What Can Increase Your Anchor Home Insurance Costs?
There are numerous advantages to moving your Florida property insurance coverage from your state-wide Citizens Property Insurance Company (CPCI) to Anchor Home Insurance. Both your agent and CPIC agreed that taking an offer from Anchor Home Insurance would be a better choice for you based upon the following: Eliminated risk of hefty surcharges coming due during claim processes. When comparing policies from competing insurers, your agent will know which company is offering the lowest overall premium while still maintaining adequate levels of customer service and dispute resolution procedures. Additional savings could be realized through the creation or addition of discount or group insurance plans for homeowners. And finally, the cost-effectiveness of an Anchor home insurance policy will likely make it a “cut above” the competition.
There are a few key differences between your typical Florida home insurance policy and an anchor home insurance policy. Most significantly, your typical policy provides coverage limits for a “single event”, which generally means the loss of your home is due to one incident. Anchor’s home insurance coverage allows you to tailor your loss limits to more detailed and granular requirements. For instance, you may be able to tailor loss limits to losses caused by “acts of God” such as storms, fires, earthquakes, etc. Additionally, Anchor home insurance policies may include coverage for “wear and tear” and similar wear-and-tear categories.
Typically, your typical homeowners policy will not cover “damage” which can occur through natural disasters. Because of this, the protection afforded through an anchor home insurance policy will help cover losses from floods, hurricanes, windstorms, earthquakes, and similar situations. Anchor policies will also help cover the repair or replacement costs incurred by your home if they are damaged by a fire. The repair costs typically do not exceed the actual cash value of your home.
When shopping for the right anchor home insurance coverage, it is important to know what the actual cash value of your home is. Simply put, this figure is the amount of money that you actually owe in terms of cash when you take into account the fair market value of your home. Therefore, it is wise to get homeowner’s policy with the largest amount of actual cash value possible.
Another thing that can affect your anchor home insurance rates is the type of property you have insured. Generally speaking, homes that are located on private lakes, septic tanks, or other water-related assets are considered safer than homes that are located on non-natural assets. In other words, a home that is on a private lake, for example, is less at risk of flooding than a home that is located on dry land. Naturally, you will pay more for your homeowner’s policy with the former type of asset because of this. If you have several unique types of risk factors in your home, you may want to talk to a homeowners’ agent about the possibility of raising your policy’s limits.
Your neighborhood also plays a role in determining your anchor home insurance rates. Naturally, people who live close to a business, school, shopping, or other relevant structure are more likely to have lower rates. Likewise, people who are more educated and affluent have higher rates. In addition, a building that is surrounded by a good quality landscaping and security features has a positive effect on your homeowners policy. If you own the building in question, then you are more likely to be able to secure discounts on your anchor home insurance.
It is important that you stay vigilant when searching for discounts. As mentioned above, many companies look for risk factors when calculating your anchor home insurance rates and some insurers look solely at the area that you are located in. If you are in a particularly dangerous part of town, you may find that your rates are much higher than the norm.
While you are mulling over various options for your anchor home insurance, be sure to do your research into the various companies as well. Insurance companies employ sales people who are trained to push certain policies. For example, if you are looking to purchase homeowner’s insurance, a salesperson may try and convince you to purchase a “risky” policy. Although it may be risky to do so, this is not always the case and you can save yourself a lot of money by researching your options prior to buying your anchor home insurance.