Insurance Glossary
Clear definitions for common Florida insurance terms.
- PIP (Personal Injury Protection)
- Required auto insurance coverage in Florida that pays for your injuries after an accident, regardless of who is at fault. Florida requires a minimum of $10,000 in PIP.
- Wind mitigation
- Features built into your home (like hurricane clips, impact windows, and specific roof shapes) that reduce the damage from high winds. These features can significantly lower your home insurance premiums in Florida.
- Hurricane deductible
- A specific deductible that applies only to damage caused by a named storm (hurricane or tropical storm). In Florida, this is usually calculated as a percentage of your home's insured value (e.g., 2%, 5%, or 10%).
- Assignment of Benefits (AOB)
- A document signed by a policyholder that allows a third party, such as a contractor, to seek direct payment from the insurance company. Florida has specific laws regulating AOB agreements to prevent fraud.