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Mortgage lenders usually insist that you have a homeowners policy in place to protect the bank’s investment. While the State of Florida doesn’t make people carry insurance, it’s wise for every homeowner to have protection. But understanding how much and what type of policy can be complicated. At McCormick Insurance Inc., our professionals are available to help members of the Pembroke Pines, FL community select a policy that meets your needs. We’ll work to answer your questions and help you avoid being underinsured.
Replacement Costs
It’s a common error for homeowners to associate the value of their homes with replacement costs. That happens because properties can depreciate in some ways and the home market fluctuates. In Florida, policies are supposed to be based on replacement costs. But arriving at a comprehensive figure can be difficult.
The average home replacement cost can run about $150 per square foot. And while you may be able to rebuild a home at that price, it won’t likely include any high-end detail or specialized materials. That number also doesn’t necessarily account for razing, removing debris or recent changes in building code compliance.
The basic point is that replacement costs are fluid and it’s important that you revisit and update your policy on a regular basis.
Flood and Natural Catastrophe Insurance
We’re all well aware that Florida has endured its share of hurricanes, floods, and natural disasters. What many homeowners often overlook the fact that most policies do not cover flooding and other devastating losses. It’s imperative that you have appropriate, additional coverage in the event of a loss. The last thing you want is to be hit with the major cost of flood damage remediation.
At McCormick Insurance Inc., we are committed to serving the good people of Pembroke Pines, FL. Our insurance professionals are available to create a policy or update an existing one that provides you with secure coverage.