Posted on 2/1/2018 12:00 AM By Florida Peninsula Insurance Company
With your home being one of the largest investments you will make in your lifetime, it is important your home is properly insured for all its worth. A study conducted by Marshall & Swift, determined nearly two out of every three homes in the United States are underinsured. Upon reviewing your policy, you may find your current policy will only insure a percentage of the replacement value of your home. In the unfortunate event of a total loss, a gap in coverage could lead to a severe financial loss. What you need to know to make the right coverage choices:
Market Value vs Replacement Costs - Know the Difference
Many believe their coverage limits are based on the market value of their home, as opposed to the replacement cost of the structure. When you insure your home based on its market value, you run the risk of having insufficient coverage.
Market values are based on factors such as location, neighboring properties, school zones, and property taxes. However, these factors do not have ...
Posted on 1/1/2018 12:00 AM By Florida Peninsula Insurance Company
A lot can change in a matter of a year, which could have an impact on your insurance needs. At the start of this new year, take some time out of your busy schedule to review your homeowners policy. It may save you some money and time should the unexpected occur.
As a policyholder, you can make changes to adjust the amount of coverage you have, which may cause changes to your annual policy premium. Keep in mind, should you not have enough coverage in place, you could be responsible for any out-of-pocket costs in the event of a loss. Each homeowners policy is different, and it is important you understand your coverages, so you and your agent can select the options which work best for the needs of your family. Consider the following when reviewing your homeowners insurance policy:
What is covered?
Your homeowners insurance is made up of coverages which can help pay to repair or replace your belongings and your home should they be damaged by certain perils such as fire, theft or windstorm. ...