Time to check and update your insurance policies
The New Year is a good time for resolutions and for doing a review of your insurance policies. This may save you from a nasty surprise in case of a loss. Many people I speak with tell me that they have “full coverage” usually that means the full required insurance, but actually it’s simply the minimum coverage allowed. A few minutes now may save you a lot of misery later.
Personal Injury Protection (PIP): This insurance pays 80% of your medical bills after an accident. This is required, but you may still have a deductible. If you have a deductible, get rid of it.
Medical Payments (Med Pay): This is an optional coverage, it would pay the leftover 20% from PIP and then pay additional medical bills up to the limit of coverage. You should have at least $10,000.00.
Underinsured/Uninsured Motorist Coverage (UM): This is also an optional coverage. It covers you in the event that you are injured by a driver with no bodily injury coverage. (Bodily Injury coverage is not required in Florida.) You should have at least $20,000 but I would recommend at least $100,000.00.
Water damage: Policies are now being written with water damage exclusions or low limits on water damage claims. A water loss can easily do $50,000 to $100,000 damage to your home. If you have a water damage exclusion or low limit have this eliminated.
Mold damage: Like water damage, policies are now being written with mold damage exclusions or low limits on mold damage claims. Mold also can easily do $50,000 to $100,000 damage to your home. If you have a mold damage exclusion or low limit have this eliminated
Dogs: Many policies are now written with dog bite exclusions. If you have a dog you need to have this coverage.
Flood Insurance: Homeowners policies do not cover floods, which is interpreted as any ground water intrusion. You must buy a separate policy for this.
Finally, if you have Peoples Trust Insurance, get another company immediately. It is absolutely the worst company to deal with and requires you to use their own company to repair your home. This company Rapid Response has in every instance I have seen uses substandard materials and workmanship. They will only take orders for repairs from the insurance company and you will not have any input into how your own home is repaired.