharge if you have had a lapse in coverage and some companies will not insure a home that has had a lapse in coverage over 45 days!

TIP! If you are being cancelled by an insurance company set up a new policy to begin before your current policy cancels! Having a lapse in coverage can increase your premium, or make your home ineligible for coverage with some companies!

We know, this is a lot of Insurance Info…
Post your questions in the comment section below!

Awesome & Appropriate Cubicle Décor

Awesome Cubicle Decor

Working in a cubicle can be depressing, boring, plain, stale, ugly (shall we continue)… but it doesn’t have to be!

At one point in your professional career you are going to be given a workspace of your own. If you are lucky, you will have a nice office with real privacy and four walls; however, the majority of us will be given a small cubicle open for the world to see. Even though cubicles can be drab, there is plenty of potential for a personal, clean and colorful space!

Use your wall space

Decorating your cubicle can be easy and enjoyable, but adding color is a must to make it feel like home! Make sure you utilize the vertical space provided by the walls of your cubicle. These walls are prime locations for colorful art work, cards from co-workers, or other hanging decorations!

Jessica's Cubicle

Jessica uses her cubicle walls to display cards.

These tassels are so fun and colorful, found at The Everygirl.

Cubicle with frames and banners.

We love this yellow theme and pennant banners from The Office Stylist.

Cubicle with quotes and art

Try printing out inspirational quotes for your walls like this desk from The Everygirl.

Accessorize your desk!

Adding appropriate (alcohol free, fully clothed, no hot-mess-express) photographs, cute coffee mugs, and decorative flowers to your cubicle are all wonderful ways to create a more positive work environment.

TIP! If you want to quickly become the most popular person in your office just set up a small candy dish in an accessible area by your desk. This sweet treat will allow you to meet new co-workers and share a quick chat while they pass by.

Lauren's Cubicle

Lauren’s desk always has flowers and lots of pens!

Jessicas desktop

Jessica brings little touches to make work more like home.

Gold and pink accessories.

These all gold accessories are fun and classy, from Best Friends for Frosting.

Desk accesories

Find a balance between organized and cute like this workspace from The Everygirl.

How do you make your workspace your own?
Cause and Effect

Cause and Effect

Here at Professionals in Pearls we knew we wanted to create an online office that could provide the tools young adults need to be successful; however, the path to success will always start with you.

Do you have that friend in your life that is always happy? What if we told you that with a little work you can change your attitude, outlook, and expectations so you can be too?! We know what you’re thinking…. these women are crazy! Trust us, we promise we’re not. Start with changing your mindset by kicking negative people out of your life and surrounding yourself with positive energy!

Being an adult means you choose who is in your life.

While growing up, many of the people you spend time with is due to requirements from school and family. Ever had that Uncle you don’t like that just puts you in a bad mood by being around him? Ask yourself why do you allow him to negatively affect you? Now is the time to filter out those negative Nancy’s and choose to only have those people you want in your life. Removing negative or toxic people will allow you to be happy and stress free! Don’t allow others to project their negativity onto your life. Instead, surround yourself with people who support you and make a positive impact on your life!

“Only hang around people that are positive and make you feel good. Anybody who doesn’t make you feel good, kick them to the curb. And the earlier you start in your life the better.”      – Amy Poehler

Be positive and confident!

In most cases we cannot control the world around us, but we can control how we perceive it. Being positive is a skill you can learn and develop over time. First, try replacing negative thoughts with positive ones. Next, stop focusing on what you don’t have and start appreciating what you do. Instead of being jealous of other people’s lives, celebrate them for their achievements. Finally, be confident in the decisions you make and stop questioning them. If you cannot appreciate yourself and your decisions, how do you expect others to? Being positive may seem like a difficult thing to achieve, but know that everything starts from within. Remember, positive people receive positive experiences.

TIP! Jessica’s favorite way of being more positive is with hypnotherapy and meditation. Give yourself 15 minutes a day for just you! Jessica uses the time before she falls asleep as anti-screen time with no cellphone, TV or noise. This allows her to focus only on her breathing and relieves stress.

Leave work at work.

Work affects us more than we realize. Yes, we know work is necessary to live comfortably but ask yourself are you living so you can work, or working so you can live. Work may be your passion or it maybe it’s just a job for now, but it is required (you know since rent cost money and stuff…). The thing to remember is once you walk out of the office it’s your time to spend with friends, family and on your hobbies! In twenty years our memories are not going to be filled with that Monday morning meeting, but instead with the fun times you spent with your loved ones. Don’t bring your stress home with you; leave it at work where it belongs!

TIP! Lauren’s favorite way to leave work behind is by reading and having a weekly facial mask! It is important to have a way to de-stress after a long day of work. Reading helps her escape into a different world, and her facial masks give her a weekly ritual to look forward to!

This week try to go as long as possible without complaining! Each time you hear a complaint or negative thought just think of your favorite place, person or memory to replace it! Report back and let us know how your experiment goes!

Remember to surround yourself with positive people, make an effort to change your attitude and don’t think about work once you leave the office!

all of these methods are Professionals in Pearls tested & approved!

Our Obsession: Office Supplies

Our obsession - office supplies

Did anyone else absolutely love shopping for school supplies? Like in a weird, unhealthy way?

Well if you said no, ignore how strange we are…  if you said yes, know that you are not alone!

Each year when back to school supplies finally get put on shelves we just cannot help ourselves! Who doesn’t need a million folders with cute kittens and Disney Princesses on them!?  Probably 25-year-old women with real big girl jobs…that’s who. Don’t worry though! There are plenty of work appropriate office supplies available for those who are also going through withdrawals. In an attempt to be grownups, but still fill the need to splurge during tax-free holiday we have rounded up some of our favorite, must-have office supplies!

TIP!  Florida Tax Free Holiday: August 7th – August 16th

Jessica’s favorites:

Decorative Post-it Super Sticky Notes come in many different shapes, colors and designs.Post-it Super Sticky NotesPilot B2P Gel Ink Roller Pens are made from recycled water bottles and look like one too!B2P pen

Sadie Robertson Live Original School Supplies have bold prints and inspirational quotes.

Sadie Robertson Live Original notebook

Kate Spade Pencil Holder is a practical and cute desk accessory!Kate Spade cup pencil holder

Post-it Note Dispensers spice up the life of those normal sized Post-it notes.
Post-it apple shaped note dispenser

Lauren’s favorites:

Lilly Pulitzer Agendas are a colorful way to keep track of appointments and meetings.Lilly Pulitzer Agenda - Wild Confetti

Kate Spade File Folders can brighten those paper files and make them a tad less boring.Kate Spade gold dot file folder

Pilot G-2 Gel Fashion Pens are not recycled, but sometimes your day needs more color!Pilot G-2 fashion gel pen

Vera Bradley Binder Clips are a bright way to organize paperwork on your desk.Vera Bradley binder clips

Scotch Magic Tape Dispensers  are fun for a work space. I have the black high heel on my desk!Scotch Magic Tape Dispenser high heel shaped

Do you have any favorite office supplies we should try?!

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