VOTE 2010 IS OVER

What to expect next!

One outcome of the recent elections will be a major change in policies affecting most homeowners in Florida. Insurance rate increases which have been looming on the horizon for many months, including but not limited to homeowners insurance, look to be gaining a foothold. Last year, Governor Crist vetoed a bill that would have allowed insurance companies to set any premium they wished for homeowner policies. Many lobbyists are pushing to get that bill back on the house floor and in all likelihood, it would pass and become law this time around.

The average Florida homeowners insurance rate in 2007 was $1534. Since rates have increased in recent years, it’s important to continue to save money and find great coverage on your Florida homeowners insurance. Be sure to review your home insurance policy with your local insurance agent regularly to ensure that you are qualifying for all available discounts. Also, check your Florida homeowners insurance policy to be sure you are still getting the coverage you need for your home and family. The following short list of items should be reviewed regularly.

Dwelling: A standard Florida homeowners insurance policy should include enough dwelling coverage to pay for the replacement or repair of your home when and if it is damaged in a covered peril.
Other Structures: Other structures such as detached garages or sheds would also be covered under a standard Florida home insurance policy.
Contents/Personal Property: A Florida home insurance policy will also typically provide coverage for the contents of your home including furniture, electronics, clothing and other personal belongings.
Loss of Use: If your Florida home is damaged in a covered peril, ‘Loss of Use’ coverage pays for alternative accommodations and living expenses while you are unable to live in your home.
Personal Liability Protection: In Florida, your standard  insurance policy will typically provide financial protection in the event of a lawsuit where you have caused damage or bodily harm to another person or their personal property.Be sure to review your home insurance policy with your local insurance agent regularly to ensure that you are qualifying for all available discounts. Also, check your Florida homeowners insurance policy to be sure you are still getting the coverage you need for your home and family. The following short list of items should be reviewed regularly.

Dwelling: A standard Florida homeowners insurance policy should include enough dwelling coverage to pay for the replacement or repair of your home when and if it is damaged in a covered peril.
Other Structures: Other structures such as detached garages or sheds would also be covered under a standard Florida home insurance policy.
Contents/Personal Property: A Florida home insurance policy will also typically provide coverage for the contents of your home including furniture, electronics, clothing and other personal belongings.
Loss of Use: If your Florida home is damaged in a covered peril, ‘Loss of Use’ coverage pays for alternative accommodations and living expenses while you are unable to live in your home.
Personal Liability Protection: In Florida, your standard  insurance policy will typically provide financial protection in the event of a lawsuit where you have caused damage or bodily harm to another person or their personal property.

Medical Payments: Medical Payments coverage, or Florida MedPay, offers reimbursement for medical bills if someone other than you or a family member is injured on your property and a lawsuit is not involved.

                                               Ways To Save

In addition to homeowner’s insurance savings realized from installing security systems and home improvements, hurricane protection often results in a large reduction in insurance premiums. The original Florida Building Code in 2001 contained provisions requiring Insurance companies to provide mitigation discounts for homeowners. These discounts vary by company but typically are in the 20% to 40% range. The discount applies to the wind portion of your homeowners insurance which is the largest premium on the policy. The insurance mitigation discount is not one time, it continues each year as long as you own your home.

A home insured for $191,000 with an annual homeowner insurance premium of $1,298 can maintain the same amount of coverage but benefit from a $562 reduction on the premium when hurricane shutters are installed.

Source: United Property & Casualty Insurance Co, Sarasota FL

Depending on your insured value, you could save more. We offer wind mitigation inspections that determine how you can further protect your home and secure homeowner insurance discounts in addition to any that you currently qualify for.