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701 Riverside Park Place
Suite 202, Jacksonville, FL 32204

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Featured Insurance Blog

How Renovation Projects May Impact Home Insurance Policies

925 Partners offers insurance to the Jacksonville, FL community, as well as the surrounding areas. We work closely with our clients so that they can find coverage that directly aligns with their vision. We have relationships with over 80 carriers across the country. We are confident that we can help you find the coverage that you deserve.

How Renovation Projects May Impact Home Insurance Policies

Your Jacksonville, FL home is a significant investment. You also have to weigh multiple responsibilities and obligations as a homeowner. Securing insurance is important because it allows you to protect one of your most prized possessions. Home insurance covers any damage to the structure of your home, as well as your personal items. You won’t have to worry if your personal items are stolen. As a Florida resident, you are aware of the dangers of inclement weather passing through the area. Home insurance covers your property if inclement weather moves through the area and causes damage. Liability coverage protects you if a visitor is injured on your property or if you accidentally cause damage to someone else’s property.

At some point, perhaps you plan to undergo a home renovation project. If you want to add new amenities to your home or make repairs, that will change the value of your home. These changes will also impact your home insurance. You will have to adjust your policy to ensure that you remain fully covered. Your standard coverage may not protect your increased living space or a new kitchen. If you plan to install a swimming pool, you should adjust your liability coverage to cover this high-risk accessory.

925 Partners Will Help You Find The Right Coverage

Visit our website to learn more information about home insurance.  

Home insurance rates in Florida are on the rise…We can help.

Written by: Austin Williams, Vice President – Personal Division

I wanted to give an update on the Florida insurance market. As I am sure most of you are aware if you have shopped your homeowner’s insurance policy recently or received your renewal for your current homeowner’s policy, rates in Florida are going up and carriers are getting stricter on the business they write.

According to an article posted in the Insurance Journal this past October, unchecked claims litigation from non-catastrophe water losses is on the rise and a major cause for rising rates. There has been little help from Florida legislation regarding this issue. Year over year, there has been a significant increase in claims that go to litigation which has furthered losses these carriers are seeing. Barry Gilway, president and CEO of Florida’s Citizens Property Insurance Corp., said “litigation for the state-run insurer of last resort has increased in some parts of Florida by 500% in the last four years.”

All of this has caused a volatile Florida insurance market. The reinsurers (a company that provides financial protection to insurance companies) for the Florida carriers have responded to these large losses by increasing renewal rates for the carriers by an average of 25%-30% – the largest increase in 15 years. These reinsurance costs are the largest expense for some carriers and often dictate a company’s underwriting guidelines, how much business they can take on, coverage reductions, etc.

What does this mean for the Florida homeowner? Lack of availability, reduced coverage, increased premiums, and stricter guidelines, particularly for your roof and the plumbing of your home. To curb claims and continue to be profitable, carriers are taking drastic measures to offset these large losses, such as no longer accepting homes built before 2010, only accepting a roof that is 10 years or newer, and limiting or even excluding water damage on older homes.

This is affecting all carriers that write in the state of Florida, but not all carriers are equal in their rate increase and what they require. Some carriers are only taking a 5% increase, while others are increasing upward of 50%. While some carriers are limiting their roof age, others are still accepting shingle roofs with no age limit, assuming they are still in good condition.

The market in Florida is getting tough, there is no doubt. That is why it is more important now than ever to find an independent insurance agent that will take the time to help you find the best coverage for your home and an annual premium you are comfortable with. Our agency, 925 Partners, will take the time to make sure you have exactly what you need.

Please give me a call at 904.906.6162 or call our main office line at 855.925.1200 or visit our website for more information: www.925partners.com

3 Tips for Buying Home Insurance in Florida

Your home is a valuable asset, probably the most valuable asset you have in Florida. That’s why it is so important to protect your property in the event of fire, theft, or liability, for example. If you’re looking to buy your first home insurance policy, or upgrade an existing one, follow these three simple tips to help you get started. Read on to learn more. 

1. Compare Several Quotes

It just makes sense to compare more than one home insurance quote with a reputable agent. Not all policies are the same, and you need to be aware of what you’re getting at what cost. Go over each quote in detail to fully understand the policy before making a final decision on the right one for you.

2. Bundle Your Policies

Have auto insurance? Life insurance? If so, talk to your insurance agent about bundling your policies under one carrier. This could get you a discount on your premiums. Insurance companies enjoy rewarding loyal customers, and this is one way they do it. Talk to your insurance agent in Jacksonville, FL about other ways to save, such as a senior citizen discount. 

3. Work with a Reputable Agent

Navigating the insurance buying process shouldn’t be something you do alone. Instead, work with a friendly, reputable insurance agent to help you compare quotes, bundle policies, and find the right home insurance policies for your needs and budget.

To learn more about purchasing home insurance, contact 925 Partners today, serving Jacksonville, FL. Our agents are standing by right now to take your call and answer all your questions and concerns. 925 Partners can be reached right now at 855-925-1200.

Do I need to create a home inventory?

Owning a home comes with a lot of responsibility. As a homeowner, you are responsible for the care of your home. Part of that care involves choosing the right home insurance. You want to make sure that you have adequate coverage and that you are dealing with a reputable company. At 925 Partners in Jacksonville, FL, we are Independent Agents, and we offer insurance products from the highest quality carriers in the business. 

A home inventory is something that every homeowner needs to consider. While everyone hopes that they will never have to deal with a catastrophic event, having done a home inventory will allow the claim process to be a lot less painful. Most people have many more possessions than they realize. Imagine trying to remember what was in your linen closet after a house fire or a hurricane? It doesn’t take a lot of imagination to understand how stressful that would be. 

A home inventory provides the proof you need to verify the things that were in a room before it was damaged or destroyed. Depending on how much damage there is, there may not be much left to remind you of all that you had. A home inventory is a combination of a list, photos or videos, and receipts. It should also include as much detail as possible. 

It is bad enough having to go through a catastrophic loss, trying to reconstruct your home room by room and closet by closet is just too much to ask. So to answer the question, do I need to create a home inventory, the answer is yes and as quickly as possible. Be sure to store it away from your home in a safe place. When you are ready to discuss your home insurance needs, give us a call or stop by at 925 Partners in Jacksonville, FL for a no-obligation quote. 

Home Buyer’s Guide to Insurance

The housing market in and around Jacksonville, FL is growing strong, meaning more people are looking to buy homes. This is an exciting time to be a buyer, but it can also be a confusing experience. 925 Partners wants to make the process easier. That’s why we’ve put together this short, handy guide to help navigate home insurance for new buyers.

Do I need home insurance?

The state of Florida does not require homeowners to insure their property. However, there is a good chance your mortgage company will. Furthermore, a homeowner’s insurance policy will cover your house in the event of a disaster. Without an insurance policy, you will end up having to pay for any damages alone.

Can property features affect my insurance?

The location and condition of your chosen home can affect the kinds of insurance you’ll need. Some property features to consider when looking for a home include:

  • Special Features – Swimming pools, hot tubs, and large fountains all require technical care and, therefore, special insurance considerations.
  • Flooding Risks – Flood insurance is never covered by a standard homeowner’s policy. If the area is prone to flooding, you’ll want a specific flood insurance policy.
  • Coastlines – If your chosen home is closer to the Florida coast, you’ll want to consider coverage for windstorms and hurricanes. 
  • Age and Condition – Older homes can carry higher liability risk, especially if they are poorly maintained. It’s crucial to inspect the condition of the roof, foundations, and fixtures. A home that is not up-to-date with modern codes can be extra hazardous during a disaster.

What should I do before I buy? 

Contact your home insurance professional to get estimates and qualifications on the houses you have your eye on. 925 Partners of Jacksonville, FL offers policies across the state of Florida, and we can help you select the perfect policy before you move in. We can also answer any questions you have about coverage online, by phone, or in person. 

 

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