Protect your family and your property!
Homeowners and Property Insurance is commonly a topic of discussion for legislators as well as the News Channels, especially since it had been reported that Floridians pay the highest rates in the Country. Each year, if you are lucky enough to have your policy renew, the Insurer will send you documents which are called Endorsements. The Endorsements, along with the Declarations Page detailing your Coverage amount and premium, tell you what coverages you have and/or what is excluded and the changes applicable to the renewed policy. Oftentimes, when homeowners receive these documents, they are simply filed away, particularly if the Mortgage company escrows your insurance premiums. With such a volatile Insurance market, it is vital to review your coverage each year. YOU NEVER KNOW HOW MUCH YOU NEEDED INSURANCE UNTIL YOU DON’T HAVE IT! Many of my prior Clients are shocked when they find out just what is covered and what is excluded from their policies. many people have told me that they have “full coverage”. That term is outdated as Insurers sell several Homeowners policy types (if they sell them at all). Each year, Premiums seem to go up, yet Coverages are slowly removed from the policy. Read over your policy thoroughly and contact your agent if you are unsure what coverage you do have. Some coverages are simply no longer available or they are so outrageously priced that nobody is willing to pay the premium for added coverage. Watch for my next entry discussing Citizens “take out” companies and Citizens attempts to shift policies to private carriers.