It’s safe to say that the long low of years without hurricanes or tropical storms may be over for Florida. The 2017 hurricane season with 18 named storms was the most active since 2005. Many homeowners are now finding out that their hurricane insurance coverage may have been within the recommended guidelines but is wholly inadequate to cover their assets from loss. In an article for the Miami Herald, it’s noted that people make mistakes in coverage for their homes by only covering the amount of the mortgage, instead of the replacement cost of having to rebuild their home. Another mistake is allowing their real estate agent to pick the coverage instead of dealing with an independent insurance agent.
When Is Homeowner’s Insurance Not Hurricane Insurance?
If you haven’t read the fine print on your homeowner’s policy, there is a big chance that you don’t actually know what your policy covers. In fact, some policies may only cover the exterior damage. Of course, everyone knows that windstorm policies are needed to cover damage to roofs, possessions, and property from a windstorm. Likewise, flood insurance is required if your home is in a FEMA designated flood zone. Even mortgage holders in high-rise condominium developments are required to carry flood and windstorm insurance in the event of damage to their unit.
How Do I Know I Have the Right Coverage?
Everyone is always looking for a deal on their insurance. Instead, look at how much it would cost you if a storm wrecked your home tomorrow. Typically, people will trade a higher deductible for a lower premium. Unfortunately, this may not be a good long-term decision. That $10,000 deductible can clean out your bank, and even if the premium is low it may not cover loss of use – where your home is so badly damaged that it is uninhabitable. What happens when that storm hits, and you need to remove debris, buy a generator, repair your home, find temporary housing, and cover your living expenses? This is where you badly need the advice of independent insurance agent can steer you to the right product for peace of mind.
New Products for Florida Homeowners
Recognizing the needs of Florida homeowners, companies like Ascendant are crafting new and innovative hurricane insurance products that will help keep homeowners, renters, and business owners safe and sound. These products are only available through independent insurance agents, and cover areas where traditional insurance may leave you unprotected. Covering the full value of your home and property protect you from financial ruin and makes it easier to bounce back from a natural disaster.
Independent is Better
Talking to an independent insurance agent means that you will get a straight tell. Your agent is free to direct you to products that will give you the best performance or your money in the event that you need them. Whether it’s hurricanes and floods, or just your relatives, crafting a seamless insurance umbrella keeps your mind on sunny days instead of cloudy skies.