Friday, December 29, 2017
The RCE, or Replacement Cost Estimate, is the algorithm that insurance companies use to determine the maximum limit for a "Replacement Cost" policy. It is critical that your RCE reflects the options within your home. Do you know what your RCE is? Give me a call. I can help.
Insurance companies will only insure homes that have asphalt shingle roofs less than 20 years old. 30 years is the max for tile roofs. All replacement roofs must be permitted, including DIY. Be sure to check County Public Records to ensure roof permits are on file before you buy/sell a home.
As an independent insurance agency, I represent most of “Florida’s Top 41” and have insured many homeowners in your neighborhood because they took just a few minutes to investigate why some polices are better than others. I can help by explaining the ABC’s of your homeowner’s policy.
I want to share a recurring lesson learned as we clean and complete remaining damages caused by Hurricane Irma. South Florida homes are more secure than ever due to increased consciousness of homeowner’s and the 2002 Florida Building Code. Our homes are more sound and stronger than ever. Our screened enclosures, however, remain the single-most area of vulnerability.
Screened enclosures are not usually insured structures. Many people make the mistake of assuming that screened enclosures fall under the policy category of “B- Other Structures.” The definition of “Other Structures” is separate buildings like sheds, detached garages, and guest houses. Screened enclosures are not considered by insurers as “Other Structures” because they are so unique to Florida.
So how do we insure screened enclosures? By including a special endorsement. The endorsement is actually called “Screened Enclosure Endorsement.” If you do not see the Screened Enclosure Endorsement on your policy Declaration Page, then your screened enclosure is probably not insured. Only one Florida insurer (Olympus) includes screened enclosures as part of the “Dwelling A” (Replacement Cost Estimate) coverage. So why not always include the Screened Enclosure Endorsement on every policy? It’s very expensive and there’s a pretty good case to be made for NOT insuring the screened enclosure. Please see the article I’ve included called, Making A Case For NOT Insuring A Screened Enclosure.
I have many informative articles posted on my Facebook page. It’s worth taking a look every now and then to remain as informed as possible about your homeowner’s policy since not every endorsement or suggestion makes sense for every homeowner. Only you can tailor your insurance to meet your needs. As you agent, I can certainly offer advice based on what you tell me about your personal situation. I am always happy to listen and help you optimize your policy to meet your financial needs.
We’ve just experienced the worst hurricane on record to hit southwest Florida. The insurance industry experienced relatively few claims due to our 2002 Florida Building Code which hardened our homes and also gave us a standard to upgrade our homes to survive hurricanes. Even with our solid homes, many of us lost our screened pool enclosures. Then we learned that our 2% hurricane deductible hardly covered the replacement of the screened enclosure. Wouldn’t it be great to eliminate the hurricane deductible? We can. I have a separate insurer that specializes in insuring hurricane deductibles. Sure, it costs a premium of about $200-$600 annually, but losing a screened enclosure, or anything else due to hurricane, will be offset! Give me a call if you’re interested and I’ll work up a free quote.
As an independent agency, I represent multiple insurance companies. This allows me to represent you and not necessarily the insurer. Did you know that calling an insurance company creates a claim on your record? Even if you don’t file a claim, you’ll have a claim record, even if the insurance company does not end up paying your repair! Call me first. Let’s discuss your potential claim. If your repair estimate exceeds your deductible, then by all means I’ll advise you to make the claim.