Seems like Home Owners Insurance in Florida has changed more in the past 3 years, than it did in the previous 10.
| The HO Ins. Industry Insurance companies all over Florida are going Bankrupt, getting bought out by their competition, or pulling out of Florida. |
| Fewer options often means higher prices. Additionally, 4 Point Insurance Inspections & Wind Mitigation Inspections are more often required (even for newer homes that didn’t need these inspections before). Call Sherlock Home Inspections! We can usually have an inspector on site within a day or two. Click the link below for more info about 4 Point & Wind Mitigation Inspections. Services |
| 6 Things Every Home Buyer Should Know About Home Owners’ Insurance Below are the top 6 things, but also… A link to a previous article to understand what the Insurance Company is looking for. |
| 1. Exclusions to coverage – Most insurance policies do not cover flood or earthquake damage as a standard item. These types of coverage must be bought separately. 2. Limitations on claims – Even if you are covered for a risk, there may be a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately. 3. Replacement cost – If your home is destroyed, you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient. 4. Actual cash value – If you chose not to replace your home when it’s destroyed, you’ll receive replacement cost, less depreciation. This is called actual cash value… 5. Liability – Generally your homeowner’s insurance covers you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court. However, there is usually a limit to the amount of coverage provided. Be sure that it is adequate. 6. Wind Mitigation Inspections are usually good for 5 years, but there are exceptions. 4 Point Insurance Inspection are usually required every few years, but exactly when depends on your policy. BOTH are almost required when getting new insurance – even a new policy with the same company. To find out how to understand a Wind Mit report Click Here |