Homeowners Insurance FAQs

How did you come up the dwelling replacement cost of my home?
Actual Cash Value vs. Replacement Cost Coverage
What is the rating of the insurance companies you represent?
Is my screened enclosure covered?
What is the rating of the insurance companies you represent?
Is my personal property covered with replacement cost?
Is water/sewer back up covered?
Does this quote include coverage for my house against sinkhole?
Does this quote include coverage for my house against mold?
Does this quote include coverage for my house against flood (rising waters)?
What happens if I have a claim?

How did you come up the dwelling replacement cost of my home?

This is an important figure, as some agents will try to use unrealistically low values to show you a lower premium. We don’t guess at this value. This value is calculated using the leading replacement cost estimator by Xactware. This value can be adjusted up or down if needed. We are happy to provide a copy of the replacement cost estimate as well, if requested.

Actual Cash Value vs. Replacement Cost Coverage

The cash value and replacement cost are different. Read our examples and scenarios to better understand the difference.

What is the rating of the insurance companies you represent?

All of the insurance companies we represent have strong financial ratings either by AM Best or Demotech. We invite you to check the financial rating of the company we’re offering you by visiting either:
– AM Best (www.ambest.com) requires free registration
– Demotech (www.demotech.com) no registration needed

Is my screened enclosure covered?

Some of our companies will cover your screened enclosure at no additional cost, while some of our companies will charge an additional premium for such coverage. If you have a screened enclosure, we make sure that we provide you coverage for it and will quote you the best rate we can find on it. Feel free to ask your agent for more details on this.

Is my personal property covered with replacement cost?

Yes, always. We only offer quotes covering personal property with replacement cost unless you ask us in writing to do otherwise.

Is water/sewer back up covered?

Most homeowners policies do not automatically cover water/sewer back up coverage therefore we recommend our clients add such coverage to their policies – with many companies it only costs $25 – $50 yearly in additional premium. Ask you agent for more details on why this coverage may be important to you.

Does this quote include coverage for my house against sinkhole?

Most carriers will provide catastrophic coverage for sinkholes as an included benefit, however there are limitations. If the loss is not considered catastrophic, you would need to purchase a separate sinkhole endorsement in most cases. If this is important to you, please ask your agent for more details on how to obtain.

Does this quote include coverage for my house against mold?

Yes, most home insurance policies in Florida will offer $10,000 of mold coverage and this limit can be increased for an additional premium.

Does this quote include coverage for my house against flood (rising waters)?

It does not. Home insurance policies generally do not cover homes against flood (rising waters). To be properly protected against flooding a flood insurance policy is needed and recommended.

What happens if I have a claim?

We truly believe this is where we shine to our clients. Should you have a claim, we ask our clients to contact us and let us coordinate the claim with the insurance company since we know and understand insurance policy language. We want to be there with you should a claim occur.

What happens now?

Our sales approach is simple: If the quote we sent you is competitive and you’d like to move forward or have any questions, simply reply to us or give us a call. We’ll handle the complete process & answer all your questions.

Even if you get a lower quote from a competitor, we’d be happy to go over it with you, just to make sure you’re getting the best possible value. We’ve done this many times….and sometimes we find that the program is not providing what the homeowner needed. Other times, it’s a great deal. Either way, we’ll let you know. Our goal is to educate, not sell. We can always re-shop the rate again the following year for you. Rates in Florida are always changing.

June 5th, 2014 by Interactive Insurance Agency of America, LLC