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Floridians are no strangers to danger. Whether we are hunkering down to take cover from powerful hurricanes or braving the traffic that our thriving tourism industry brings to our state, we rely on insurance to give us peace of mind, and to help us get back on track in the event of a natural disaster or accident.
Even if you have homeowner’s insurance (required by mortgage lenders, but important even for those who don’t have a mortgage), or commercial property insurance, coverage for flooding is not included and must be purchased separately. Thinking that just because you haven’t experienced a flood in the past decade or more, and therefore you don’t need flood insurance, is to put your most valuable asset, your home or your business property, in jeopardy.
Owning a business means more than attending to day-to-day operations, it means thinking about all those “what ifs?”. In Florida, what ifs include damage from hurricanes, lightning strikes, fires and any number of disasters that can affect your ability to keep your business up and running.
Once you’ve totaled everything up, you expect your insurer to honor all the terms of your policy. After all, you’ve diligently paid your premiums since you’ve owned your house. So, it may come as a shock when the insurance company offers you far less than you expected and what you need to accomplish all the repairs and replace furniture, clothing, utensils, appliances and other assets.
Your deductible is the amount of money you have to pay before your claim is settled. When you purchased your homeowner’s insurance, you decided how much that deductible would be. Generally, it’s based on what you think you can afford.