Prepare for a Hurricane- Know what your policy covers

Posted on August 26, 2010 by jamie

2010 is turning out to be an active hurricane season so now is a good time to take a look at your insurance policy to see how much coverage you have and what you would have to pay out-of-pocket if you were to file a claim. We know insurance-speak can be a foreign language to most people so if you get confused, please don’t hesitate to call or e-mail us with your questions. Specifically you want to look at what your Coverage A amount is and also what your deductibles are.

The Coverage A amount listed on your policy should be the amount it would take to rebuild your home if it were destroyed. (This is not the same as the market value of your property because that figure includes the value of your land, too.) You can get a very rough estimate of what your Coverage A should be by taking the square footage of your home and multiplying that by $150. We can also run an exact estimate for you if you feel your number is too high or low. It’s important that this number is accurate though because many other coverages on your policy are based on percentages of this number. You also want to leave yourself a bit of wiggle room here because after a hurricane, the demand for building materials, labor, transportation, etc., can drive up the cost of rebuilding

The deductible is the amount of money you pay out-of-pocket if you suffer a loss. For example, if you file a claim in the amount of $1,000, and your deductible is $500, the insurance company will pay $500. If the amount of your damage is less than your deductible, you should not file a claim.

Your policy most likely has a separate hurricane deductible. The minimum hurricane deductible available is $500. The other hurricane deductibles available are 2 percent, 5 percent, or 10 percent of the dwelling limit which is your Coverage A.

One final reminder. Flooding is not covered by your home insurance policy. It is very inexpensive to add this policy so we encourage all of our clients to carry flood insurance. I watched a very moving testimonial video about this just the other day that wanted to share. You can see it here: http://www.floodsmart.gov/floodsmart/pages/videos/atlanta_flood_stories.jsp

Important coverage requirements for condo owners

Posted on October 26, 2009 by jamie

The Florida Association of Realtors reported a 77% increase in condo sales in Florida during September. Here in Orlando, sales were nearly four times higher than the same month a year ago!

If you are a new condo owner, it’s important to note that Florida law requires you to show annual proof of insurance to cover not only typical hazards but also at least $2,000 in “special assessment coverage.” Your condo insurance policy must also list the association as an additional named insured.

Should you fail to show proof of insurance each year, your association may purchase the coverage on your behalf and charge you a special assessment for the cost.

Even if you rent the unit out, it is still your responsibility to comply and purchase a policy that meets these requirements.

For more information on how to get the proper insurance coverage for your condo, please visit us on the Web at www.suninsuranceservices.com or call us at 866.786.4613. We can also be reached via e-mail at info@suninsuranceservices.com.

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Sun Insurance Services, Inc. is a family-owned and operated insurance agency located in Orlando, Florida. We write with twenty of Florida’s most prestigious insurance carriers and offer our clients a broad range of choice and customization for their insurance needs. Find us on the Web at www.suninsuranceservices.com.

How much insurance do I need for my home?

Posted on October 23, 2009 by jamie

The Coverage A amount listed on your policy should be the amount it would take to rebuild your home if it were destroyed. Obviously, this differs from the market value of your property because that figure includes the land your property occupies.

Since property values have begun to decline, consumers may feel their property is over-insured, but the costs to rebuild are independent of current market values. Especially if your home were destroyed in a hurricane, the demand for building materials, labor, transportation, etc., would drive up the cost of rebuilding.

If you feel the Coverage A amount on your home insurance policy is too high or too low, we are happy to run a Replacement Cost Estimator to check. It takes only about 10 minutes. Please call us at 866.786.4613 or e-mail us at info@suninsuranceservices.com if you would like to review your coverage.

Afternoon showers bring flood waters

Posted on October 21, 2009 by jamie

Floods do more damage in Florida than in any other state, and homeowners insurance policies never cover flood damage. Fortunately, everyone in Florida is eligible to buy flood insurance from the federal government.

Development can change the land’s natural ability to absorb rain and alter rainwater runoff patterns, dramatically increasing the chances of flooding in areas that have never flooded before.
And although many floods are caused by huge storms, more result from small, localized events, such as ordinary thunderstorms. Most rainfall from hurricanes is usually produced by slow moving tropical storms that stall over an area, like last year’s Tropical Storm Fay. As hurricanes weaken and move inland, the threat of torrential rains and high winds over large areas intensifies the risk of flooding.

No matter where you live, it is important to remember that just a few inches of water in a home can cause thousands of dollars of damage, but you don’t have to spend a lot of money for flood protection.

The annual cost for a flood policy with $250,000 coverage on the building (the maximum coverage available) is only $348 per year. This means for less than a dollar per day you can add on this valuable coverage.

You can purchase a policy over the phone with a credit card, but remember, unless you are closing a new loan, there is a 30-day wait. Call us at 866.786.4613 for more info.

Combine your home & auto insurance with the new AAA product

Posted on October 19, 2009 by jamie

We are proud to be one of the few Florida insurance agencies to offer a new AAA insurance policy that provides protection for both your home and automobiles. Available exclusively from AAA Insurance, this new policy takes the coverage of your homeowners policy and your auto policy and combines then into a single policy offering some distinct advantages:

Convenience of a single policy, one renewal date, and one point of contact
Affordable protection from a secure, reliable company
Available only in Florida and designed to meet the unique needs of Floridians
Discounts for AAA members
Unique policy features, such as available coverage for high-value personal property, available coverage for identity fraud and a deductible rebate for not-at-fault accidents
24/7/365 Claims Service- AAA claims service is just a toll-free call away

You can also purchase AAA memberships through our agency. For more information about this new product, please contact us at (866) 786-4613 or info@suninsuranceservices.com.

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Sun Insurance Services, Inc. is a family-owned and operated insurance agency located in Orlando, Florida. We write with twenty of Florida’s most prestigious insurance carriers and offer our clients a broad range of choice and customization for their insurance needs. Find us on the Web at http://www.suninsuranceservices.com/.