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| .......But First He Did His Homework At CHOICE |
"This Little Piggy Went to The Market…."
To say there is exciting news concerning Insurance sounds like an oxymoron. …but as bored as I am with insurance this perked me up a bit. The State of Florida has tweaked and redesigned a program that began in 2007 the new acronym is CHOICES. Apparently it is a way to compare cost of insurance from county to county. Do not get the idea that you can go there and put in your data and instantly an insurance quote will appear. I want to repeat emphatically this is not a way to get a quote quickly!
But still it is a good starting point. I usually ask the Title Companies who they are seeing most of the hazard insurance policies being written with…..and that is certainly a valid way to start the process. But CHOICES is more factual than anecdotal in its approach. In each county you have 2 subject homes….
· $150,000 home built prior to 2001
· $300,000 home built in 2005
So for each county you can see these 2 entirely different homes and what typical insurance will cost for each. The idea is that in some counties one company might be the highest yet in a county in a different part of the state it could be one of the lowest. So if you are on a strict budget you could check out the lowest 5 on the list for the county you intend to live in. If you are concerned with the ability of the companies to pay claims you might look to a company closer to the top.
There are all sorts of disclaimers from the state emphasizing that the figures stated do not include deductions say for wind mitigation and it certainly is not an endorsement of any particular company but it is a bench mark to encourage consumers to shop around. Many folks come into the state from other areas and have had a previous relationship with a particular company but the company does not insure in our state but will make an exception …….Please be very careful about that this favor the company is granting you ! Compare coverage with in state carriers and ask the agent for the rating that the company is given by the State Insurance Department. High ranked companies are often financially backed by the state when large scale events occur as in hurricane season……
The Message is Shop around, compare….this home is probably your single largest investment you will ever make ….You will be happy you did!
Check out the website at http://www.floir.com/choices
For more Realty Information go to theguthrieteam.com or for IDX and great listings go to greatercrestviewhomes.com
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