Davenport Florida Home Insurance

Davenport Florida is one of the fastest growing areas in all of the country.  It’s close proximity to Orlando and Disney make it a wonderful place to own a home.  Some people buy properties to rent out to the Millions of tourists that come to visit Disney, Universal Studios, the beaches, and the rest of the wonderful attractions around Davenport FL.

Yet others simply just enjoy the benefits of living in the suburb of Orlando called Davenport.  One of the fastest growing communities is Providence.  Providence is a gated community in Davenport Florida with wonderful amenities that include a water park, golf course, & walking trails.  My father in law lives out in Providence and absolutley loves it.

The Reunion & Champions Gate area is also flurishing with activity right now.  There is so much to do and see in this area and the close proximity to Orlando, Disney, etc can’t be beat  🙂

Part of owning a home in Davenport Florida is the insurance.  Here are some of the main questions we answer every day about Home Insurance and Rental Home Insurance.

• Should I get quotes from more than one Insurance Agency in Davenport?

  When you ask multiple agents to quote the Same Insurance Company and provide them the same information about your home on the quote will have the same premium cost.  Therefore it is not necessary to have more than one agent quote the same companies.  In other words If one agency provides you a quote from say Tower Hill Insurance and that premium is lower than another agency quoting with Tower Hill Insurance the only way it’s possible is if they are quoting with different Coverage Values, deductibles, Endorsements, or Exclusions.

  You should go to more than one insurance agency whenever you have the opportunity to create a competitive situation where you will end up with multiple quotes from several different companies.  This will occur when agents represent different insurance companies.  In this case it is in your best interest to acquire multiple quotes.  Discovery Insurance Agency in Davenport FL and Celebration FL represents many carriers…over 50 🙂  Start quotes here  Click me

• Who decides how much my property is worth?

  The common methods of valuing property at the time of a loss are:

  1. Actual Cash Value—The replacement cost of the item minus depreciation. For example, a new television set may cost $500. If your 4–year–old TV set gets damaged in a fire, it might have depreciated 50 percent. Therefore, you would be paid $250 for that set.
  2. Replacement Coverage—The cost of replacing an item without deducting for depreciation. So today’s cost for a TV set with features similar to the 4–year–old one damaged by fire would determine the amount of compensation. If it still costs $500 today, that would be the replacement coverage.

  Replacement value should not be confused with market value. The market value is what your house, for example, would actually sell for and is generally more than the replacement cost. This is because replacement value does not include the land, and does not reflect the value of the location.

  Check your policy. If you prefer replacement coverage and do not already have it this coverage can be added to your policy. Your Discovery Insurance Agency agent can advise you of the benefits and investment involved.

• What is backup sewer/drain coverage?

  Homeowner’s insurance excludes losses resulting from the backup of any toilet or drain.  When you purchase this endorsement you are covered for such losses.

• Do insurance agents have control over the cost of my insurance?

  No, insurance agents do not have the ability to set rates or give lower rates or discounts.  The rates are set by the insurance companies and these rates are filed with the state.  Discovery Insurance Agency in Davenport and Celebration FL is an independent agency.  This allows us to quote you with over 50 Insurance providers to see who will offer you the best coverage and premium combination.  Get a quote by clicking here.

• What is a hurricane deductible?

  A hurricane deductible is a separate deductible that applies when a named store does damage to your home.  It is normally a percentage like 2%, 5%, 10%.  The percentage is multiplied by the value that your home is insured for and that number equals your hurricane deductible.  For example, if your home or rental property in Davenport is insured for $100,000 and you have a 2% hurricane deductible in the event of hurricane damage you would be responsible for $2,000.

• Does my policy include sinkhole coverage?

  The sinkhole laws in Florida have recently changed and how each insurance company will react to the changes remains to be seen.  The new law requires insurance carriers to offer sinkhole coverage, however it allows an insurer to require a property inspection prior to issuing sinkhole coverage.  Once the inspection is complete the company can refuse to offer the sinkhole coverage.  The insurance company makes the final determination.

  By law all home insurance policies include Catastrophic Ground Collapse Coverage.  This coverage will indemnify you if there is geological activity that results in all of the following::

   

  • the abrupt collapse of the ground cover
  • a depression in the ground cover clearly visible to the naked eye
  • structural damage to the building including the foundation
  • the insured structure being condemned and ordered to be vacated by the governmental agency authorized by law to issue such an order for that structure.

   

Please feel free to contact your Discovery Insurance Agent at anytime with any questions you may have regarding your insurance.