What type of coverage do you need?

Orlando, Fla.— For many families who have recently relocated and live currently on a leased property the summer months can be very hectic. If you have children and finally found a location/community that has everything you wished for you and your family, that makes you want to stay, and get tired or renting, this is the perfect time to move-on.


 There are a few things you might need to consider even before you start your house hunting process.

  1. Make sure to work your way towards becoming a financially desirable buyer.
  2. Find out about the quality and location of the fire department, because properties near highly rated, permanently staffed fire department usually cost less to insure.
  3. If you enjoy coastal living and prefer to live near our Florida’s beautiful beaches, know that your house may have a higher insurance premium than a house further inland.
  4. You may be able to find beautiful older homes for sale.  Take into consideration that ornate features like plaster walls, ceiling molding and wooden floor replacements can be expensive and this itself may be a reason why your insurance premium could be higher.
  5. When you buy a new construction home, a new roof makes a difference to insurers and you may even qualify for an insurance discount depending on its type and materials.
  6. If the house of your dreams includes a pool or any other special feature, make sure you consider a liability insurance to add protection in the event someone gets injured in your property and decides to file a lawsuit against you.
  7. Making a thorough research on flooding risk is a must. This one aspect, when ignored, can come back to you with a huge surprise. Standard home insurance policies do not cover damage from flooding. You would need to purchase a separate flood insurance from the National Flood Insurance Program, also known as NFIP, and from a few specialty insurers.
  8. Earthquakes, though not usual in Florida, can occur in the majority of states and are not covered under a standard policy.
  9. About its construction, find out about the builder reputation and make sure your units meets modern engineering-based building codes which are likely to better withstand natural disasters.
  10. Estimate maintenance costs to make sure your property will be kept in good condition to avoid claims denied due to maintenance failure.

In the case of a resale home, you can ask the current homeowner to obtain a copy of the loss history report. Homeowners can obtain either a Comprehensive Loss Underwriting Exchange (C.L.U.E.) report, which is available from LexisNexis, or an A-PLUSTM property report from ISO®. These reports provide a record of the type of loss on the home and can provide extremely valuable information. 

If there was a claim for water damage on the home, you must find out the source of the damage (such as a burst pipe) and whether it has been properly repaired. On the other hand, a claim for wind or hail that resulted in a new roof makes the home stronger and may help you find better insurance rates due to lower risk.



Posted 3:07 PM

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