Many homeowners are finding the cost to rebuild is more than what they were reimbursed through their home insurance policy.
Naples, Florida (PRWEB) March 19, 2013
The insurance agents at Gulf Coast Educators Insurance in both Naples Florida and Port Charlotte Florida now offer law-and-ordinance insurance to homeowners. The state of Florida has mandated that all Florida insurance companies include law-and-ordinance insurance coverage as part of their home insurance policies.
“Many homes that undergo catastrophic damage from a tornado are re-built. A typical homeowner’s insurance policy covers the costs of returning a home and property to its former condition prior to the disaster. Unfortunately many homeowners are finding the cost to rebuild is more than what they were reimbursed through their home insurance policy. Homeowners are incurring these additional expenses to re-build because of updated building codes and regulations. These updates can be pricey so many homeowners are paying out pocket for these expenses as their current homeowners insurance policy will not cover them” says Ron DeFreitas, owner/agent of Gulf Coast Educators Insurance.
The Florida State’s Office of Insurance Regulation now requires all Florida insurance companies include law-and-ordinance coverage as part of their regular home and property insurance policies. Having this additional coverage will allow homeowners to recoup additional expenses should building codes have changed since their home was built. This coverage will protect homeowners from expensive unexpected out of pocket expenses.
“This new offering is critical for many homeowners in the state. So much of Florida’s coast is covered with older homes that the cost to re-build most likely for many will exceed the costs of a traditional homeowner’s insurance policy reimbursement. This new law-and-ordinance coverage is such a great addition however it is optional. It is mandatory for agents to offer it however it is not mandatory for a homeowner to accept this additional policy. Should a homeowner opt out of this additional coverage we must get their signature that they are opting out” adds DeFreitas.
There are some clauses to this new law-and-ordinance policy. The agents at Gulf Coast Educators Insurance encourage homeowners to read the fine print before deciding to opt-in or out of this new policy offering. Some law-and-ordinance policies cover only a portion of the higher replacement costs while others have more exclusions.
The experienced agents at Gulf Coast Educators Insurance will counsel homeowners on this new form of coverage and review the benefits to including it in their traditional Florida home and property insurance policy.
Gulf Coast Educators Insurance specializes in offering insurance products to Florida educators and non-educators. They have two locations in Southwest Florida. Their insurance agents in both their Naples Florida and Port Charlotte Florida are well versed in discussing all form of insurance. They specialize in offering homeowners insurance, property insurance, automobile insurance and life insurance policies to Florida residents. For more information on Florida insurance or for a competitive insurance quote consumers are encouraged to call Gulf Coast Educators Insurance at 239-591-0963 or 941-391-5423 or visit their Florida property insurance website at: http://www.propertyandhomeinsuranceflorida.com