Homeowners Insurance Tips & Recommendations
Tip 1: Consider Windstorm Coverage
Palm Beach and Martin County are hurricane-prone areas, so windstorm insurance is essential.
Windstorm damage is usually covered by standard homeowners, condo, or renters insurance policies in Florida. However, there are some things to consider:
Florida insurers must offer a deductible of $500, 2%, 5%, or 10% for named storms like hurricanes and tropical storms. This deductible is separate from the regular homeowners insurance deductible.
Wind damage may cause water damage, which your policy may cover. For example, if a portion of your roof is blown away by the wind and rain destroys your personal property, your policy may cover the water damage.
Homeowners in high-risk areas may need a separate windstorm insurance policy or endorsement.
Tip 2: Check Flood Insurance Requirements
Many homes are located in flood zones. It’s essential to have separate flood insurance.
https://www.fema.gov/flood-insurance
Tip 3: Understand Replacement Cost vs. Actual Cash Value
Replacement cost value is the amount it will take to replace your property or belongings without any deduction for depreciation. Actual cash value is the replacement cost value, minus depreciation
Tip 4: Look for Discounts
- Raise your deductible: A higher deductible can lower your premium, but you shouldn’t pay for insurance you can’t use when needed.
- Get a wind mitigation inspection: Florida law requires insurance companies to offer discounts for structures that pass a wind mitigation inspection. The discount is based on the home’s risk rating.
- Install safety and security features: Insurers may offer discounts for safety devices like fire safety alarms and CCTV monitoring.
- Maintain good credit: Insurers often consider your credit score when determining your premium.
- Compare rates: Don’t settle for the first quote you get.
- Review coverage limits: Make sure you’re not over-insured.
- Avoid small claims: Frequent small claims can raise your premiums.
- Lower your personal property coverage: Most policies provide 50% of the dwelling coverage amount for personal property, but you might not need that much.
Tip 5: Review Deductibles and Premiums
Explain how deductibles affect premium costs and what’s typically recommended for coastal areas.
6. Recommended Homeowners Insurance Providers
Company 1: USI Insurance Services
Martha Collier – 561-723-3589
Company 2: Landmark Insurance
Kelly Wilson – 561-333-7433
Company 3: Fiesta Insurance
Brian Buczek – 561-727-3220
7. Why Homeowners Insurance is Important in South Florida
Protection From Damage: Homeowners insurance protects your home and belongings from damage caused by perils like fires, storms, and theft.
Lender requirements: Mortgage lenders typically require homeowners insurance as part of the mortgage terms.
Preservation of collateral value: Homeowners insurance helps protect the collateral value of your home, which is used as security for your mortgage.
Rebuilding: Homeowners insurance can help pay to repair or rebuild your home after a covered loss.
Personal Liability: Homeowners insurance may also cover accidental injury or death that you may be legally responsible for. Florida has experienced a surge in billion-dollar disasters in recent years, which can make it difficult for insurance carriers to turn a profit.
Factors that can impact your home insurance rate in Florida include:
Location, Construction and age of your home, Roof shape, Security,
Credit, Swimming pools and other features and Fire protection.
“Protect Your Florida Home with Confidence”