Choosing the right Homeowners Insurance can be equally as important. Let an you
can afford.
Past hurricanes have changed the Florida Homeowners Insurance market forever.
After suffering devastating claim losses, most major Companies pulled out of
Florida.
The risk of more catastrophic losses and not being able to price the polices as
they choose, due to State Regulation, makes Florida to risky for there appetites.
Buyers beware. Some Homeowners policies are to closely underwritten. Which
could cost the homeowners large out of pocket expenses. Consumers have to
beware.
Here are some of the important items to watch for:
Financial strength of the Insuring Company. A-Advantage Insurance
will provide financial reports for the Companies we represent to ensure
your covered by an admitted Company that has an A rating with Demotec.
[which means they will have enough funds to pay out in time of a catastrophic
disaster.]
Dave Pellicano wrote his first policy back in 1993 after Hurricane
Andrew devastated South Florida. With 18 years of experience he knows the
laws, underwriting rules and eligibility requirements thoroughly.
Don't under insure your home. Valuation or the "Replacement Cost" of
your home is very important. Although the market values are very low right
now, the cost to re-build has changed little. Your home value is determined by a
square footage estimator and what type of features type formula.[Quality of
interior features.]
At A-advantage Insurance we complete an approved Replacement Cost estimator
with every policy we sell. This will guarantee that in the event of a claim you will
receive full payment for your loss. Not a reduced amount, or a percentage of the
claim.
Example: on paper
Using a Replacement Cost Estimator) your home has a $200,000 insurable value
according to the square footage. You insure it for what you paid for it $120,000 or
60% of the replacement cost. Then you have a $20,000 water damage claim.
After your deductible is met, you will only receive 60% of the $20,000, or
approximately $12,000. The other $6000 you would have to pay out of pocket.
This is called Co-insurance and all homeowner companies apply it, it is the law.
Don't just shop for the lowest price. There an old saying: "If its sounds
to good to be true, it probably is." Shopping for the lowest price can cost you
more money in the long run. Buying a stripped down policy is not going to save you
money when you need to file a claim. It will cost you much more out of pocket.
Sometimes more than you have or can afford.
Not adding Replacement Cost Coverage to the personal property you have can
cost you. After a loss, you will receive a settlement on a
Actual Cash Value basis (ACV) which means depreciation will apply. This
can leave you well short of what it costs to actually replace personal
items. {furniture,clothing,etc.}
Applying huge deductibles to the policy can be extremely costly. Florida policies
have split deductibles. There is a deductible for non-hurricane claims or all what is
called, All Other Perils (AOP) deductible and a Hurricane Deductible or Wind
Storm Deductible is standard at 2% of the
building.
Example: the coverage on the building is $200,000, 2% of this is
$4000, this would be the Hurricane deductible. Consumer's need to be
careful when getting quotes. Make sure your not getting say a 5% Wind
deductibles, or ACV and not replacement cost coverage on your personal
property. So feel confident when getting quotes at A-Advantage
Insurance. We pride ourselves on getting the right coverage at the right
price. The more information you have the better decision you can make.
So, give us a call today and get the facts. Be on your way to a more secure future.
A-Advantage Insurance
1514 SE Port St Lucie Blvd
Port Saint Lucie, Florida 34952
772-879-1669
888-390-7066 Fax
dave@ainsuranceonline.com
can afford.
Past hurricanes have changed the Florida Homeowners Insurance market forever.
After suffering devastating claim losses, most major Companies pulled out of
Florida.
The risk of more catastrophic losses and not being able to price the polices as
they choose, due to State Regulation, makes Florida to risky for there appetites.
Buyers beware. Some Homeowners policies are to closely underwritten. Which
could cost the homeowners large out of pocket expenses. Consumers have to
beware.
Here are some of the important items to watch for:
Financial strength of the Insuring Company. A-Advantage Insurance
will provide financial reports for the Companies we represent to ensure
your covered by an admitted Company that has an A rating with Demotec.
[which means they will have enough funds to pay out in time of a catastrophic
disaster.]
Dave Pellicano wrote his first policy back in 1993 after Hurricane
Andrew devastated South Florida. With 18 years of experience he knows the
laws, underwriting rules and eligibility requirements thoroughly.
Don't under insure your home. Valuation or the "Replacement Cost" of
your home is very important. Although the market values are very low right
now, the cost to re-build has changed little. Your home value is determined by a
square footage estimator and what type of features type formula.[Quality of
interior features.]
At A-advantage Insurance we complete an approved Replacement Cost estimator
with every policy we sell. This will guarantee that in the event of a claim you will
receive full payment for your loss. Not a reduced amount, or a percentage of the
claim.
Example: on paper
Using a Replacement Cost Estimator) your home has a $200,000 insurable value
according to the square footage. You insure it for what you paid for it $120,000 or
60% of the replacement cost. Then you have a $20,000 water damage claim.
After your deductible is met, you will only receive 60% of the $20,000, or
approximately $12,000. The other $6000 you would have to pay out of pocket.
This is called Co-insurance and all homeowner companies apply it, it is the law.
Don't just shop for the lowest price. There an old saying: "If its sounds
to good to be true, it probably is." Shopping for the lowest price can cost you
more money in the long run. Buying a stripped down policy is not going to save you
money when you need to file a claim. It will cost you much more out of pocket.
Sometimes more than you have or can afford.
Not adding Replacement Cost Coverage to the personal property you have can
cost you. After a loss, you will receive a settlement on a
Actual Cash Value basis (ACV) which means depreciation will apply. This
can leave you well short of what it costs to actually replace personal
items. {furniture,clothing,etc.}
Applying huge deductibles to the policy can be extremely costly. Florida policies
have split deductibles. There is a deductible for non-hurricane claims or all what is
called, All Other Perils (AOP) deductible and a Hurricane Deductible or Wind
Storm Deductible is standard at 2% of the
building.
Example: the coverage on the building is $200,000, 2% of this is
$4000, this would be the Hurricane deductible. Consumer's need to be
careful when getting quotes. Make sure your not getting say a 5% Wind
deductibles, or ACV and not replacement cost coverage on your personal
property. So feel confident when getting quotes at A-Advantage
Insurance. We pride ourselves on getting the right coverage at the right
price. The more information you have the better decision you can make.
So, give us a call today and get the facts. Be on your way to a more secure future.
A-Advantage Insurance
1514 SE Port St Lucie Blvd
Port Saint Lucie, Florida 34952
772-879-1669
888-390-7066 Fax
dave@ainsuranceonline.com
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