homeowners insurance

New Year, New…Insurance Policy? You bet. Floridians were hit hard in 2017 and many were left disillusioned with their coverage. Now is the time to dig into the details of your policy, talk with your insurance agent, and make changes to ensure 2018 is covered.

Understand Your Deductible

Hurricane Irma left over 800,000 insurance claims in her wake. Many Florida homeowners were shocked to discover how high their hurricane deductibles were and how little coverage they had. Thousands of homeowners received little to no settlement on their claims.

If you own a $350,000 home with a 2% deductible, then your hurricane deductible is $7000. But if the damage to your roof after a storm is only $6000, then you get paid $0 on your claim because repairs are under your deductible.

Knowledge is power. Take some time to chat with your insurance agent to make sure you understand your policy and to choose the best coverage for your home.

Take a Second Look at Your Valuables

You might not feel wealthier after the winter holidays, but it’s likely you are! From jewelry to art to electronics, your new gifts might exceed your coverage limit for possessions. You know that iPhone X you received for Christmas? You’ll want to make sure it’s still covered if someone breaks into your home or car.

At this time, it’s also important to take into account replacement cost when you make updates to your homeowners insurance. If you own a home with a market value of $150,000, consider completing an updated replacement cost estimate with your agent to ensure your coverage includes the most accurate contracting costs if it needs to be rebuilt after a hurricane, fire, or other disaster. Thankfully, coverage hikes don’t typically increase your homeowners insurance quote by much. 

Talk with an Expert

At Southern Oak, insurance is just what we do best. Our agents are here to help and are happy to evaluate your homeowners insurance policy for free. Fill out a Quick Quote request to speak with an agent and get knowledgeable recommendations today.

homeowners insuranceJanuary is the perfect time to make changes to your insurance policy so you don’t get caught in a last-minute scramble during renewal time. We look forward to hearing from you! 

Now that the new year has started, it’s a good time to take an updated home inventory! Download our Home Inventory Checklist today and make sure your belongings are prepared in case of emergency.