The Homeowners insurance market in Florida is in a constant state of change. In this unpredictable landscape, it’s in your best interest to choose an agency that you can rely on. One that changes with the times and doesn’t leave you in the dust. You plan on being in your home for the long-run, and we plan on helping you stay there. If you think you need a change, we can help you make a move!
East & Greenwell is brokered through 16 different property insurance carriers that are all A-rated and approved. That means we are making your life easier by doing the shopping for you. Our team goes the extra mile to get you the protection you need, at the price you deserve.
We pride ourselves on maintaining an open line of communication with our clients. If you’re interested in a policy review, we look forward to the opportunity to discuss your needs and make sure you receive the best value for your hard-earned dollars.
Insurance can be a big pill to swallow, so we’ve broken everything down into bite-sized suggestions:
When you think insurance, you think “deductibles,” but what are they really? Deductibles are the amount of money the homeowner pays towards a loss before the insurance company starts to pay. If you are not likely to file a small claim or are comfortable taking higher risks, taking on a higher deductible can help you lower your overall premium.
Most insurance companies, including East & Greenwell, offer discounts for monitored security systems and monitored fire alarms. Gated community discounts may also be available depending on your needs and policy.
Newer homes are built with up-to-date codes and regulations and will typically get a much better rate than an older home. Homes that were built with concrete are going to be less expensive to insure than wood frame, due to a lower risk. Homes with a hip roof will receive a bigger discount than homes that do not have one. If you are browsing for homes and would like a better idea of policies and what you should shop for, call a member of our team for advice.
Senior discounts extend to the corporate world as well! Seniors who are over 55 and retired may receive additional discounts on their homeowner’s insurance.
Cost vs. Real Estate Value
The land under the house isn’t at risk from theft, windstorm, fire and other perils covered in a homeowner’s policy. Therefore, the value of the land should not be included when determining an insurance estimate. As a homeowner, you want to make sure that your home is insured, but you don’t want to find yourself over-insured.
At East & Greenwell, we look for any discount that may be available and suggest the company that will be the best value for the client based on their current situation.
Homeowners’ Insurance FAQs
By “flood” we are referring to rising water as a result of heavy rain, a storm surge, or a nearby lake flooding. However, “accidental discharge of water” is something that is typically covered under homeowners/condo insurance. For example, if a pipe bursts, that should be covered under your homeowners insurance.
To fully understand what is covered on your homeowners insurance, please refer to the policy jacket or contact East & Greenwell.
Estimating your home’s value will help you to determine the amount of insurance you will want to purchase. The primary factors that determine the cost to rebuild your home include:
- Local construction costs and the square footage of the structure
- The type of exterior wall construction — frame, masonry (brick or stone) or veneer — and the type of roof
- The style of the house (ranch, colonial)
- The number of bathrooms and other rooms
- The level of finish (builder grade vs. custom)
- Attached garages, fireplaces, swimming pool, jacuzzi, exterior trim and other special features like arched windows
Here are some tips to help you estimate the value of your home:
- Every year, take the time to check the value of your insurance policy against rising local building costs. Your agent is available to assist you any time and review your coverage.
- Check the latest building codes in your community. If your home is severely damaged, you might have to rebuild it to comply with new building code standards which may require a change in design or building materials.
- Do not insure your home for the market value. The cost of rebuilding your house may be higher (or lower) than the price you paid for it or the price you could sell it for today.
- Some banks require you to buy homeowners insurance to cover the amount of your mortgage. Make sure it’s also enough to cover the cost of rebuilding.
- Increase the limit of your policy if you make improvements or additions to your house. You may upgrade features in your home to fit your tastes and lifestyle. These enhancements can significantly increase the replacement cost of your home. We will be available to help you determine whether additional coverage is needed.
There are two distinct ways to insure your personal possessions:
- Replacement cost coverage: This coverage pays you the dollar amount needed to replace personal property without any deduction for depreciation, but is limited to a maximum dollar amount.
- Actual cash value: This coverage pays you an amount equal to the replacement value of damaged property minus depreciation. Unless a homeowner’s policy specifies that property is covered for its replacement value, the coverage is for actual cash value.
Many people make the mistake of underestimating the value of their home contents. This mistake is easily made when you consider the amount of new items the average person purchases each year. For a more in-depth look at personal possession coverage, call an agent today.
This coverage is part of your homeowners insurance policy. It protects you and your family against property damage or bodily injury claims for which you are legally responsible. Liability insurance covers you, for example, if someone slips and falls on your property.
- when you make additions to your home
- when you start a business from your home
- when you make a major purchase, such as jewelry or a computer
- when you purchase other residential properties either for rental or as a second home
- Secure your home with deadbolts and window locks
- Install a security system with an outside signal and connection to the local police
- Install and maintain smoke detectors
- Install a sprinkler system for fire
- Install a fire alarm that automatically alerts the local fire department
- Stop smoking
- Get a wind mitigation inspection done on your home
- Install hurricane shutters