Founded in 2000, Gulf
Coast Insurance, LLC, is a
leader in providing quality
protection for hundreds of
individuals, families, and
businesses throughout
southwest Florida. Superior
customer service and
low rates along with our
ability to understand our
customer’s coverage needs
drives the success of our
agency. By offering world
class protection for your
auto, home, flood damage,
business, and life insurance,
we make sure that you’re
covered today as well as in
the future, so that you can
focus on what’s important
to you and your family. At
Gulf Coast Insurance, LLC,
our #1 job is to assist you
in identifying your needs
and problems while putting
together a customized plan
that’s simple and easy to
understand.
239.403.3940
7795 DAVIS BLVD SUITE 205
NAPLES, FL 34104
INFO@GCIMAIL.COM
GULFCOASTINSURANCE.COM
YOUR HOME MAGAZINE® | 25
type of loss settlement is replacement cost. In this
case, your belongings are covered for the amount
that it would cost to replace that same item at the
time of the loss. For this reason, the replacement
cost coverage does carry a higher premium. In
addition to considering the type of loss settlement,
you will want to also consider the actual items you
are insuring, and whether your policy is adequately
covering those items-especially in the event of a loss
due to theft. Did you know that most policies have
a maximum amount that they will pay out on items
like jewelry, fine arts, furs, and firearms, which
generally maxes out at around $2,500? For items of
value, it is important to consider scheduling those
items onto a personal articles floater to ensure
financial protection.
In the event that you are unable to live in your
home due to a covered loss, your homeowner’s
policy will also afford coverage for such a situation
through the “loss of
use” coverage portion
of your policy.
This item is generally
a pre-set amount
determined as a set
percentage of your
dwelling coverage.
Yet another important
coverage included
under your
homeowners insurance
package is your
liability coverage,
which will generally
include a separate
limitation for medical
payments. These items are set up to directly
protect you and your family’s assets in the event
that someone sues you for damages incurred on
your property, or as a direct result of a member
of your immediate household. Keep in mind that
most policies will have either separate exclusions
or endorsement requirements for animals (even
household pets) as well as trampolines, watercraft,
ATVs and pool slides/diving boards. Be sure to
consult with your agent if you feel that any of these
exclusions could result in a gap in coverage.
As you probably know, in the event of a loss there
will still be some financial obligation that remains
on your shoulders, prior to any payment being
made by your insurance carrier. These amounts
are of course known as your “deductible”. For this
reason, it is important to choose a deductible that
fits your financial comfort level. Policies including
wind will have two separate deductibles. Your first
deductible, known as your “all peril” deductible will
be a fixed amount (ie. $1,000, $2,500). This deductible
will apply to any covered losses other than a “named
storm”. Your second deductible will be your hurricane
deductible, which for many years was required to be a
set percentage of your dwelling coverage (typically 2,
5, or 10%), however there are many carriers that now
offer either a diminishing or flat hurricane deductible,
which can significantly reduce your out of pocket
obligation. You will note that of course, there is a direct
relationship between the deductibles you select, and
your total premium—the higher deductible option
selected, the more you can expect to reduce your total
premium, and vise versa.
On that note—flood insurance, flood insurance,
flood insurance! Time and time again, I explain
coverage to my clients and I get the same
response—”right, but if we have a hurricane,
and we get so much
rain that it causes
water to rise into
my property, my
homeowners policy
will still cover that,
right?” —Wrong.
Unless you have purchased
by separate
endorsement, your
homeowner’s insurance
policy specifically
excludes such
coverage. Any rising
water, as an act of
God, is covered only
under a flood policy.
For more information, I encourage you to visit
floodsmart.gov which is an excellent resource for
homeowners interested in evaluating their potential
risk.
The last thing to consider is your availability of
credits. From the roof that you recently replaced,
to the security system that was just installed, or the
guard that greets you in your community, there
are all kinds of credits available to homeowners in
our area, so make sure that you currently receiving
any and all credits that you may be eligible for. In
addition, if you have not had a wind mitigation
inspection completed on your home, and it was
built prior to 2002, you are potentially missing out
on 30-40% in premium reductions based on items
ranging from the shape of your roof to the way your
roof deck is attached. Consult with your agent to
make sure that you are maximizing your savings!
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/floodsmart.gov
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