Housing values have plummeted throughout Florida and we’ve heard from many of you at renewal time wondering why your premium hasn’t decreased, too. It’s easy to think that lower home values equate to lower homeowners coverage but consider what your insurance policy is designed to do.
Insurance should "make you whole" again if your home were damaged or destroyed by something like a fire, lightning strike or windstorm. In the case of rebuilding a home, "making whole" means rebuilding your home back to the way it was before the loss and the cost to do this is the determining factor for your insurance policy. How much does it cost to re-build your home?
The re-build value of your home includes cost of materials, labor, debris removal and fuel while re-sale value factors in the price of your land, as well as the structure. To get a rough estimate of the re-build value of your home, multiply your square footage by $125. This is the minimum coverage you should carry on your home and will be shown as Coverage A on your policy.
If you feel that your home is over- or under-insured, please contact us by phone at 866.786.4613 or e-mail at info@suninsuranceservices.com so we can determine the correct Coverage A amount based on your specific home features.
--Sun Insurance Services, Inc. is a family-owned and operated insurance agency located in Orlando, Florida. We write with twenty of Florida's most prestigious insurance carriers and offer our clients a broad range of choice and customization for their insurance needs. Find us on the Web at www.suninsuranceservices.com.
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