Home Insurance
If you are purchasing a new home or own a home, you want and need to protect that investment. It is most likely the largest investment you will make in your lifetime, and you could be financially devastated if the home were destroyed, and you had not transferred that risk to a home insurance company. In the state of Florida, purchasing home insurance can be a daunting task. Here are a few tips for buying a home insurance policy to make the process less stressful.
Locate an Agency/Agent to Work With
As with any purchase, do your research. If you are purchasing a home, ask if the seller is willing to provide information about the carrier that they are insured with and the agency that they are using. Research area insurance agencies and their reviews. Poll your friends and family in the area. You may even ask the neighbors in the neighborhood you are moving into.
Understand the Agent Relationship
Many of the home insurance companies operating in the Pensacola area utilize local insurance agents and agencies as the middleman between themselves and you as the customer. That means that you will be in contact with your agent/agency when you have questions about your policy, want to change coverage, have payment questions or need to file a claim. You want to be comfortable with the people you are working with, so find an agency that you want to do business with and who you feel will care for you and your asset.
Know the Expectations of Home Insurance Carriers in Pensacola and Beyond
In the state of Florida, you will need to provide information to the insurance carrier to determine whether you qualify for their coverage and to also determine the premium of the policy. Two things that are almost always required are Wind Mitigation, often referred to as a “WindMit” and 4-point inspections. These are 2 separate inspections, which are generally conducted by the same company.
Wind mitigation inspections focus on the ability of a home to withstand high winds and storms. The inspector will assess the roof, walls, windows, doors and garage doors to determine how well the home can withstand wind damage. This inspection can identify areas of the home that could be better fortified to reduce the risk of wind damage. It can also provide discounts to your home insurance premiums if well-fortified.
A 4-point inspection assesses the condition of four key systems in the home: the roof, the electrical system, plumbing, and HVAC (heating, ventilation, and air conditioning). The goal is to assess the age, condition and life expectancy of the systems. This inspection may determine whether the insurance carrier will insure the home and does not provide any discounts to the premium. Follow this link to Gulf Coast Insurance’s Home Insurance Check-up for more information on the systems of the home and keeping your insurance costs down.
Home Insurance Carriers May Refuse to Insured You
A home insurance carrier may decide that they do not want to take the risk to insure your home. That happens! There are other carriers. Work with your agent to see what other carriers that they can write with and if they will insure your home. This is where your relationship with your agent/agency is important. They will provide you with additional options in the event a carrier will not insure you.
Review Your Home Insurance Options
You may or may not have an option on which home insurance carrier to go with. Your agent will present you with the options if there are any. They may make recommendations to you based on premium and coverage of the policies. If there are specific questions you have about how much coverage you have, or if something is covered (like jewelry) – ask!
