Wise Insurance Agency LLC Blog
A wind mitigation inspection evaluates several key aspects of a home to determine its resilience against windstorms. This includes examining the roof shape, the bracing of gable ends, how the roof deck is attached, the type of roof covering, connections between the roof and walls, secondary water resistance, and protections for doors and openings such as windows.
These factors are assessed to gauge how well a home can withstand high winds and potentially qualify for insurance discounts.
In Florida, wind mitigation credits can significantly reduce homeowners' insurance premiums, potentially offering savings up to 88% off the hurricane/wind portion of the premium.
These credits are applied for implementing specific wind-resistant features in your home, such as roof shape, roof-to-wall connections, and protection for openings like doors and windows.
The cost of a wind mitigation inspection, which is necessary to qualify for these credits, ranges from $75 to $150, but the savings from the credits often cover this cost in the first year
If you are in need of a policy review to make sure that you have received all of your policy discounts. Give us a call. Our number is within the comments.
Car insurance rates in Florida are increasing due to a combination of national trends and specific regional factors. Nationally, auto insurance rates have seen a rise of 17% since last summer, driven by increased accident frequency and severity, with the average cost of vehicle damage claims in the United States rising nearly 50% and average bodily injury claims by 40% between 2018 and 2022. This increase is attributed to factors like inflation, supply shortages, rising labor costs, and more severe accidents leading to higher volumes of claims and lawsuits, contributing to what is known as "lawsuit inflation." Additionally, auto thefts have spiked, with certain models being particularly vulnerable, and the prices of new and used cars, replacement parts, and labor have all increased significantly since the pandemic.
Specific to Florida, there are additional factors exacerbating these trends, including the state's fourth-highest vehicle theft rate, high levels of claims fraud, and a large number of uninsured drivers. Florida also experiences high crash and fatality rates, including deadly hit-and-run incidents, and faces challenges from severe weather events that cause significant vehicle losses. For example, more than 100,000 vehicles were destroyed by Hurricane Ian. These issues contribute to the state's insurance costs rising more sharply than in many other regions.
Furthermore, Floridians are dealing with the aftermath of insurance fraud, particularly schemes related to staging accidents, which not only elevate insurance premiums but also put motorists at risk. Efforts are underway to address these challenges, including legal reforms aimed at stabilizing the insurance market; however, it will take time for these measures to have a full effect.
Given these circumstances, Florida residents are finding that their auto insurance premiums are increasing significantly, with major insurers implementing multiple rate increases. While there are limited options for reducing costs without compromising coverage, strategies such as shopping around for quotes, enrolling in telematics programs, and taking advantage of discounts can offer some relief!
Know your coverages and what they mean, we are here to review your policy for free! 863-534-3431
Starting June 1st, 2024, Foremost Insurance Company will no longer be renewing mobile home policies. If your policy is affected, please contact us for assistance in exploring your options. Call us at 863-534-3431, extension 203.
Many things can change how much you pay for car insurance. Here are some of them:
This is because there is a co-insurance clause in a homeowners insurance policy. This is a provision that requires policyholders to carry a certain percentage of the value of their home in insurance. Typically, this requirement ranges from 80% to 100% of the home's value. The purpose of the co-insurance clause is to encourage homeowners to insure their property adequately.
Here's how it works: If a homeowner doesn't have sufficient insurance coverage as defined by the co-insurance clause (e.g., less than 80% of the home's value), they may receive a reduced payout in the event of a claim. The payout is reduced because the homeowner is considered to be a "co-insurer" of the risk. This means that if the coverage is less than the required percentage, the insurance payout for a claim will be reduced proportionally.
For example, if a home is worth $100,000 and the insurance policy requires 80% coverage, the homeowner should have at least $80,000 in coverage. If the homeowner only has $60,000 in coverage and suffers a loss, the insurance company may only pay a portion of the claim, based on the ratio of the actual coverage amount to the required coverage amount.
It's important for homeowners to regularly review and adjust their insurance coverage to ensure it meets the requirements of the co-insurance clause and to avoid potential underinsurance issues.
Lots of things can change how much you pay for home insurance and what it covers: