Is my insurance coverage adequate?
Check your policy for flood and windstorm coverage
Standard homeowners policies do not cover flood damage caused by rising water. There is a 30-day waiting period from the time you purchase flood insurance to the time it takes effect. Your policy may have recently changed and may not include windstorm coverage. Check our 100-year floodplain map to see if your area is in danger of flooding during heavy rains.
Make sure you have adequate coverage
Consider increasing your coverage if your policy doesn't cover the current value of your home and its contents. If you live in a condominium, check what coverage you have through your condominium association. Know the coverage for which you are responsible.
Find out if your policy will pay replacement cost or actual cash value in the event of a loss
Replacement cost is the dollar amount needed to replace or repair your damaged property with materials of similar kind and quality. Actual cash value is the dollar amount needed to replace or repair your damaged property after depreciation. Yearly inflation or renovations increase the replacement cost of your home and its contents, while the actual cash value may decrease over time.
Update your list of personal belongings
Make an itemized inventory of your belongings, including costs, purchase dates and serial numbers. Dated photographs or videotapes of your possessions are a good idea. Keep a copy of your important insurance records in a safe deposit box or with a relative or friend.
If you have an insurance question or problem, call the Insurance Consumer Helpline at (800) 342-2762 or the TDD line at (800) 640-0886. Their website is www.doi.state.fl.us
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