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Homeowners Insurance and Racecars

You are excited to buy the house, you've researched the school districts, analyzed cash-flow, exact distance to the nearest grocery store, and thought about each square foot. You make the big decision to place an offer and usually don’t even consider the insurance until you're headed to the bank. Buying a home or condo in Fort Walton, Destin, or off 30A is like buying a racecar- you either need to be well prepared for what you're getting into or know someone that does.

 

In many cases everything turns out fine and getting an insurance policy is no big deal but there are cases where you get hit with a big surprise: maybe you didn’t budget for the flood insurance the bank is requiring or maybe the homeowners insurance is more than you expected. Like a racecar, there are a million moving parts and if any one of them goes bad, the whole thing can stall. You need a team behind you, one that can put the parts in order and check all the components before sending you out on the road. An insurance agency is more than just one person, there's a pit-crew when you set off, when you need help, and all in between.

 

Buying homeowners insurance is like buying tires for your car. I have a friend who buys used tires and will just drive on them until they blow out. He gets what everybody says they want- the cheapest option, right? They still get him from A to B. Most of the time. I've tried convincing him that if you pay twice as much for tires that last three times as long, he'd be better off. With homeowners insurance, the cheapest option is not always the best option. There's more to it than that.

 

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Buying the wrong size tire can worsen your gas mileage or even cause your brakes to fail, which is obviously a waste money and safety in the long run. Why pay for them if it wont actually DO anything when it really counts? One way to save money on homeowners insurance is to reduce the coverage amount, which could be devastating in a total-loss situation. Putting mud tires on a Porche may be cheaper than those expensive nitrogen-filled ones they try to sell you, but maybe there's a middle ground for people that want the best of both worlds? Again, this is where an independent advisor can help. There are ways to save on the insurance premiums that don’t give up safety and protection.

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I certainly trust a tire brand I recognize, maybe one that's been around a long time with a proven track record. Some insurance companies have been around a long time and have paid out millions in claims. Stick with a winner and don’t roll the dice with a company that has never even seen one hurricane, your agent should know which ones are reliable and can guide you in making a choice. See our recent blog post "How strong is your insurance company" for more on this topic. Our agency has been through 16 Florida hurricanes, helping claims get paid and people getting their lives back for over 40 years.

 

We want to be on your team and help you achieve your ambitions. We can help you find ways to save money without giving up protection and are committed to finding the best policy for you at the right price. Check out the rest of our website for more products we offer and feel free to contact us today!