Homeowner’s insurance in the state of Florida is uniquely different from most other states. Luckily, we can help!
We have a high risk for catastrophic loss every year, mainly due to hurricanes. Because of this, the Florida homeowner’s market is now driven by many independent companies. Most of the larger name brand companies have left the Florida market all together. Our office works with 12 financially sound carriers to find you the best price and product combination. For many people, their home is their most valuable asset, and should be protected accordingly. One important thing to keep in mind when shopping homeowner’s insurance, the lowest price isn’t always the best choice.
Our agency represents several preferred homeowner’s insurance carriers in the state of Florida. Having said that, we only represent those companies with at least an ‘A’ Exceptional Financial Stability Rating or better through Demotech, Inc and/or AM Best.
Below is some information to help you learn more about homeowners insurance and about the basics that will help you make a more informed decision about your homeowner’s insurance coverages:
Homeowners Insurance Basics
Insuring The Home (Dwelling)
The price you paid for the home isn’t always the amount that you would chose to insure it for. The majority of homeowner’s companies require that your home be insured for ‘replacement cost.’ (The cost to actually rebuild the home from the slab up) In today’s market, most people actually insure their home for more than they are paying for it. In the housing boom, we insured the dwelling for less than the purchase price. As professional agents, we will help you determine the replacement cost of your home, so that you are properly protected against even the most unfortunate events.
Insuring Your Stuff (Personal Property)
The standard policy will include 50% of dwelling coverage to cover your personal property. For example, if your dwelling is covered for 100k then most companies will cover personal property for 50k. A good way to think of personal property is anything not permanently attached to your home; furniture, clothes, electronics, etc. Some companies will allow you to increase or decrease from the standard 50% as you see fit.
Accidents happen and unfortunately when they do, lawsuits may happen. Liability Coverage helps protect you against the financial risk arising from injury or property damage that you or your family may cause to other people. It can even help provide for legal defense expenses for your day in court. We will help you determine the amount of liability coverage that is needed to protect your financial well being in such an unfortunate event. If the limits within your homeowner’s policy aren’t sufficient, we’d recommend a Personal Umbrella Policy that can extend your protection to higher amounts, such as 1, 2, even 3 million.
FLOOD INSURANCE IS ALWAYS WRITTEN AS A SEPARATE POLICY, AND IS NOT COVERED BY A HOMEOWNERS POLICY. PLEASE CLICK HERE TO LEARN MORE ABOUT THIS IMPORTANT COVERAGE.
Ever Wonder What Determines The Price of Homeowners Insurance?
There are so many factors that go into determining the price of any insurance policy, but here are a few key factors for you to consider:
- Age of construction (any updates)
- Proximity to the coast
- Shape of roof (hip, gable, etc)
- Amounts of coverage
- Deductibles elected
- Proximity to fire hydrants and fire station
- Claim History and prior losses
- Continuous coverage, has your insurance lapsed at any time?
- Discounts (wind mitigation, burglar alarm, gated community, etc)
Homes built 2002 or later are automatically given large discounts based on the higher building code and standards. For homes built prior to 2002, a wind mitigation inspection can have a significant impact on your annual premium. (We’ve seen discounts as much as 50%) The inspection looks at the characteristics of the roof (shape, age, and attachment), construction type of home (masonry, frame), and opening protection.
If you have an older home and are not familiar with the wind mitigation inspection, please contact us so we can go over this with you in more detail.
We know that designing an effective Florida condo insurance package, that matches your individual needs, takes time and effort—not to mention someone who actually understands the insurance industry.
It just so happens that we at Insurance Today Group are one of Florida’s leading insurance specialists, and we pride ourselves in the ability to help condo owners access the coverage they both need and deserve.
FL condo insurance is a specific insurance policy designed to fit the unique needs of condo owners. Many confuse Florida condo insurance with a renter’s policy, because in fact both can personal property and liability protection; however, condo owners need to take into consideration the additional coverage that may be needed for the building based on their condominium association’s overall master policy.
Typically your condo association will insure the building based on one of two approaches: bare walls or single entity. A “bare walls” approach means that the association will insure only the building including walls, the roof, floors, elevators, etc. The association is not responsible for insuring anything inside your unit such as appliances, cabinets, carpeting, wallpaper, plumbing, electrical wiring, etc. In comparison a “single entity” coverage plan means that your condo association will insure the building as well as particular fixtures inside of your unique unit including carpeting, cabinets and appliances. However, it’s important to remember that in both scenarios you are still left responsible for your own personal belongings and possessions.
So how do you determine how much coverage you need from your Florida condo insurance? Keep in mind that you’ve worked hard to create a safe, inviting home—and you’ve also worked hard for what’s inside. Whether it’s your new high-definition T.V. or a family heirloom passed down among generations, your possessions are valuable.
When considering the level of security you want to get from your Florida condo insurance, ask yourself:
- What is the association’s responsible for insuring?
- What am I responsible for insuring?
- How much coverage do I need for my possessions?
- Do I have replacement cost or actual cash value coverage for my possessions?
- Are there policy limits for my valuables? Should I purchase more coverage for those items?
- Do I need earthquake or flood coverage for my unit or possessions?
Thankfully, Insurance Today Group is here to help. We all these questions and varying degrees of liability and responsibility, it’s easy to feel a bit overwhelmed. At Insurance Today Group we’ll take the time to help you determine exactly the amount of coverage you need, and will help to secure it at the most competitive rates available.
Give us a call, we’d love to help. Contact Insurance Today Group today for more information on your Florida condo insurance options.
Get a quote today and find out how much you may be able to save. Request an ONLINE QUOTE, or call our office today at 1-877-643-2056.
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