Having just lost nearly everything in hurricane Michael... here’s a few tips for Florida gulf coast homeowners insurance (sidebar):
- You are likely underinsured. Rebuilding a house is $150/Sq ft at a minimum.
- You are definitely underinsured in additional structures.
- Opt in for 50% law and ordinance coverage. The standard is 25% if you do nothing. This extra pot of money will save your ass in several situations. It’s cheap.
- Get replacement cost coverage (not actual cash value) for your personal property. It’s a bit more expensive than the L&O bump up to 50%, but worth it.
- Read the text of your actual policy...and keep up with year to year changes to it. Pay particular attention to named storm exclusions. You can get different underwriting, riders, separate policies, etc. to fill the holes you find.
- When the disaster happens, and it will, step 1 is read your policy again in detail.
Welcome to redneck paradise! Stay off my fishing spots.