#15: Biggest Insurance Mistakes FL Homeowners Make

As we head into hurricane season each year (we have about a month left!), there are so many assumptions we see Florida homeowners making when it comes to their insurance (especially in the summertime) which leave them and their property completely vulnerable. 

How do we know? Because this is what many of our clients have said to us, and we’ve tried our best to educate on:

Assumption1: I don’t need flood insurance because I don’t live in a flood zone 

Assumption 2: I don’t need insurance on my condo. My HOA dues pay for that

Assumption 3: I'm automatically covered for hurricanes - it's Florida!

Well, call us crazy but as real estate agents we can say with certainty that none of those assumptions are true. In fact, the most common insurance knowledge we see that people think they have is actually riddled with complete misinformation. 

Now, we can’t and won’t blame buyers and Florida homeowners because that’s not their area of expertise… and technically it isn’t our’s, either. Which is why on today's episode, we bring you Bryce Wright, licensed insurance agent right here in Ft. Myers.

Bryce is going to help us debunk these myths once and for all, so you can keep your home safe this hurricane season! 

Why should you care? Because if you own property in Florida, or you are thinking about buying a place here, you owe it to yourself to ensure that your biggest asset, likely your home, is truly protected from natural disasters like hurricanes and floods. 

>>Episode 15: Hurricane Season is Coming: The Biggest Insurance Mistakes FL Homeowners Make

On today's episode, we're talking about: 

1. Snowbirds purchasing the wrong type of policy (we bet you didn’t know that your place might not be covered if you have a leak and aren’t here for a few months)
2. Not understanding exclusions to your policy when it comes to hurricanes (nope - pool cages and wind coverage isn’t automatically included in Florida)
3. Ways to save money on your wind insurance (have you heard of wind mitigation certificates?)
4. Not understanding what your hurricane deductible is and how it works (depending on the value of your home, you might not even want to file a claim if you have wind damage because your deductible is so high)
5. Failing to get a contents policy for your condo because you think your HOA covers that - think a leak from your upstairs neighbor ruining your stuff…)
6. Not getting insurance at all if you don’t have a mortgage (PSA: FL doesn’t require any insurance if you pay cash)
7. Thinking you don’t need flood insurance because you don’t live in a flood zone (remember that 15ft. storm surge estimated for Ft. Myers when Irma hit?
8. “Excluded Water Damage” on homes older than 35-40 years. This is a general rule that almost every insurance company here in Florida applies to older homes