Insurance Checkup Time
Get Storm Smart for the Year Ahead
In recent years, Florida has been hit with several major weather events, including Hurricanes Irma, Michael, and Matthew. After living through these catastrophic storms, many homeowners felt disappointed with their insurance coverage. Some were left with repair and rebuilding costs much higher than they anticipated, others were surprised by coverage they were missing. Now is the ideal time to check the fine-print details of your policy and reevaluate your coverage with a Synergy Insurance Group agent. There’s still time to make necessary changes to protect your home and financial future before the next storm season arrives.
What You Need To Know About Your Deductible
Did you know that Hurricanes Irma, Michael, and Matthew produced over one million insurance claims from property owners in Florida? Sadly, many homeowners were shocked to find out how much out-of-pocket repair cost they had to pay. Factors including their hurricane deductible and amount of coverage both affected their claims. With high deductibles and not enough coverage to pay for all repairs, thousands of Floridians received a low or no settlement at all on their insurance claims.
Your deductible is the amount of money homeowners have to pay out of pocket before insurance coverage kicks in. For example, let’s say you own a $350,000 home with a 2% deductible. In this case, your hurricane deductible is $7,000. Let’s say your home sustains $6,500 of damage to the roof. Since the cost doesn’t exceed the amount of your deductible, you don’t qualify to collect on your claim.
Understanding your coverage is vital to avoid misunderstandings later. If you have questions, scheduling an appointment with your insurance agent is a smart idea. They are there to help you review and understand your policy and can advise whether you should make changes to get the best coverage for your home.
Protect Your Home With Flood Insurance
Flooding poses a significant risk to your home and belongings. Flood insurance isn’t part of most standard homeowners insurance policies. You don’t want to find out you don’t have flood coverage when your living room is under a foot of water. When looking at photos from the wake of destruction left by major hurricanes, you might assume that high winds are to blame. Actually, flooding often causes much of the damage. Anyone who didn’t carry adequate flood insurance coverage is responsible for all costs incurred for flood remediation, repairs, and replacement. A one-inch flood of water in your home can cause $25,000 in damages. Given this, it’s easy to see how flood insurance from Synergy Insurance Group is a wise investment. Flood damage is expensive and frustrating to have to fix on your own.
Inventory Your Valuables
After the holidays, you might feel “cash poor,” especially if you splurged on new electronics, jewelry, art, or other expensive items that could make you exceed your coverage limit on possessions. You may want to be sure that the new smartphone you got as a gift gets covered in case it gets stolen! Synergy offers a very helpful Home Inventory Checklist that will guide you through the process. While doing an inventory of your valuables, replacement costs should be considered. If you need to update your homeowner’s insurance to cover these items, make sure you have the coverage you need. For instance, let’s say your home’s market value is $150,000. Completing an updated replacement cost estimate with your agent helps ensure you have enough coverage. This estimate typically includes the most up-to-date contracting costs. In case your home needs rebuilding following a fire, hurricane, or other natural disaster, having a little extra coverage is affordable and worthwhile. In Florida, you never know what to expect, so having a little extra coverage is better than not having enough.
Our Experts Are Here To Help
Synergy Insurance Group specializes in Florida home insurance. You can rely on our team of experts to help you. We’ll even do a free homeowner’s insurance policy evaluation! Chat with us now to get started, or fill out the form to start a homeowners quote today.
The beginning of the new year is the best time to review and make changes to your insurance policy. Start the new year right by planning for the future!