Tips from an Insurance Expert: What to consider when Home Insurance shopping
With hurricane season ramping up, we want to make sure our clients are protecting their greatest investment. Taking the necessary precautions such as boarding up windows, trimming branches, and clearing furniture from the yard is a good start. The next step is to insure your home. Home insurance is not a luxury, it is a necessity. Especially if you live in an area affected by natural disasters.
We asked our friends at Shoff Insurance, an Allstate Exclusive Agent, for some tips on how homebuyers can better prepare themselves for the hurricane season. Here’s what Roland Shoff, Personal Financial Representative based in Melbourne, FL, has to say.
Coverage vs Cost: what do you recommend for home buyers looking to get the best coverage while staying affordable?
Your agent should go over all the coverages with you and you should also ask which ones you can change once you know what they are covering. Make sure that they are not over-insuring you. If you over-insure you get no benefit other than giving your hard-earned money to the insurance company.
Look at the different deductible options and take a close look at how much premium difference there is and how much deductible difference there is. Don’t just take the lower premium. Most of the time a deductible higher than $2,500 for All Other Perils is not beneficial. Most of the time a Hurricane deductible greater than 2% is not beneficial either.
What considerations should a new home buyer make when selecting coverage for their home?
Always ask the agent about the insurance companies reputation. Try to make sure you are going with an A-rated Admitted Carrier. You have to be careful with Surplus Lines Carriers because they often have exclusions and coverages that even the agent may not be aware of.
What specific precautions should Florida home buyers take when considering hurricanes and flooding? How does the threat of severe weather impact their overall home insurance picture?
Some precautions you can take is to make sure you have a good roof. The roof is the most important part because if you have hurricane shutters but a bad roof the shutters don’t do any good. A metal roof is probably one of the best options. Most of Florida is flat land and when drainage systems don’t work properly people get flooded. The definition of flooding is rising water coming inside your home from the outside. This coverage can now be added to most home insurance policies.
Roland Shoff serves all of Florida. If you’re in the market for a new Home Insurance policy or just have insurance-related questions, contact Roland for more information.