Florida Home Insurance- Content Coverage

Content Coverage - What you Really should Know!

It is a proven fact that after a major loss, policyholders only remember about 40% of their personal property! That is 60% of their personal belongs that they can’t remember.

The items that are easily remembered are the items like TV’s, couches, stoves, coffee tables, dinning tables and beds. The harder things to remember, after they are gone, are the things you see and use everyday but never think about.

Do you know:
How many forks, how many spoons and how many knives you have?
How many pictures and picture frames you have in your house?
How many bath towels and bath rugs you own?
How many sheets and pillowcases you own?
How many dresses, shirts, pants, and shoes you own?

Why is this so important? Because, the insurance company will not pay for things you can’t remember. During a claim the insurance company depends on you to know what you lost.

The insurance company has no idea what you have in the way of content or property inside your home. After a loss, it is up to you to provide the insurance company a list of what you lost and the value.


Coverage and where you find it.

Your homeowners’ policy has coverage for your personal property or contents under the personal property section. Each company is different, but most companies give you a percentage of your dwelling coverage amount. For example, if your home is insured for $100,000 and your policy provides 50% on content, then you have $50,000 in content coverage. It would not show on the policy as 50% but as the amount of $50,000.

In Florida, home insurance companies can really differ in the percentage amount that they provide you. Some companies provide only 50%, while another will provide 60%. A few Florida companies provide up to 70% of the dwelling coverage. You should check your policy or with your agent to find out how much your policy provides.


Do you have enough coverage?

Most Florida homeowners are dramatically under insured when it comes to content coverage. They have no idea how much it would cost to replace their personal belongs. They think that their homeowner’s policy will cover it and never stop to figure out how much they really need.

Just because your agent or company told you that your personal property is covered, doesn’t mean the policy has enough coverage to cover all of it. You need to look at the amount of coverage you have.

For most people, the largest investment inside their home is their wardrobe. They don’t realize the cost to replace it. Just think how many dresses, skirts, shirts, pair of shoes, belts, purses, suits, pants, underwear garments, tee shirts, and all the other things we buy to wear, new and old. If they were all lost, you would have to replace them at today’s prices.

Standard rule of thumb, an average man’s wardrobe would cost $10,000 to $15,000 to replace. An average woman’s wardrobe would cost $12,000 to $22,000 to replace. A child would cost about $2,000 to $5,000 to replace their wardrobe.

Some companies will let you increase the amount of coverage, at an increase cost, while other companies won’t. You need to check with your agent or company to find out what you have and what you can do on your policy.


Do you know what you have?

Whether you are an established family with years of collecting or just starting out, it is up to you to know what you own. If an unfortunate occurrence such as a fire, theft or hurricane should happen, it is best for you to have an accurate and detailed inventory of your property.


A personal property inventory list will help the insurance company give you a more accurate replacement value for your personal property. It will also help you to remember the things that you own. When it is all gone, an inventory list is all you have to work with.


Make that Inventory List.

The first step is to plan the time to get an accurate inventory. Typically, working on the list over time is best. However, it is important to give yourself a deadline to complete it. There are many ways you can do it, but the important thing is that you do it.

One way to attack it is room by room. Go into each room; make a list of every thing in the room, item by item. Don’t forget the things like the sheets, pillows and pillowcases on the bed and in the linen closet.

It is always good, but not necessary, to take photos or video of each room, supporting your inventory list. Next, give an estimate of what it would cost to replace the items on your list. In making the estimate keep in mind that some things appreciate in value while others depreciate.



Jewelry and Clothes

Inventory jewelry and clothing different from room to room. Make an inventory list of these two categories by people.

example:
Sallie’s clothing
1-
2-


Next, give an estimate of what it would cost to replace the items on your list. In making the estimate keep in mind that some things appreciate in value while others depreciate.



Maintaining your list over the years.

After you spend the time to create an accurate inventory list, the hard part is over. Keeping it updated over future years is easy. Just pick an annual date, and every year update your inventory list. Pull your list out or up on the computer, and add or subtract the things that you acquired or gotten rid of over the past year.


Here are a few more tips when taking an inventory of your personal property:

· Keep sales receipts of big-ticket items. Attach them to your personal property
inventory list.

· Take video inventory or photographs of your personal property in addition to
your inventory list.

· List any serial #’s that may be on your personal property

· Engrave your own serial # into items that are of value

· Keep your personal property inventory list, along with photos and/or inventory
videos, in a safe place away from your home such as a bank lock box.
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Florida Auto Insurance

Don't Over-Pay for Car Insurance!

Knowing the factors that determine how much a person pays for their car
insurance, can go a long way in keeping their premium at their lowest rate.

Some of the factors are; the type of Agent you choose, your driving record, the
annual miles driven, age, type of car, how you use the car, your claim history,
gender, other residents in your household, credit scores and your garaging
address.

These factors differ from company to company. They also differ within the
same company depending on the geographic area.

Most companies today use a zip code based territory, which means their rates
vary from zip code to zip code, for the same coverage, on the same cars, for the same drivers.

To find the best car insurance rates, find an agent who represents multiple insurance companies. Do not limit yourself to an agent who represents only one or two companies. They are limited on what they can quote and what they will be able to provide to you in the future.



Agent type is one of the most important!

In Florida, you need to find a good independent agent. An independent agent usually works for their clients benefit, not for any one insurance company. An independent agent should have multiple companies to offer you. They can shop the insurance companies and find the best policy, for the best price, for you.


Independent agents are not captive agents nor are they independent contractors. Captive agents and independent contractors both try to find the best clients for their company. Most independent agents, find the best companies for their clients. They do this by shopping the insurance market, finding the best company and policy for their clients.


Bigger is Safer, But Cause More Damage!

Although in an accident, large vehicles like SUVs, and large trucks might be safer than compact cars, their liability coverage rates tend to be more expensive. The higher liability rates are because they inflict more damage than most standard cars. Also, many SUVs still have inherent safety flaws in their design, specifically with rollover tests. Accordingly, insurance companies share these additional financial risks in the form of higher premiums.



Horsepower, You Want Speed, Get out you wallet!

If you drive a high performance vehicle with a lot of horsepower, the insurance company will assume that you will use it. They will assume that, from time to time, you will have unsafe driving practices. Also, should you get into an accident, regardless of fault, the cost of returning your vehicle to its original condition can be extraordinary, even for little fender benders.



Car Insurance Companies Love Family Cars!

Cars that are used primarily to transport a family or family members are generally involved in fewer accidents. Insurance companies think that safer driving habits are associated with those who transport family members. Cars particularly associated, as "family cars" tend to have lower insurance premiums. These types of cars include minivans, family sedans, and station wagons.



Don't Over-Pay for Car Insurance!

Do not automatically assume that the insurance company that insures your home, will be the best insurance company for your car insurance. Insurance companies specialize in different types of risk and they demonstrate it best in their rates. Just because your homeowner insurance company provides you with the best rate, it doesn't mean they will offer you the best deal on car insurance, even with that home/ car discount. Remember, the same policy can differ by hundreds of dollars from company to company, not to mention that rates are always changing.
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Florida Home Insurance

State Farm says Good Bye to Florida

The Farm is Gone. Over a Million State Farm customers in Florida have been
notified that their home insurance will not be renewed. State Farm plans to
non renew over the next two years, all property insurance in Florida, which
includes homeowners insurance, dwelling insurance, renters, condo's,
boats and jewelry polices.

My advice to anyone and everyone who is impacted by State Farm's decision,
do not wait!

Do not wait for them to non renew you, move your policies now. Many of
the companies that are writing today will not be writing new business later.
You do not want to be trying to find an insurance company or an insurance
agent, when a million other people are doing the same thing.

Look for an independent agent, not a new insurance company. An
independent agent does not work for any one insurance company. They
usually work for their clients, representing many different insurance
companies.

In Florida, the insurance market can change on a monthly basis, so you need
to find an agent that will shop multiple companies and markets for you.