Shopping for Home Insurance in Florida

Shopping for Home Insurance in Florida
 

So you want to find a lower rate for your Homeowners Insurance? Or maybe you are purchasing a home for the first time and do not know where to begin. An Independent Insurance Agent can be your best asset when finding the right policy for you.  This is because an Independent Agent will have multiple companies to compare rates and coverage with. Most agents have over 10 Insurance Companies they can compare rates with to find you the best coverage at the lowest rate.  Independent Agents can also advise you on the proper amount of coverage and endorsements to fit your needs. The lowest price policy is not always the best policy for you, just like the lowest priced car on a car lot may not be the right car for your needs.

7 Questions to ask when Buying Homeowners Insurance

 
What does this Policy Cover and what is NOT Covered under this policy?

Homeowners Insurance is one of the broadest types of insurance coverage, with a long list of possible claims. It is a good idea to ask questions and go over possible claim scenarios. If a roof leak covered under water damage? What is my water damage deductible? If my house floods do I have coverage (leaking pipes is usually covered but flooding from rising water outside the home is usually not covered)? If my computer is stolen will you be reimbursed the purchase price or the depreciated value? If I injure someone while playing golf does my liability insurance provide coverage?

Asking the right questions can eliminate surprises in the event of a claim.  


How much Insurance do I need to cover my belongings?

It is a good idea to do a inventory of your belongings to get an idea of how much insurance coverage you need to replace you items. This will provide you with an estimate of How much contents coverage you will need on your Homeowners Policy. Knowing the value of your items also helps you decide if you need additional riders or endorsements to cove high value items like jewelry or Art work.  

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What is the construction cost of my Home? 

When purchasing Homeowners Insurance the first coverage limit is called Dwelling Coverage. This is the limit of coverage for your main structure.  You want coverage to that meets or exceeds the construction cost of your home. DO NOT go by market value or purchase price.  In 2004 many homeowners were let in a tough spot after 4 hurricanes crossed over the State. Many of these customers had purchased Home Insurance many years ago with the dwelling coverage at the purchase price of the home. Upon filling their claim they quickly found out that they did not have enough coverage to rebuild the home how it was prior to the storm. In some cases they were forced to sell the land because there was not enough coverage to build a home that met the subdivisions deed restrictions on minimum sq footage. Construction cost is often different from the price you pay for a home. 


Is this insurance company dependable? 

There are endless ad's promising low prices but you should know who you are depending on to protect you and your family. Florida offers a websites to check the status of an insurance company's license. You can also ask your agent for the financial rating of the company they are offering you.  


Is there a History of Claims with your property? 


Finding out prior claims can give you a good insight as to possible problems in the future. For example, has their been prior wind or hail damage to the roof? You may want a lower wind storm deductible if it has been an issue in the past with damage to the home. How about prior sewage issues?  It may be a good idea to include back of water coverage to the policy. 

How does the Claims Process Work?

Understanding the claims process can also be a Key factor when choosing the right insurance company. The way claims are handled varies from company to company. Some carriers even require you use their contractors to do the repair work. This can lead to poor quality materials or even poor workmanship. Choosing your own contractor can provide quality craftsmanship with out cutting corners to save money.  If you use an Independent they will work with you during the claims process to make sure it is handled correctly. 


How Can I Save Money?

This is one question every Homeowner should ask before purchasing a policy.  In Florida there are credits that can be applied to a policy that will lower the wind portion of your annual premium. Talk to your Agent about Wind Mitigation credits to see if you qualify. If you do not qualify you may be able to make some changes so that you do qualify. 


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