Vice President Commercial Sales, Des Champs, Gregory & Hayes, Inc., Sarasota-Bradenton, Florida
1) Ensure the house if insured to value. Value is the "replacement cost" of rebuilding the house after a loss. Is based on construction type and additions and square footage.
2) Personal Liability limit should not be less that the replacement coast of the property. If your house is insured for $250,000 don't carry just $100,000, insist that the liability be at least $300,000, or $500,000 if offered by carrier
3) In older homes get increased Law and Ordinance coverage, as well as Water-Sewer back-up coverage
4) If you can afford its increased cost, get "replacement cost" on your contents as opposed to Actual cash value (ACV)
5) Try to get as much Loss of Use as you can. Loss of Use pays a HO if they can't live in the house, typically due to fire and wind damage in Florida. It pays the increased cost you will have in hotels or a rental place, new clothing, eating out and other expenses.
6) Find out about any animal exclusions the policy may have if you have a dog
7) Find financial situation of the insurance carrier.
There are a number of features I look for in home insurance coverage but my main objective is to have a balanced insurance program. Usually homeowners also own vehicles, have some form of health insurance, life insurance and even disability insurance. Home insurance should be consistent with other coverage you purchase. And it is not a bad idea to combine coverage with the same insurer whenever possible. It’s better to deal with someone you already know if you trust them than a stranger simply trying to sell you something.
I like to see all-risk* coverage on your home and your personal property. Most policies provide only limited coverage on personal property. I like insuring agreements that say, “Any accidental direct damage is covered unless specifically excluded or limited”. An insurance policy is easier to understand if you know what you are not covered for. Perils like flood, wind, earthquake and sinkholes may deserve special consideration in certain areas. I’d also watch for limitations on certain property like jewelry and silver.
I like to see guaranteed replacement cost coverage on the structure and replacement cost on personal property.
Deductibles and liability limits should be consistent with those you purchase on your cars.
.JPG){kind=avatar}
2) Personal Liability limit should not be less that the replacement coast of the property. If your house is insured for $250,000 don't carry just $100,000, insist that the liability be at least $300,000, or $500,000 if offered by carrier
3) In older homes get increased Law and Ordinance coverage, as well as Water-Sewer back-up coverage
4) If you can afford its increased cost, get "replacement cost" on your contents as opposed to Actual cash value (ACV)
5) Try to get as much Loss of Use as you can. Loss of Use pays a HO if they can't live in the house, typically due to fire and wind damage in Florida. It pays the increased cost you will have in hotels or a rental place, new clothing, eating out and other expenses.
6) Find out about any animal exclusions the policy may have if you have a dog
7) Find financial situation of the insurance carrier.
I like to see all-risk* coverage on your home and your personal property. Most policies provide only limited coverage on personal property. I like insuring agreements that say, “Any accidental direct damage is covered unless specifically excluded or limited”. An insurance policy is easier to understand if you know what you are not covered for. Perils like flood, wind, earthquake and sinkholes may deserve special consideration in certain areas. I’d also watch for limitations on certain property like jewelry and silver.
I like to see guaranteed replacement cost coverage on the structure and replacement cost on personal property.
Deductibles and liability limits should be consistent with those you purchase on your cars.