Homeowner's Academy

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My Florida Home Insurance Expires Soon: What Do I Do?

by BROOKE GOLD HASSON | Jun 09, 2015

florida-home-insurance-expiresIt’s that time! You’ve received a notice in the mail stating that your Florida homeowner’s insurance policy is about to expire. But what should you do? Where do you start? Should you renew your policy as-is, change coverage levels, or shop around? 

Stress no more. We’ve put together the following simple guidelines on what to do when your Florida home insurance is about to expire – helping you save time and money.

Does Your Current Policy Cover Your Needs?

Your insurance coverage should be large enough to cover the cost of rebuilding your home if it is destroyed. If you have made improvements to your home, built new buildings on your property or completed any other major renovations, then the value of your home may have changed.

If you are in this situation, you will want to either increase coverage under your current policy or shop around for a new policy with coverage that meets your needs.

While you are reviewing your coverage needs, take a few extra minutes and conduct a home inventory. This will help you identify any valuables that require additional coverage or equipment that could impact your coverage. Here are some tips on photographing your home’s valuables.

What are Your Home Insurance Priorities?

How does your current Florida homeowner’s insurance policy compare to those offered by other companies? It all depends on what’s important to you. Here are some criteria that Florida homeowners typically consider when evaluating insurance policies:

Exceptional Value

The cheapest policy may not necessarily be the best policy for your needs. Verify that your policy is the best value, balancing a competitive rate with quality service and coverage. Some home insurance companies offer online quote request services to help you compare policies and rates.

Flexible Coverage

Does your insurance company offer flexible Florida insurance options to meet your budgetary and home protection needs? Some insurance companies offer a single cookie-cutter policy that lacks personalization, while others (like People’s Trust Insurance) offer standard home insurance policies, basic named perils policies, and flood insurance coverage. 

Simple Claims Process

With most Florida insurance companies, the homeowner must meet with an adjuster, get price quotes, find contractors and subcontractors, manage the entire repair process and run the risk of being victimized by fraudulent repair people. This can be especially stressful when the damage to your home impairs your normal life.

If you feel stressed just thinking about the claims process, then you’ll want to select an insurance company that offers simplified claims and rapid recovery. 

Storm Preparedness

Is your home insurance company ready to face the challenge of a major hurricane hitting Florida? After a major storm, a lack of available construction materials can stifle the recovery process, resulting in price surges and battles that most homeowners must face on their own.

Make sure your insurance company has the physical and fiscal resources ready to respond to loss and help you get back to normal fast. They should invest in preparedness by stocking millions of dollars’ in quality recovery supplies, including plywood, tarps, tools, generators and other items that are in demand after a storm.

Financial Strength

Florida homeowners deserve peace of mind that their insurance company has the financial strength, stability and partnerships necessary to protect them when disaster strikes. Review your insurance company’s Demotech rating – which measures financial performance and its ability to pay claims. Only consider Florida insurance companies with a Financial Stability Rating of A, Exceptional. 

Want to take a deeper dive into your insurance company’s financial strength? Verify that it maintains a strong balance sheet, a sizable surplus, and a solid reinsurance program. These are signs that, in the event of a big 100-year storm, your insurance company will be capable of restoring policyholders to pre-loss condition.

Time to Compare Policies

Once you have reviewed your coverage needs and identified your insurance priorities, you should be able to easily compare your current policy against those offered by other Florida homeowner’s insurance companies.

Still unsure? Take a look at each company’s Better Business Bureau (BBB) rating. The BBB has been widely considered the nation’s top customer review service for more than 100 years, providing consumers with a simple and straightforward rating (A+ to F) based on a company’s adherence to a comprehensive set of best practices for how businesses should treat the public in a fair and honest manner.

Have additional questions? Give us a call at 1-877-451-6166 and a People’s Trust representative would be glad to assist you.