When it is time to renew your home insurance policy, it is always a good idea to compare policies and make sure that you are getting the best policy for the premiums you are paying. Homeowner’s insurance premiums in Florida are high enough. Taking a bit of time to compare policies can save you money and even get you better coverage.
If you are doing a home insurance comparison, here are a few things to consider:
- Does the insurance carrier have a good rating? You want the insurance company to have the ability to pay claims in a timely fashion. Only do business with companies that have a solid financial rating. You can check A.M. Best or Demotech for the latest credit ratings on various insurance carriers.
- Does the insurance policy cover “open” or “named” perils? In a “named” perils policy, everything that is covered by the insurance is stated explicitly. If it is not on the list, it is not covered. With an “open” perils policy, only those things not covered are listed. If it is not on the exclusion list, it is covered. An “open” perils policy is usually more comprehensive.
- Does the policy cover actual cash value or replacement costs? The actual cash value of something is usually less than buying something to replace it. The cash value of a 20-year-old shed in your backyard, for example, is close to $0. Replacing that shed if it got destroyed in a storm is going to run well into the thousands.
- Does the company provide good customer service? With some insurance companies, filing a claim and getting paid is a nightmare. With others, it is easy, almost effortless in fact. Check out the features the insurance company offers and look at their reputation. Paying a bit more for good customer service will really pay off if you ever have a claim.
Getting a great price on your home insurance is good. But do not compromise your home and its contents with a substandard insurance carrier. If you want to get affordable homeowners’ insurance with great companies, contact us today.
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.