State Farm and Florida

As we all know homeowners insurance is to cover the homeowner and the mortgage company should a disaster strike your home.

This year it was announced that State Farm insurance will no longer renew or write any new home owner policies in the state of Florida. For the 1.2 million State Farm policy holders this means

Replacement Cost vs. ACV:

When getting a home owner's insurance policy you have to ask yourself whether you want replacement cost or actual cash value (ACV).

You will need to understand what is better for your application because should you ever need to make a claim with your insurance company due to a flood, fire or any other type of disaster, you may be shocked when you find out what you are entitled to receive.

Burglaries:

I was recently speaking to someone who had gone on vacation and came home to a disaster. Someone had broken into her home and stolen everything of value. Her jewelry, electronics, even her silver flatware had been burglarized. When I asked her about her homeowners insurance. She said her jewelry was only covered for $5000.00 and that is only if she can show proof of ownership.