Selecting Deductibles for Fort Lauderdale, Florida Insurance Policies
Insurance Authority Makes It Easy !
Florida residents in particular should fully comprehend the importance of selecting appropriate insurance deductibles prior to obtaining Florida insurance policies. Why? Because what you may not know, your pocketbook may find out—the hard way—in the unfortunate event of a claim.
More often than not, surprises are great! But not when it comes to insurance. Countless individuals remain mistaken in their assumptions that in the event of a claim they are “fully covered” as long as an active insurance policy covering said claim is maintained. Wrong! All selected deductibles must first be applicable and satisfied by the insured prior to any insurance compensation payout. And given the gamut of Florida insurance deductibles today, the loss may prove even more devastating than originally anticipated if high deductibles were chosen. Don’t set yourself up for an insurancesurprise. Know the facts beforehand and understand your options!
A classic example of the above is a typical Florida windstorm policy. Deductibles on these policies range anywhere from two percent (2%) to ten percent (10%) of the total insuring amount for specific windstorm-related claims. Although these percentages may appear minimal, it is important to “do the math” and then translate the same into dollars prior to making your deductible decision. For instance, if you are insuring your home for $200,000 and opt for a 2% deductible, in the event of a covered loss resulting from a hurricane, your deductible would be $4,000. On the other hand, opting for the 10% deductible results in your responsibility to cover the first $20,000 in damages. As you can easily surmise from this example, the monetary difference between the two percentages is quite substantial to say the least!
Naturally, higher insurance deductibles translate to lower annual premiums. But are you in a financial position to cover these certain deductibles in the event of a claim? Before signing on the bottom line, protect your assets by first seeking the advice of a licensed, knowledgeable insurance agent. Your local Florida independent insurance agent will gladly assist you with ease in your decision-making by providing various examples, explanations and the like so that in the unfortunate event of a claim, instead of surprises, you’ll have peace of mind.
If you still have questions or aren’t sure about the right deductibles for your home or business in Fort Lauderdale, than simply drop us a call back request for one of our professionals to call you back: http://insauth.com/insurance-quote/