4 Tips for Choosing a Home Insurance Company | Florida Peninsula Insurance Company

It Only Takes One

When insurance renewals come in the mail each year, we all cringe, as homeowners insurance rates in Florida over the past several years have skyrocketed for many reasons.  It is no surprise why many rethink their decision to even have insurance.  But it only takes one!  ONE fire, ONE theft, ONE storm, to completely devastate your home life as you know it; this is when a Florida Peninsula policy can help.

The old adage is true, you get what you pay for, even in insurance.  Because homeowners policies are so expensive, it is easy to fall into the trap of saving money at the expense of foregoing coverage.  But the expense of forgoing coverage is exactly what it sounds like…an expense.

When considering a homeowners carrier to cover you for the ONE event, consider these little thoughts and facts:

Tip #1: Ensure your agent is licensed.  You can check an agent’s license by visiting Florida’s Department of Financial Services website.  Dealing with an unscrupulous agent may save you money, but cost you thousands more if a loss occurs.

Tip #2: Review your policy with your licensed agent.  Through the years, insurance carriers have attempted to make insurance policies simpler, however, they are still anywhere from 60-75 pages in length.  Often, coverage is provided in one section, yet excluded in another.  Make sure your insurance needs are aligned with the coverage extended by the carrier.  Many carriers allow you to add needed coverage, even when excluded, for an additional premium.

Tip #3: Select a financially stable carrier.  When the ONE big event happens, make certain the carrier you chose has the financial stability and resources to settle claims for the damage you experienced along with all the other policyholders throughout the state.  To do so, most insurance carriers obtain their own insurance; this is called reinsurance.  Reinsurance works exactly like a homeowners policy.  Carriers pay a premium and are subject to a deductible.  Any expenses incurred by the carrier after the deductibles are paid are picked up by the reinsurance company.  Having a strong reinsurance plan allows a carrier to absorb losses and stay in business and continue to afford protection to those they serve.  Florida Peninsula has a healthy surplus of over $90M which ensures its viability for years to come.  In addition, Florida Peninsula has selected a reinsurance coverage plan which provides protection for multiple storms in a single year (such as Florida experienced in 2004 and 2005), as well as a ONE in a 100-year storm.  Conservative, financially sound choices made by the carrier can provide peace of mind about your selection for coverage.

Tip #4: Policy perks.  Review all the discounts available to you and ensure you reap the rewards.  Adding multiple coverages under one policy can save you time and headaches later.  For example, Florida Peninsula Insurance Company offers a flood endorsement to qualifying homes.  Selecting flood coverage along with your FPI homeowners policy allows you to file only ONE claim, and deal with ONE company, and ONE adjuster at the time of loss. In addition, this endorsement will waive the typical 30-day waiting period, as well as save you some money when compared to the policies offered by the NFIP.  (Florida Peninsula recommends everyone obtain a flood policy. This important coverage is often overlooked and causes thousands of dollars in damage to go unpaid.  Whether it is as an endorsement or a stand-alone policy; with our company or another, flood insurance should be part of your insurance portfolio.)

The money we pay each year is to buy peace of mind.  We hope we never experience a loss and never have to file a claim, but talking to a licensed agent, and knowing what to look for will allow you to be ready for the ONE time you need it most.  Get in touch with one of our agents to learn how you can get personalized coverage to meet your needs at competitive prices.

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