With homeowner’s insurance premiums on the rise across Florida, now is a great time to review your policy to see where you can make some adjustments that can result cost-savings and shoring up your coverage. Take the time to sit down with your agent and talk about your insurance protection in the following areas:
• Raise your deductibles. Take on the highest deductibles (self-insurance) that you could afford, should you suffer a loss.
• Check your dwelling replacement cost (coverage A limit). Have your agent run a “replacement cost evaluation” to make sure your dwelling is not over-insured for replacement.
• Assess your personal property limits. Be sure you are insuring only the property you would need or want to replace in the event of a loss.
• Discount check. Are you getting all the discounts you are entitled to such as senior, good credit, monitored alarm and wind mitigation?
• Review “optional” coverages. Are you paying for that you may not need or want?
• The “specialty” insurance option. Property such as jewelry, artwork, electronics, cameras, golf equipment, musical instruments and silverware are frequently more cost-effective to insure on a separate “personal articles floater.”
• Review exposure changes. Has anything in your home-life changed that may have reduced the potential for a claim such as re-plumbing or re-roofing your home, loss of the family dog, elimination of the pool and/or screened enclosure or addition of a monitored security system?
Your professional insurance agent is trained to provide you with guidance and advice to properly protect you, your family and your property. However, it is important that you take a proactive and participative approach in reviewing you insurance needs. This is the best way to get the best value for your insurance dollar. Good luck!
Steve Canty, ARM, CIC