Homeowners Insurance, Palm Bay, Florida - Condo Insurance

Welcome back. On the topic of homeowners, we’d like to talk about condo insurance. There’s a lot of condos in Florida, and Kevin can give us some information.

There are literally hundreds of thousands of people in this state that choose to make their living in a condominium. And what’s unusual about that arrangement versus the standard homeowner's policy that we’ve talked about is, when you move into a condominium, you have to understand what property is in that complex that you are responsible for insuring versus what the association is responsible for insuring, because you’ve got 2 different interests in that property. And what a lot of people don’t realize is how much of the common property is actually the responsibility of the unit owner. Most people don’t realize that. They just assume that they need to have insurance for whatever they bring into the condominium: their furniture, their electronics, their clothing, all their personal items. And that’s true. But if you look at the declarations you signed when you bought the condominium, chances are they’re gonna require that you cover a few more things that you might not known about.

Typically, you’ll see in the condo docs that the condo’s responsible for the drywall, and that’s it. You’re responsible for the paint in. So, if you were gonna rent a shell, and you had to put all your walls up, your doors, your cabinetry, your carpet, your light fixtures, that’s typically what you want to insure on your condo policy. So, you really wanna be careful because, if you have a loss, don’t rely on your condo association to pay for your interior. That’s really your responsibility. It’s a big deal, because there were a lot of claims for condos after 2004 and 2005.

A lot of people buy the condo unit, and they go in, and there’s already fixtures there. There’s already counters there. There’s already cabinets there. There’s already appliances there, and they assume because, they had no control over those items being there or being attached or whatever the case, that means that it’s the responsibility of the association to insure that stuff. If you review the declarations, it clearly states, in some cases, no, the purchaser of the unit is responsible for insuring those things. So, it's extremely important if you buy a condominium or if you are considering buying a condominium, talk with your insurance agent, have them look at the insurance requirements of the condominium declarations that are presented to you and let you know exactly what your responsible for insuring, because it can make a tremendous difference both in the cost of your insurance and how that claim gets paid when the loss happens.

You have to be extremely careful. At one point in time after 2004, a lot of associations decided, especially if they were single story units, then they were gonna change they way they insured it. They were gonna make the whole thing the responsibility of the unit owner, because they couldn’t find insurance. It was too pricey. So, again, you wanna make sure you bring your condo docs, current, not old ones, current ones to your agent, have him review them, make sure you know what your responsible for, and then buy the adequate coverage.

Right. And that way you have an insurance policy that works the way you want it to when it worst happens.

Right. You don’t want to be stuck with drywall and no paint. Your wife’s gonna be mad at you. Again, give your agent a call, review your policy, and if you'd like a second opinion, give us a call at the Insurance Center of Central Florida. Our number's below.

Insurance Center of Central Florida
http://www.TheInsuranceCenter.us/
1-888-363-4706

Loss of Use - Homeowners Insurance, Palm Bay, Florida

Let's talk about loss of use.

The next part of the policy that’s extremely important, we call it coverage d. Some call it loss of use. Some call it additional living expenses. It means exactly the same thing. When you have a loss, say during a hurricane that keeps you out of your home for a significant or even a short period of time, there are expenses involved that make sure you can maintain your standard of living while your property is being rebuilt.

Keep in mind, the bank wants their payment every month. So now, you have a mortgage payment plus you may have to rent an apartment. That’s expensive.

Absolutely. To stay in a hotel for weeks or even months-- some friends of mine personally that lived in South Florida when hurricanes Frances and Jeanne came through, both storms 3 weeks apart. That can add so much lag time to the repair of your home, and you have to have a place to stay. You have to have food you can cook and food you can eat. You have to have clothes you can wear. And if all of the above is impossible to do in your daily routine because you lost your house, this is the part of the policy, the important part of the policy. That’s gonna tell you how much the insurance company is going to give you to pay those expenses until you can get back into that house.

Keep in mind, too, insurance companies have taken away some coverage. That used to be 20% of your house value. Example is, say you have $100,000 house, you would have $20,000. Now, you’re seeing some of these companies reduce that down to 10%. So again, look at your policy, see what you have and make sure it’s enough.

And don’t ever underestimate the amount of time it can take to get back into your home after you’ve had a loss. Some of you may remember, you may know people in and other places where the lag time to get back into the house, because maybe contractors weren’t available, maybe materials weren’t available, there’s just no way to know how long it’s gonna take. So, this coverage under your homeowner's policy, it's extremely important that you know exactly how long or how much you're gonna get when you are not able to live in your home.

Again, give your agent a call, review your policy, and if you’d like a second opinion, give us a call at the Insurance Center of Central Florida. Our number is below.

Purchasing Homeowners Insurance? Brevard and Palm Bay

What factors should I consider when purchasing homeowners insurance?

Here's a checklist of things you should consider when you purchase homeowners insurance:

• Determine the amount and type of insurance that you need. The coverage limit of your house should equal 100% of its replacement cost. If your policy limit is less than 80% of the replacement cost of your home, any payment from your insurance company will be less than the full cost to replace your home. You'll have to pay the rest out of your own pocket. Also, decide if the personal property and personal liability limits are adequate for your needs.

• Determine which, if any, additional endorsements you want to add to your policy. For example, do you want the personal property replacement cost endorsement, an earthquake endorsement, or a jewelry endorsement?

Once you've decided on the coverage you want in your homeowners insurance policy, consult us. We'll be able to help you determine if there are any gaps in coverage you might not have been aware of and explain the details of the policy's exclusions and limitations.

Call 888-363-4706 or visit: http://theinsurancecenter.us

Also check out our Viddler videos at: http://www.viddler.com/explore/insurancectrfl/

HomeOwners Questions and Answers - Lower My Insurance Please! Palm Bay - Brevard

Q: What are some practical things I can do to lower the cost of my homeowners insurance?

A: There are a number of things you can do to lower the cost of your homeowners insurance. The easiest thing to do is get a comprehensive review of your policy and needs from your local agent. It's not surprising to find quotes on homeowners insurance that vary by hundreds of dollars for the same coverage on the same home. When you shop, be careful to make sure each insurer is offering the same coverage. Another way to lower the cost of your homeowners insurance is to look for any discounts that you may qualify for. For example, many insurers will offer a discount when you place both your automobile and homeowners insurance with them. Other times, insurers offer discounts if there are deadbolt exterior locks on all your doors, or if your home has a security system. Be sure to ask us to look into these discounts for you. Another easy way to lower the cost of your homeowners insurance is to raise your deductible. Increasing your deductible from $250 to $500 will lower your premium, sometimes by as much as five or ten percent.

You can also contact us at any time to get on the path to great coverage, great rates,

and great savings! Call 888-363-4706 or visit: http://theinsurancecenter.us

Florida Homeowners Coverage from The Insurance Center – Palm Bay

Every homeowner needs a good solid homeowners policy to protect their investment from the exposures of severe weather, fire, vandalism, and theft. Whether you just bought your first home, you’re building the house of your dreams, or you’re just looking for a better policy, the Insurance Center can help. We work with 25 carriers to find the coverage you’re looking for, at a rate you deserve.

Not only will we find the protection and rate you want, we’ll also stay in touch with you to make sure that your policy remains up-to-date so that you’re always adequately protected.

Why not take a few minutes to fill out our free Florida homeowners quote form to see how much we can save you? Having your current homeowners policy nearby will ensure accuracy and speed.

You can also contact us at any time to get on the path to great coverage, great rates, and great savings! Call 888-363-4706 or visit: http://theinsurancecenter.us

CHECK OUT OUR VIDEOS AT VIDDLER at: http://www.viddler.com/explore/insurancectrfl/

Homeowners Insurance, Palm Bay, Florida - How much coverage do I need? Part 2 of 2

One of the big questions people have when they call up and buy homeowner's insurance is, “hey how much coverage do i need?” because it’s a very confusing issue. One of the things, especially if you think about a guy that buys a house on the beach, he’s paying a million dollars. Well, the land was probably $800,000, and the house is $200,000. So, you don’t wanna insure the land and pay premium for the land because it’s not going anywhere. The second thing is, you really wanna make sure you have an accurate replacement value because if you're too low, and in the event of a loss, you're gonna be penalized. And second thing is, if you buy too much, you're gonna be paying more than you should, and you’re raising your hurricane deductible, and you're gonna pay a lot more out of pocket. So, it’s very important that you do get the right amount.

Absolutely, and it’s extremely important that you check the replacement cost of your home at least annually. Often, it’s important to do that more than annually, and here’s the reason why. Because according to the wall street journal, people in this country love to upgrade their homes. We spent $40-billion in this country upgrading our homes last year. And whether it be that you want to sell the home for more or whether it be because--

Your wife wants to remodel again!

That’s the kitchen that she had to have. Whatever the reason might be, you spend $40-billion upgrading your homes in 2007, that adds a significant cost to the replacement value to the home, because now, you’re replacing those mahogany doors. You’re not getting the fiberglass anymore. Ok? You’re getting back the house that you lost, and the only way to do that is by having adequate coverage at the time of the loss, and that’s why it’s extremely important you meet with your insurance agent, go through the estimation process with them at least once a year, if not more often.

Again, give your agent a call, review your policy, and if you’d like a second opinion, give us a call at the Insurance Center of Central Florida. Our number is below.

Insurance Center of Central Florida
http://www.TheInsuranceCenter.us/
1-888-363-4706

Homeowners Insurance, Palm Bay - Pools, Fences, Sheds, and Other Structures

The second part of the policy, which is also called Coverage B, is other structures. Now, we talked about some examples of other structures that are covered as part of the dwelling. Well, this coverage is what comes into play when you have something on your property that is not directly attached to the dwelling. For example, a shed, or a workshop, or a swing set, or a fence, which tends to be a common source or frustration during a hurricane or some other type of loss.

Yeah. Fence goes fast. The other thing you need to look at now, companies have all tightened and provide a little less coverage. It used to be you got whatever the house amount was-- you got a $100,000 house, you got $10,000 automatically for the contents. Some people complain and say i don’t have anything. Some people didn’t even think about it. But you got to keep in mind that they're no longer giving 10% all the time. Sometimes they’re giving 2%. So, if you had a $100,000-house, and you have a $3,000 fence, you only have $2,000 in coverage. So, you might want to look at those items and make sure there is enough coverage. You know, you’d hate to lose your fence because, again, after a hurricane, it's gonna be more expensive than before the hurricane. The other thing is pools are considered other structures. And people say, “Well, it’s a pool, it’s concrete.” Well, here’s something that happens. Those shingles blow off the roof and fall into the pool. The wind blows the water, and you end up with big tar marks on the bottom of your pool, and now, you need your pool re-finished. So you really wanna check that as well.

Insurance isn’t all about buildings.

Again, give your agent a call, review your policy, and if you’d like a second opinion, give us a call at the Insurance Center of Central Florida. Our number is below.


Insurance Center of Central Florida
http://www.TheInsuranceCenter.us/
1-888-363-4706

Homeowners Insurance, Palm Bay, Florida - How much coverage do I need? Part 1 of 2

That’s an exceptional question that you should always ask your insurance agent, “How much coverage do I need?” And the reason that’s extremely important is because, what ends up happening in a lot of cases, people assume that the market value of their home, what they paid for their home, is how much they need to insure it for. And unfortunately, what you're trying to insure your home for is the cost to repair or replace it if it’s damaged. In 2004, all across the state of Florida, people suffered significant damages from hurricanes, and, as a result, the cost of building materials absolutely skyrocketed.

Shortages, too.

Shortages of building materials, and you have no control over that. It’s a completely variable cost. You have no control over it. And what that does is it increases the cost to replace the house that suffered damage. So, for example, a house that you bought 3 years ago could cost significantly more to replace today than you paid for it 3 years ago.

Oh, we heard stories about people that paid $5,000 for a screen enclosure, and now it’s $15,000.

Absolutely, and you hear those stories all the time, and that’s why using the market value as the replacement value-- you have to learn how to separate the two. It’s very difficult to do that because replacement cost is based on so many variable factors, and the way that we always recommend that you determine the replacement cost of your home is to talk to an insurance agent that has up-to-date cost estimation software. They have insurance companies that have cost estimation software that will help you determine, hey, what is it gonna cost to get this house back? If I lose this house what is it going to cost me to get this house back today? That’s why this question is extremely important.

Again, give your agent a call, review your policy, and if you’d like a second opinion, give us a call at the Insurance Center of Central Florida. Our number is below.



Insurance Center of Central Florida
http://www.TheInsuranceCenter.us/
1-888-363-4706

Homeowners Insurance, Palm Bay, Florida - Personal Property, Contents

Well, insurance isn't all about buildings. Your homeowner's policy also covers the things inside your home, which some of you may have significant value invested in what’s in your home, meaning things like your furniture, electronics, your clothes. People always underestimate the cost to replace a closet full of clothes. If you're sitting there right now thinking, you know what, there might – if you’re a guy – there might be one suit in there that’s worth a thousand dollars, that might cost a thousand dollars to replace. One suit. The ladies might be sitting there thinking about their closets thinking, "I don’t even want to know how much this is gonna cost to replace all of this stuff if we have a fire loss or a hurricane."

I had a girl in my office tell me she was paying $750 for a pair of shoes.

$750 for one pair of shoes. There could be 10 pairs of those shoes! It’s unbelievable. What is inside your home is extremely important that you have it replaced after it’s damaged just as much as it is having your home replaced.

The other thing I would suggest is you take your video camera and go through your house room by room and document what you have. The insurance company is gonna ask you to make a list of everything you lost and the value. You can go in your closet, and you’ll see everything, but you're never gonna remember all those items. If you have a videotape, you can say to the adjuster, “Here sir, this is what I lost.” it makes it a lot easier. It jogs your memory. "Oh, I forgot about that." Everybody remembers their couch, their TV, their stereo. But do you remember the stuff in the drawers? All that kind of stuff. So it is important.

Right. And making a record of it can seem very tedious. It can seem very time consuming, but any information that you can have for the insurance company after you’ve had a loss, any information whatsoever. Whether it be receipts, whether it be serial numbers, warranty information, service contracts, or what’s infinitely better than all of the above, like you said, frank, a video. If you have video evidence of everything that was inside your house, and you keep a copy of that, that will make the insurance company's life so much easier when they’re trying to adjust your claim, and it will help make sure that you get what you lost and not anything less.

Again, give your agent a call, review your policy, and if you’d like a second opinion, give us a call at the Insurance Center of Central Florida. Our number is below.


Insurance Center of Central Florida
http://www.TheInsuranceCenter.us/
1-888-363-4706