Over the last several years, in the state of Florida, the homeowner’s insurance marketplace has seen quite a bit of change, from insurance companies tightening their underwriting and eligibility guidelines to some withdrawing specific product lines from Florida or withdrawing coverage in Florida altogether. With these changes, here are some top items that insurance companies are looking at when considering insuring a property.
Roof Age and Condition
Many home insurance companies have an age limit on the roof of the home. It is common to see insurance companies have restrictions for architectural shingles at a maximum of 15 years, although each carrier is different. Some may be less, and some may be more.
Water Heater Age
There is a lifespan associated with water heaters, which can range from 6 to 15 years for a traditional water heater and can be expanded to up to 20 years for tankless water heaters. Insurance companies have tightened their guidelines on the age of the water heater for eligibility to place coverage. An inside tip to have: Insurance companies look at the date or serial number from the label on the water heater to determine the manufacture year. If purchasing a new water heater, do your research and check the manufacture year. You want one as close to the current year as possible.
Claim History – Both for the Insured and the PropertyÂ
Claim frequency is considered when an insurance company is reviewing risk for insurance coverage. You may find that, not only claims filed by the client, but property claims can pull up and be a factor as well. Most claim occurrences are pulled for a period ranging from three to five years. If there is an open claim on the property, this may also be a flag, as many insurance companies will not write a policy for a property with an actively open claim.
There are other factors along with these items above, but many are dependent on the specific insurance company and their guidelines. When looking to get insurance on your home, we are here to help. As an independent agency, we represent several different insurance companies and are happy to help in identifying which will provide you with the coverage to meet your insurance needs.
