Broken Home: Independent Insurance Brokers Filling Gaps in Deltona, FL
Looking for a reliable source for Home Insurance? Count on the team at Cowart Insurance Agency to protect your assets.
The Changing Face of Home Insurance
Recent weather patterns in Florida and all along the east coast have drastically changed the way insurance agencies offer homeowners insurance, to both consumers and brokers.
The severity and unpredictable nature of huge storms these days means many providers are paring back coverage in critical areas— and counting on the uninformed nature of their consumers to get away with it.
In Deltona, elsewhere in Volusia County, and all across the state of Florida insurance providers no longer offer flood insurance, forcing customers to go through the National Flood Insurance Program. By refusing to service what they call “high risk areas,” large insurance companies are essentially deeming those places uninhabitable.
We can help, call 888-775-5788 today to get a free no obligation quote and start building a system that will protect your biggest investment, your home.
Going through the NFIP isn’t a catchall solution, however. It does not pay for your living expenses after you have been forced out of your home, and many homeowners simply don’t have the service, opting against the extra cost. If even the first floor of your home is covered in an inch of water, chances are your claim will be denied by your provider.
As is the case in many storms, when both wind and water damage occur, your provider may ask you to prove that it was not water that caused the contents of your claim—or else force you to make it through the NFIP. If it sounds little ridiculous to separate water and wind in a Florida hurricane, that’s because it is.
After Hurricane Andrew in 1992, insurers began using loopholes like “special wind deductibles” that often run as high as 5% of your home’s value, meaning if you are insured at $500,000 you’d be out 25 grand before your insurance company forks over a dime.
Other gaps, like wind mitigation and updated value, can leave you in the lurch when it comes time to pony up for repairs. Many older homes in Volusia county are only covered up to code for the year they were built, and that means you’d be left holding the bill for the countless code changes that have come and gone since your house was constructed.
There are a couple of things you can do to get on top of the situation, so that you aren’t looking at an impossible bill when the next “big one” hits:
- Do some digging. Find out exactly what your policy does and doesn’t have. You can attach amendments to your policy called riders, which close gaps in your coverage for nominal monthly fees.
- Consider your location. At risk of sounding obvious, home ownership is all about location. According to the Insurance Information Institute, even melting snow has been known to cause serious flooding. While Floridians might not have that problem, the danger is just as real from monsoon level winds and storm surge.
- Contact a broker. Insurance Brokers have access to specialized software and vast networks of industry contacts that help them find the best prices. Generally speaking, Insurers provide to brokers at lower prices because it is a lower-risk proposition for themselves: Brokers are more likely to know exactly what each unique insurance situation requires, reducing frivolous claims and potential litigation over coverage.
- Don’t stop there. Meet with your broker regularly to make sure that you are getting maximum value and flexibility in your policy. Building code changes in Florida at an unbelievable rate, and you can count on quality brokerage service to keep you updated on potential policy adjustments.
If you are looking for quality, professional home insurance at better-than-market rates in Deltona or around Volusia county, Cowart Insurance Agency is here to meet your needs. Call 888-775-5788 today to get a free no obligation quote and start building a system that will protect your biggest investment, your home.