New Year, New…Insurance Policy? You bet. Floridians have been hit by 3 major storms over the past 3 years and many have been left disillusioned with their coverage. Right now is the time to get all the details of your policy, talk with your insurance agent, and make any changes to ensure you can rest easy for the 2019 storm season.
Understand Your Deductible
Hurricanes Matthew, Irma, & Michael resulted in over 1 million insurance claims from Floridians. Many homeowners were surprised to see what their share of the repair cost was based 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.
Don’t Overlook Flood Insurance
Most standard homeowners insurance policies do not include flood insurance. But, because insurance policies are long and boring to read, policyholders often overlook this until they file a claim and learn they aren’t covered. Looking at pictures of the aftermath from Hurricane Michael in Panama City, it’s easy to assume that the high winds caused all the destruction. What many don’t realize is that flooding was the primary factor in much of the damage. Those who overlooked their flood insurance coverage were left holding the bag for all of the damage. It only takes 1-inch of water in a home to cause $25,000 in damage. Flood Insurance from Southern Oak is small investment that ensures you will be protected from extremely high costs of flood damage.
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 trusted agency partners 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.
January 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.