Since Hurricane Ian hit Southwest Florida, insurance claims and insurance policies have been the topics of discussion as insurance rules and coverage prices have changed for Florida.
Blake Day, President of Day Adjusting and Consulting, has a passion for helping homeowners overcome the challenges they face with insurance claims. With 15+ years of in-depth knowledge of the insurance industry, Day is a recognized as an expert in property insurance claims. He gives as much advise as possible to residential property owners and would like to share a few tips to those in the process of renewing their coverage or seeking new coverage.
Day’s tips on the importance of getting the correct policy type.
RCV vs. ACV Policies: A Replacement cost value (RCV) policy covers the amount of money needed to repair your home at today’s prices of building supplies. An Actual Cash Value (ACV) covers the cost to replace your roof or other items at the price of materials when originally installed. Most homeowners’ policies in Florida are RCV policies. Unless your home is brand new, we suggest homeowners always get an RCV policy.
Know your Deductibles: Your deductible is the amount you’re responsible for before your insurance company starts to pay. In Florida, you are REQUIRED to pay your deductible. Your all-perils deductible applies to any event that would occur to your home EXCEPT a hurricane. Hurricane deductibles apply to named storms such as Hurricane Ian. Your named deductible can be a flat specified amount, or it can be based on a percentage of your home’s insured value. It’s imperative to ask your agent what kind of deductible you have.
Importance of O & L Coverage: Make sure you have coverage for O & L (Ordinance and Law). This means your insurance company owes to repair your home and bring all repairs up to the current building code. If building codes require an update to your home, your insurance company would only owe for the increased cost of construction associated with that code upgrade, if you have O & L coverage. Due to the ever-changing nature of Florida building codes, we suggest that you ensure that your policy has O & L coverage.
Appraisal Provisions: Appraisal is an alternative dispute resolution that allows for an independent third party to assess the value of damages. Having this provision can often times prevent having to sue your insurance company for a dispute. We highly suggest having Alternative Dispute resolution provisions.
Keep an Eye out for the Right to Repair Clause in your Policy: If the right to repair clause is in your policy, it may help lower your insurance premium however, this allows the insurance company to choose the contractor(s). They have the right to use an out of state contractor and you cannot opt out of their contractor selection. If you want to be in control of who works on your home, we suggest not having this provision in your policy.
Pool Screen Enclosures Endorsements: Most Florida policies require a separate endorsement for screened enclosures. Make sure you speak with your agent to ensure you have enough coverage to replace them.
ABOUT DAY Adjusting & Consulting
Day Adjusting & Consulting is locally owned and operated. The team of adjusters advocate for policyholders when filing an insurance claim. Whether the claim has already been filed, needs to be filed, or has been closed with an unsatisfactory payout, Day’s company can represent the policy holder at any point in your claim process, even if your claim has been denied.
For more information about DAY Adjusting & Consulting, please visit www.DayAdjusting.com or call (855) 729-0838.