Jacksonville, FL: Wednesday, August 3, 2011
How Can Tropical Storm Emily Impact Home Buyers in Florida?
Storm track models suggest that Tropical Storm Emily could come right through Jacksonville, Florida. Even if she doesn’t, she can cause problems for home buyers hoping to close on their new home during the next week.
Generally speaking, if a company offers homeowner’s automobile or boat insurance, it is available on a year-round basis to applicants who meet underwriting guidelines. But just as a company would not issue a fire policy on a structure already burning, the insurer will not write a new hurricane policy when a hurricane is barreling down on Florida.
For those who already own a home and have insurance, many homeowners learn the hard way that their homeowner policy will not cover property damage caused by hurricanes and floods. If you live in a potentially affected area, be sure to contact your insurance provider to discuss your options.
If you would like more information, send us an email and just ask for the “White Paper” about when insurers stop writing insurance.
COMPARE FLORIDA HOMEOWNER INSURANCE
Whether buying a new home or shopping for a better insurance policy for your home, The Florida Office of Insurance Regulation recently announced a re-launch of an interactive program for Florida homeowners to shop and compare homeowner insurance rates.
You won’t be able to use CHOICES to obtain a quote on your specific property, but the site does provide a couple of examples and then generates a range of costs (which are county specific) for insuring those samples.
Although you won’t be able to get an actual quote, you will be able to view a range from lowest to highest for the sample homes. You can then take those rates and use them to compare carriers before contacting specific carriers for a quote for your property. This just makes the shopping experience easier and more efficient.
So, if you are looking for the absolutely lowest rates, you might decide to call the 3 to 5 lowest priced insurance providers on that list. On the other hand, you may want to check the A.M. Best ratings for each company and then choose the lowest rates of companies that meet your own needs and criteria.
Because insurers base rates on a variety of factors, the most expensive provider in one county may actually be the least expensive in another county.
The great thing about this site / service is that it offers CHOICES, as its acronym implies. And anyone who knows us (Tim and Susan Fennell), knows that, as Accredited Consultants in Real Estate (ACRE®), we are all about providing CHOICES!.
Additional information can be found at: http://www.floir.com/choices
Just a suggestion – consider using the money you save on your homeowners insurance to pay off the principle on your loan more quickly. Depending on your circumstances, you can save literally tens of thousands of dollars in interest over the life of your loan.
Tim and Susan Fennell
Accredited Consultants in Real Estate (ACRE®)
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