FAQ’s
Here are some questions that our clients ask:
Q: With today’s values of home decreasing, should I decrease the coverage on
my home?
A: In most cases the answer is no. You need to think about the cost to repair or replace your house. When an insurance company is paying a claim they have to factor in the cost of materials, which have not decreased, and also the removal of debris. We can provide you with a free Insurance Replacement Cost Estimate. This estimate will give you an idea as to how much it would cost to replace your house after a catastrophic event. If you find that you are over insured for the replacement cost of your house, then it would make sense to lower your coverage. We have found many inflation riders on policies which increase coverage every year, this can cause you to be over insured. But, keep in mind, that many times the savings of lowering coverage is not enough to offset the risk of not having enough insurance when you need it.
Q: On my policy it says I have a $1000 standard and a 2% hurricane deductible. If I have a hurricane claim, do I pay both deductibles?
A: No, you only pay either or. If you have hurricane damage, your deductible is 2% of your dwelling. If you had $150,000 dwelling, your deductible will be $3000 no matter how much the claim is.
Q: I had someone break into my house and stole my jewelry and I was only paid $1000, is this correct?
A: Unfortunately the answer is most cases is yes. All policies have limitations and exclusions. I always tell my client to read them to make sure you do not have anything that will fall into those categories and in most cases jewelry is the biggest issue. With most companies they limit jewelry to a certain amount. There are a couple of things you can do to increase that coverage. Number one, just ask them to extend out the jewelry rider. Most cases it will be up to $5000. If this is not enough, you may Schedule the item onto your policy. If anything happens to the item, it will be covered. You will need an appraisal on the item.
Q: I have a 1980 house, is there anything I can do to lower the rates?
A: It really depends on the age of the roof. If you have an older home with a new roof (2001 or newer), you can get a report called a Wind Mitigation done. This report tells the company that the roof is up to the 2001 building code. This can save you a couple of hundred dollars on your premium. We usually recommend using the company that your insurance carrier prefers to obtain this report. There is a lot of fraud and companies spend millions on rechecking the reports. To make sure that this does not happen to you, use their recommended people. In some cases you will get a discount for using them.
Q: I have insurance with a large well known carrier in the state who keeps taking price increases. I feel I am paying too much in insurance, but I am afraid that if I switch to another carrier, I will be left out in the cold if a claim happens. Is there anything to this logic?
A: Actually, not really. If a preferred carrier pulls out of the state, the state will come in and pay for the claim. We at All Acceptance only represent A rated carriers and are backed by the state. These companies do only home insurance and they can save you hundreds of dollars on your insurance. You may have never heard of them, but most have been around for a long time and they let independent agents get their name out instead of spending millions on an advertising campaign. The biggest misnomer is the multi-line discount. People are concerned about losing this discount. Did you know that you may save $50 on your multi-line, but if you switch your home insurance, you can save hundreds of dollars. Do not let the multi-line discount influence your decision.
Q: What does an insurance company look at when they do an inspection of the house?
A: Mostly they look at the condition of the house. If you have a newer roof, no tree limbs overhanging the house, no pool that is not filled or screened in or fenced. I usually tell clients to look at the house and ask would they insure the house.
Q: Is flood insurance included in the policy?
A: No, flood is a separate policy and the rates are regulated by FEMA. Rates will be the same no matter where you go, so usually you would get your flood insurance through your agent who has your home insurance.
Q: What is the minimum coverage for the state of Florida?
A: The minimum coverage is 10,000/ 20,000 bodily injury for the other person, 10,000 property damage, and the PIP coverage. There are companies who will write a policy without bodily injury. This will suffice unless you hurt someone in an accident. We NEVER recommend a policy without bodily injury.
Q: What is PIP
A: If you are in an accident, your policy will cover 80% medical, 60% work loss, $5000 death benefit, and 100% household services up to $10,000. The rest will come from you or the other person if they are at fault.
Q: I do not have Uninsured Motorists on my policy. Is this an important coverage?
A: We think it is a very important coverage. With the state having such low bodily injury limits, you can go through medical very very quickly. Uninsured Motorist will cover you for the losses that exceed the other persons insurance. This coverage comes into play if someone hits you and they do not have enough coverage to cover you. Usually the coverage is not much more to add to the policy.
Q: I let my insurance lapse because I was not happy with them. Now every quote I get is a lot more than what I was paying. Why is this?
A: NEVER NEVER NEVER and I mean NEVER just let you insurance lapse. Insurance companies look at your prior insurance and if you do not have any, this can cost you hundreds more in insurance. Always get a new policy before cancelling the old one.
Q: We received a call from you today about switching our insurance from
Citizens. How did you get our information?
A: When requested, Citizens will send us your name, number, and your policy information. They want us to try to move you to another carrier since they are the state run program. Think of them as a holding tank. They will insure you unless you can get insurance elsewhere.
Q: Are you appointed with Citizens?
A: Yes, we are. We must go through classes and be up to date with everything that Citizens has going on.
Q: Why was I put through Citizens?
A: In some cases, the insurance agency you went through does not have a market for your insurance. We represent numerous carriers and will take your home if your house qualifies (please see our list on the Citizens Page).
Q: Can I cancel my Citizens policy midterm?
A: Yes, since we are appointed and already have your information, we will handle the cancellation for you
Q: My mortgage company usually pays the insurance, will your companies do the same thing?
A: Yes, usually you will need to call your mortgage company to let them know you are switching insurance companies and give them approval for us to send them the new information.
Q: How do I know if my house qualifies for a preferred carrier?
A: If you want to send pictures of the house, we can give you an assessment of your house.
Q: Why does this sound too good to be true?
A: People are skeptical when we contact them about this. It is actually true. There are no strings and this is true. Citizens has homes that are older, on the coast, and basically thousands of houses that insurance companies do not want to insure. This means compared to a preferred carrier that is very careful in what they take, Citizens rates will be a lot more. It’s like being grouped in with an insurance company who insures drivers who have a lot of accidents and tickets and you have a clean record. Your rates will be more than if you were in a company that only took drivers with no tickets or accidents.
Q: Do you write insurance through Citizens?
A: Yes, Citizens is a great last resort company but not a very good first choice. I would never put, and actually we are not allowed by Citizens, to put you with them UNLESS no other insurance carrier will take you.
Q: Can I call Citizens and ask them about this program?
A: Yes you can. The following is their website and information www.citizensfla.com
Do you have a question you would like answered by our insurance specialists? Please fill out the form and we will gladly answer your question.
