How Much Home Insurance Should I Have?

Your home means a lot to you. Despite your heavy investment in your home, it’s also a place where you have many memories. Your home holds sentimental value to you, so you should do everything possible to safeguard your beloved home.

One way of protecting your home is to invest in home insurance. While home insurance is a wise investment, you must buy a sufficient amount to give you much-needed protection. Not sure how much home insurance you need? Please talk to eAdvisorPro Property & Casualty LLC. But before then, here is a brief guide to help you determine the amount of home insurance needed.

How much dwelling insurance is enough?

If you want to determine the amount of dwelling insurance required, assume the worst-case scenario. Imagine a fire has consumed your home. How much would it cost you to rebuild your house from scratch? This should be the value used to insure your home.

The "replacement cost" value takes care of the local building costs. This means you will be compensated for your home’s value today. The replacement cost saves you out-of-pocket expenses when rebuilding or replacing your home.

How much content coverage do I need?

Like dwelling coverage, assume the worst-case scenario when determining the amount of contents coverage required. Always consider a value that can replace your entire assets. For instance, your home insurance should be sufficient to replace your assets when lost to a fire, flooding, etc. Maintaining a home inventory is the best way to ensure everything in your possession is covered.

How much liability coverage do I need?

This is usually tricky because you never know the number and extent of liability claims you will face. As a rule of thumb, you should hold liability coverage exceeding your assets. We usually recommend liability coverage of $300,000 but if you need additional coverage, consider umbrella insurance.

Home insurance in Florida

Still unsure about the amount of home insurance you need? Please get in touch with eAdvisorPro Property & Casualty LLC for personalized advice.

Four Benefits of Home Insurance

Buying a house is a dream come true for many. It takes a lot of savings and financial planning to own a home. It’s prudent to protect it from any unthinkable event. Home insurance, therefore, is a must-have for all homeowners. If you are still unsure whether you need home insurance, consider the following benefits as prepared by eAdvisorPro Property & Casualty LLC.

  • Liability coverage: You can’t afford to miss liability protection if you own a home. You could be liable if someone becomes injured on your premises or is bit by a pet. It could result in thousands of dollars for medical expenses or lawsuits, hence the need for liability coverage.
  • Dwelling protection: The main reason why most people buy home insurance is to protect their primary structure. Imagine dealing with total loss or significant damage due to a house fire or hurricane. With all your years of investment in your home, you can only do yourself a favor and buy home insurance.
  • It protects your assets: Personal assets like furniture, appliances, electronics, and other assets do not come cheap. Therefore, taking inventory of your home contents is crucial when signing the policy. The policy reimburses you if a covered event destroys any of the contents, a considerable benefit you should not ignore.
  • Covers additional living expenses: Home insurance offers more than just repairing or rebuilding your home after damage. The policy also puts you in a temporary living place if your home becomes uninhabitable after a covered event.

Home insurance in Oakland Park, FL 

Home insurance provides significant relief to all homeowners. Instead of constantly fearing what would happen in the event of an unfortunate occurrence, you sit and relax, knowing your home insurance policy got you. If you are looking for home insurance in Oakland Park, FL, look no further than eAdvisorPro Property & Casualty LLC. Contact us today for an affordable quote.

When Should I Review My Home Insurance Policy?

It can be easy to put off reviewing your home insurance policy, especially when you feel like you’re juggling a million other things. But trust us – taking the time to review your coverage is well worth it thoroughly. After all, your home insurance policy is one of the most critical documents, protecting your property and finances in case of an unexpected disaster or accident. So, when should you review it? Here are some good times to take a closer look.

1. After Making Any Changes to Your Home

If you’ve made any changes to your home, it’s good to review your insurance policy to make sure it still meets your needs. For example, if you’ve renovated your kitchen or added a new deck, you’ll want to ensure that your coverage limits have increased accordingly. This ensures that you won’t be caught short in the event of a claim.

2. When Your Policy Is Up for Renewal

Similarly, if your policy is up for renewal soon, you’ll want to ensure it’s still the best fit for your needs before renewing it – otherwise, you could end up paying for coverage that doesn’t do what you need to.

3. If You Haven’t Reviewed It In a while

Even if you don’t think you’ve made any changes to your home or your policy isn’t up for renewal, it’s still a good idea to review your insurance coverage every few years to ensure everything is still in order. Things can change over time, and it’s always better to be safe than sorry.

4. When You Make a Major Purchase

If you’ve made a significant purchase, such as new furniture or electronics, you’ll need to let your insurer know so that they can add it to your policy. This ensures that you’re protected in case of damage or theft.

5. After Installing Security Systems, Cameras, Etc

Let your insurer know if you’ve made any changes to your home security, such as installing a security system or cameras. Some companies offer discounts for homes with certain security features so that you can save money on your premiums.

As you can see, there are several times when it’s a good idea to review your home insurance policy. eAdvisorPro Property & Casualty LLC in Oakland Park, FL can help you ensure that your policy is up to date and provides the coverage you need. Give us a call today to learn more.

 

Do all Homeowners Need Home Insurance?

Legally speaking, you can own a home without home insurance. No law in Florida requires homeowners to purchase home insurance. However, if your home is financed by a federal-regulated lender, they may require you to buy home insurance. But does this mean that if you have completed paying off your mortgage you don’t need home insurance? This can’t be further from the truth. eAdvisorPro Property & Casualty LLC advises all homeowners to invest in home insurance for the below reasons:

  • To protect your dwelling: With all the money and time you have spent bringing up your home, protecting it with home insurance isn’t an option. While home insurance doesn’t prevent risks from incurring, it ensures that you don’t incur out-of-pocket expenses when disasters strike in your home. Better yet, at an additional premium, home insurance covers the assets inside your home and structures within your home compound.
  • To cover you against liabilities: If you are held legally responsible for causing property damage or bodily injury to third parties, home insurance can come to your rescue by footing the liability claims.  
  • For peace of mind: You should enjoy your home all the time. But if your home isn’t covered by home insurance, you are always thinking about the possibility of risks wiping your hard-earned investment. Thankfully, you can live a worry-free life if you have home insurance because you know you are covered.

Ultimately, home insurance may not be mandatory, but all homeowners must invest in this coverage. Given that your home means a lot to you, protecting it with home insurance is a no-brainer.

Buy home insurance in Oakland Park, FL 

Looking for a comprehensive home insurance plan in Oakland Park, FL? Please get in touch with eAdvisorPro Property & Casualty LLC for an affordable quote.

Why You Should Create a Home Inventory

Homeowner’s insurance is not a cut-and-dry matter. Depending on the policy you have, you may not get the coverage you would like for all of your valuables and any other possessions you want to be able to replace or repair. That’s why it’s a good idea to start out with a home inventory when you’re about to get insurance from a company such as eAdvisorPro Property & Casualty LLC of the Oakland Park, FL area. 

What is a home inventory? 

A home inventory is a list that details the items in your home that are of importance. You can back this up with receipts, photos, and video so that you have proof of this property.  It can help when it comes to determining how much insurance coverage you should have in place. 

Reasons for Using a Home Inventory

When you go through your house and put together a home inventory, this will help you remember everything you have that you want to have insurance coverage. This is crucial because many people won’t be able to recall every item in their home while in the agency office. This is something you should do on a regular basis (about six months to a year) to have an update on the property you want to add. 

Another reason this is ideal is that you can save time when you go to file a claim. If there’s been a tornado, fire, or some other event that’s caused damage to your home and its contents, you can feel secure knowing you won’t have to pay out of pocket for replacing or repairing most of it. 

If you’re looking for home insurance in the Oakland Park, FL area, eAdvisorPro Property & Casualty LLC can assist you. Reach out for more information and to get started with this process. 

Why should I get home insurance in Florida?

Every year, millions of people come to theĀ Fort Lauderdale, FL area to enjoy the warm sun, nice beaches, and access to many recreational activities. If you would like to move to this area of Florida, the continued demand for housing makes it a great place to acquire a property. If you are going to purchase a home here, you need to get insurance for it. There are several reasons why people in the area should get an insurance policy.

Insurance Protects Most Valuable Asset

A primary reason anyone in Florida should get home insurance is that it will protect your most valuable asset. A Florida property is a very valuable investment that could pay significant dividends in the future. Along with this, it is important that you protect your investment as well as you can. If you get home insurance, it will provide the coverage that is needed to protect your home and financial future.

Insurance Will be Required

You should also get home insurance because it will keep you in compliance with requirements. Property owners all over Fort Lauderdale will have insurance requirements set by home associations, mortgage lenders, and other parties. Not complying with these requirements could be problematic for you. Fortunately, you can easily comply with these requirements by getting the right coverage. 

As you are looking for a home insurance policy in the Fort Lauderdale, FL area, you will want to ensure that you get into a quality insurance policy. If you are looking for insurance here, the team at Coastal Wealth Insurance LLC would be a great resource for you. If you do work with Coastal Wealth Insurance LLC you are going to get the guidance and support that is needed to build or choose a new policy for your home. 

What is included with a home insurance policy?

Anyone that lives in the Fort Lauderdale, FL area should consider purchasing their own home. If you are a property owner here, you do want to make sure that it is covered with insurance. When you get a full home insurance policy for your property in Florida, you will receive a variety of forms of coverage that will properly protect your home.

Liability Protection

One of the forms of coverage that you will receive with your home insurance policy is coverage for liability protection. When you own a home and a guest comes over, you are taking on some responsibility for their well being. If they are hurt while visiting you, it is possible that you could be held liable for damages. Further, if your home somehow causes damage to another property, you could be held liable for those damages as well. Your full home insurance policy will give you coverage for these risks. 

Protects Asset

You will also want a home insurance policy because it can protect your assets. The home you buy is likely going to be the largest asset that you will ever own. If there is ever a fire, bad storm, or other forms of damage, the cost to rebuild or repair will be significant. With a proper home insurance policy, you can receive coverage and protection for this. 

When you are looking for home insurance in the Fort Lauderdale, FL area, it is important that you speak with someone that you can trust. The team at Coastal Wealth Insurance LLC can provide you with the guidance and support that you need to understand all of your options. When you call Coastal Wealth Insurance LLC, the team will take a personalized approach to ensure you and your home are covered as well as possible. 

If You Live in Florida it is Time for a Home Insurance Review

The recent challenges for Floridians dealing with severe weather are likely to continue to increase due to the impact of climate change. Homes in Ft. Lauderdale are at risk of damage caused by extreme heat, freezing, hail storms, hurricanes, storm surge, and a myriad of new challenges caused by inclement weather.

If you have not spoken with your agent at Coastal Wealth Insurance LLC, serving the Fort Lauderdale, FL area, to make sure your home insurance is adequate, now is a good time to do this.

Your agent will look for insurance gaps, check the valuations used to calculate policy limits, and make suggestions about things to consider, to improve insurance protection.

Insurance Gaps

Gaps in insurance are things that it would be a good idea to have protection for that may not be adequately covered by existing home insurance. Flooding is a common problem and not usually found in the typical home insurance policy. It has its own separately policy. Hail damage is another thing to check. Damage from high winds is different from damage from a storm surge caused by high winds. Your agent will help you understand the details.

Be sure to discuss with your agent the insurance protection for the personal property that you have as well. If you own many valuable things, you may want to itemize them for special protection.

Replacement Cost

It is important to evaluate the home insurance policy limit. An adjustment may be needed. Usually, the limit is based on either the market value of the home and/or the replacement cost of rebuilding the home if it is damaged by a covered peril.

Home values may change over time if the market goes up or down. Construction costs also change. To make a recommendation, your agent will make a calculation based on the current home value and local construction costs to see if the insurance protection is adequate.

Get an insurance review and a home insurance quote by calling 954-331-5046 to speak with your agent at Coastal Wealth Insurance LLC in Fort Lauderdale, FL or use the convenient online form.

Dealing With Ice Damage Using Home Insurance

Though Fort Lauderdale, FL doesn’t typically get very cold winter weather, ice storms do happen from time to time. When this happens, your home will be affected in a multitude of ways. So please let us at Coastal Wealth Insurance LLC help you better understand your coverage options.

Some Types of Ice Damage are Not Covered

Though home insurance typically covers many issues, there are some instances of ice damage that it may not cover. For example, Florida homeowners who don’t properly manage an ice dam on their roof may find their policy unwilling to pay.

Simply put, these issues are classified as negligence by the insurance company. This fact is true even though Florida homeowners may have never experienced an ice dam in their lives. Thankfully, not all ice damage is negated by the negligence rule.

What Ice Damage is Covered

Though some types of ice damage are not covered by home insurance, many are covered. For example, a surprise ice storm in the middle of an otherwise mild Florida winter could cause a multitude of problems, including damage to electrical lines, issues with siding, and much more.

In fact, homeowners in Florida may need this type of coverage more than they think because they likely don’t have the skill and knowledge necessary to prevent this kind of damage. And negligence – an issue that can plague many claims for ice damage – could negate your claim and make your repair bill even bigger.

Find Protection for Your Home

So if you are worried about occasional ice damage unexpectedly affecting your Fort Lauderdale, FL home, please contact us at Coastal Wealth Insurance LLC to learn more about your home insurance options. Our experts will work hard to ensure that you get the policy that you need.

Ways to Make Your Property Safer

Your homeowner’s insurance policy is designed to protect your financial interests. This includes accidental injury that occurs on your Fort Lauderdale, FL property. However, there are some simple ways for you to reduce the likelihood of injuries and accidents on your residential property. Use these tips from Coastal Wealth Insurance LLC to keep your visitors and family members safe when they’re at your home.

  • Childproof your home. Even if you don’t have children, things like outlet covers, cabinet locks, and security devices for corded blinds reduce the chance of visitors of all ages from inadvertently hurting themselves.
  • Do periodic visual inspections of the grounds surrounding your home. Note damages like cracked pavement, deep holes or gouges in the landscaping, or building materials that appear warped. Make a plan to repair these items.
  • Install solar lighting around your driveway and walking paths. This will ensure that visitors can clearly see each step as they move around your property at night. Using solar lights is a great way to increase security without too much of an investment.
  • Keep pools, spas, and jacuzzis covered whenever they aren’t in use to prevent accidental drownings. If you’re using the feature as part of your entertainment activities, designate a responsible adult as a lifeguard throughout the event.
  • Don’t let your shrubbery and decorative plants cover walking paths. These can be a slipping hazard. Make sure to trim back your foliage to give visitors ample right-of-way through your yard.
  • Install radon and carbon monoxide detectors to reduce the amount of potentially harmful particles in the air.
  • Close off rooms that contain dangerous materials and equipment. You may need to temporarily relocate some items to keep them out of the way of curious visitors.
  • Install security cameras throughout the property. These don’t actually stop accidents from happening. However, if an accident does occur, a camera can provide vital evidence that can positively impact any possible court cases.

Coastal Wealth Insurance LLC carries homeowner’s insurance policies for residents in the Fort Lauderdale, FL area. Let us know how we can help you protect your most important asset.