Quote:
Originally Posted by astrochex
Its a fairly new build home, only 7 years old. I have not checked our policy lately, but I am under the impression that the lender required us to maintain a certain amount of coverage. I will do my homework to confirm that.
Storm damage, particularly in the form of hurricanes is the primary risk. Flooding as a result of storms is a lower probability risk.
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I am an insurance broker in NJ, our market isn't much different than Florida. There are several aspects to your question.
1. What is your appetite for risk? What does your financial picture look like?
2. The Florida Insurance Market is in turmoil right now much like ours. Carriers are leaving your state in droves and those left are increasing rates. Our carriers are requiring 100% replacement cost coverage. They will run a replacement cost estimator and increase or decrease your coverage accordingly and bill you or send a refund.
3. the lender required you to carry either the loan amount or the replacement value of your dwelling.
Do you have an agent? Have you consulted with them?