Being a homeowner is one of the biggest financial investments that you will ever make. A homeowner policy will help protect your home if the loss incurred was caused by a covered peril.
Insurance policies will vary between insurers so it’s always a good idea to speak to us to determine what coverages would best fit your needs. We have multiple carriers to choose from to find both the best rates and coverages for you
Did you know that if you lower you home insurance premium you house payment may go down if it is escrowed?
Being a homeowner is one of the biggest financial investments that you will ever make. A homeowner policy will help protect your home if the loss incurred was caused by a covered peril.
Insurance policies will vary between insurers so it’s always a good idea to speak to us to determine what coverages would best fit your needs. We have multiple carriers to choose from to find both the best rates and coverages for you
Did you know that if you lower you home insurance premium you house payment may go down if it is escrowed?
What Makes Us Different Than Other Agencies?
- American Casualty Insurance Inc. has been in Florida since 1992. We have developed long term relationships with many home insurance companies that our competitors may not have access to.
- What does that mean for YOU? We have the ability to quote MULTIPLE HOME INSURANCE COMPANIES, not just one, which saves YOU Time and Money from shopping around yourself.
Rates
- Property Insurance Premium Base Rates are developed using several factors
- The location of the property: The city, county, zip code can be used to establish the territory.
- The amount of coverage on the dwelling.
- The fire protection class: The rating of the fire department in that territory. The ratings range from 1-10 established by the Insurance Services Office. A rating of Class 1 represents exemplary fire protection, and Class 10 indicates that the area’s fire-suppression program does not meet minimum criteria.
- Mitigation Credits given for certain items that help reduce hurricane/windstorm losses.
- The construction of the dwelling such as wood frame, concrete block, brick, etc. Companies charge different premiums based on the fire resistance of the construction material.
- Some insurance companies charge a higher premium according to the age of the home.
- Some insurance companies charge a higher premium if you didn’t consistently maintain prior homeowners coverage.
- Property Insurance Premium Base Rates are developed using several factors.
- After the base rate is determined, other rating factors are applied to determine individual surcharges and credits. Also, assessments currently due are added to the base rate to determine the final rate.
- In most instances, an insurer must charge the rates filed with the Office of Insurance Regulation. However, with written consent of the insured signed prior to the policy inception date, the insurance company may use a rate in excess of the otherwise applicable filed rate on any specific risk. This is also referred to as A Rating or Excess Rates. An insurance company may not use a consent to rate form for more than 5 percent of its personal lines policies written or renewed in each calendar.
What Underwriters Look At
- Underwriting guidelines vary between insurers. However, below are a few of the most common things an insurer reviews when determining whether to insure a new property or how much to charge. They also use this same underwriting to determine whether or not to offer a renewal policy.
- The insurer may consider the age of the home, roof, plumbing, electrical wiring or the heat and air. They consider the condition and location of the home and who occupies it. They may refuse to insure an individual that owns certain animals. Most insurers believe the presence of certain animals on the premises increases liability risk. The credit and loss history of the applicant is also considered. If the insurer does make an underwriting decision based on adverse information contained on a credit report, they must furnish the insured with a copy of the report or provide the name, address, and telephone number of the reporting agency.
- If an insurer refuses to insure an applicant or if it decides to non-renew or cancel an existing homeowners policy, it must provide advance notice to the insured and provide the specific reason for their decision. This is discussed further in the nonrenewal – cancellation information.
Homeowner Tips
- Prepare a Home Inventory Checklist! A home inventory – along with photos and proof of ownership – will make it easier to file an accurate, detailed insurance claim in case your home is damaged or destroyed. When you have a loss, it is your responsibility to know what property you have, when it was purchased, how much you paid for it, and how much it will cost to replace it. You should also keep receipts for large purchases, or keep your credit card statements. You may be asked to prove that you ever owned the item in question. It is always a good idea to take pictures or videos of your property as well.
- Keep a copy of your important documents in another location! In the event your home is totally destroyed, you would have copies of all your important documents including receipts you may need to settle a claim with your insurance company.