Homeowners insurance premiums are once again on the rise in South Florida. It is imperative then for homeowners to review their coverage to make the most of their money and to protect everything they need to protect.
In the past, insurance companies offered a standard homeowner “package” policy. Today, some companies are offering more options to give their policyholders an opportunity to tailor a policy to specifically meet their needs. You will also want to ensure that you are receiving all the discounts you are entitled to.
Grab your homeowner insurance policy and/or declarations page to review step-by-step.
Coverage “A” Dwelling
Review the estimated cost to rebuild your home to make sure you are not over- or under-insured. Insurance companies require you to insure the home for at least the amount it would cost to rebuild it (which is not the same as market value). Don’t waste money over-insuring your home but be very careful though not to under-insure as there is a penalty (co-insurance) for this built into the standard homeowner policy.
Coverage “B” Other Structures or Separate Structures
The standard homeowner policy provides coverage for “other structures or separate structures” set at a limit of 10% of the amount the dwelling is insured at (Coverage A). In the past, companies would only allow this coverage to be increased, however more and more companies are now allowing this coverage to be reduced or removed. Other or separate structures would include sheds, detached garages, outbuildings, pool houses, etc. You can visit Diverse Insurance Group page for more information.
Coverage “C” Personal Property or Contents
The standard homeowner policy provides personal property coverage set at a limit of 50% of the amount the dwelling is insured at (Coverage A). In the past, companies would only allow this coverage to be increased, however more and more companies are now allowing this coverage to be reduced or removed. Talk with your insurance agent about your personal property coverage needs. You may have certain types of property that would be better insured separately or that need to be specifically listed in your policy.
If you have any queries regarding your home insurance, feel free to contact us at (754) 300 7352. Also, fill out the free quote form to get the most competitive insurance rates out there!