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January 31, 2023
3 min read time

Buying Insurance: What Should I Ask My Agent?

Buying Insurance

When buying property insurance for your home in Florida, there are a few important questions you should ask your insurance agent to ensure that you are fully covered in the event of a loss.

1. What types of coverage are included in the policy?

It’s important to understand exactly what types of damage and losses are covered by your policy. Standard property insurance policies typically cover damage caused by fire, lightning, vandalism, windstorms, hail, water & mold (limited coverage limits). Flood is traditionally not covered, and you will need to purchase an additional flood insurance policy. Some insurance companies also require that you purchase an additional insurance policy for windstorms.

2. What is the amount of the deductible and how does it work?

It’s important to understand the amount of the deductible and whether it’s a fixed dollar amount or a percentage of the coverage limit. Some policies may have different deductibles for different types of damage or losses. For example, a higher deductible may apply for windstorm damage compared to a lower deductible for fire damage.

3. Does the policy have any coverage limits?

It’s important to know if there are any coverage limits on your policy. For example, some policies may have a maximum payout for certain types of damage, such as water and mold damage.

4. Does the policy have any exclusions?

Make sure to ask about any exclusions or exclusions to coverage. For example, some policies may exclude damage caused by termites, water loss that occurs over a period of time, or painting to the exterior of your home if damaged by a windstorm.

5. What is the process for filing a claim?

It’s important to understand the process for filing a claim in the event that you need to file one. Ask your insurance agent what steps you need to take and how long the process typically takes.

6. What are my claim dispute resolution options?

Many insurance policies contain provisions requiring waiver of access to the Courts to have a dispute resolved. Some policies require mandatory mediation, arbitration, or appraisal to resolve disputes. It’s important to understand your rights if you have a claim and your insurance company is denying, delaying or underpaying your claim.

7. How can I lower my premium?

Inquire about available discounts that can help lower your premium. For example, many insurance companies offer discounts for homes that have been updated with wind-resistant features, such as impact-resistant windows, new roofing, and hurricane shutters.

Protect Yourself By Knowing Your Coverage 

By asking these questions and thoroughly understanding the coverage, limits, exclusions, and the process of your property insurance policy, you can ensure that you have the protection you need in the event of a loss. Consult with your insurance agent to ensure that you are getting the best coverage for your specific needs and budget.

Struggling With Your Insurance Company or Agent? We Can Help You.

Our team can assist with filing a new claim, reopening a claim, and negotiating for the insurance benefits you are entitled to under your insurance policy.  Contact us today for more information and to ensure that your property is properly restored to its pre-damaged condition.