by Sarah Ashton, Broker Associate
Ashton Kirchner Group, Keller Williams Realty
In the aftermath of the hurricane on September 28, 2022 (the name that shall not be mentioned), there is no property owner in Southwest Florida who the “I” word has not impacted. The impacts have been felt nationwide for all the natural and unnatural disasters that have taken place and are still taking place, so we shouldn’t feel picked on. However – that isn’t to diminish the financial and emotional toll it has taken to navigate the insurance maze. But what about going forward?
As you have put your property back together, you have made improvements to the property that may lower the projected increase in your insurance premiums. However, you have some work to take advantage of these possible savings.
Have you, for example, put a new roof on the house? Have you replaced windows and doors with high-impact/wind-rated versions and the garage door with wind-rated ones? These are examples of items that give you credits when the insurance company is evaluating your premium.
If your home is over 20 years old, have you recently re-wired the house? Updated the plumbing? Replaced the Air Conditioners? These may also give you credits on your homeowner’s policy.
Did you elevate your ground-level home to the current flood grade or higher? That can help with your flood insurance premium.
The good news is that you may have made some or more of these changes—the big deal is that you need to let your insurance company know about them so they can make the case to lower the premium. This will mean that you need to get updated inspections from a properly licensed inspector or a licensed surveyor. You will also need to get an updated Wind Mitigation form, updated 4-point inspection, and updated Elevation Certificate. These are the documents the insurance company needs to evaluate their risk of insuring your home.
If you are a Condo owner and you are back in your unit, contact your insurance company to find out what they may need to keep your unit insurance lower as well. New impact windows and doors and new wiring throughout may give you some relief in your personal policy cost. Also, ask your association if they have gotten a new wind mitigation form for the entire building. Your insurance company may also sometimes require this.
There is no silver bullet to conquering the insurance maze—I am no insurance expert! Contact your insurance carrier for the best information regarding your personal situation. However, there may be some ways to make the maze a little easier to stomach.
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