Homeowner Insurance Renewal Case Study
We are pleased to provide your Homeowner insurance renewal policy effective 1/31/17. Please review the policy and advise us if any corrections or changes are required. The deductible for this policy is $10,000, with a separate deductible of 3% of the insured value for Named Storms.
Your home is currently insured for $800,000. The inspection, completed in January, estimates the replacement cost to be $1,130,334. The annual premium to increase the dwelling to $1,130,334 and the contents to $150,000 is $8,905.06. We recommend increasing the dwelling limit to the full replacement cost so you will not incur a penalty for being underinsured in a claim situation. Additionally, the inspection reveals a dock on the property valued at $16,300.
If you would like to add coverage for the dock, the additional premium would be $2,982.84. Let us know if you would like to increase the dwelling limit and/or add coverage for the dock to your policy. Your Flood insurance premium can be reduced if additional venting is installed to allow water to flow through the enclosed area more freely. The total square inches of vent openings, within one foot of the ground, must exceed the total square footage of the enclosed area. Per your Elevation Certificate, you will need at least an additional 732 square inches of flood venting to reduce the premium about $380. A copy of the Elevation Certificate is enclosed. The maximum amount of coverage available on a standard Flood policy is $250,000. Since the value of your home exceeds $250,000; you are eligible to purchase Excess Flood insurance. Please contact our office for a quote if you are interested. If you would like to decline Excess Flood insurance, please sign the enclosed rejection form and return it to our office.
Losses due to Earthquake are not covered by this policy. If you are interested in a quote, please contact our office. If you wish to reject Earthquake insurance, please sign the enclosed rejection form and return it to our office. We appreciate your business and look forward to assisting you in the future. If you have any questions, please contact me at 843-725-4921.
Your home is currently insured for $800,000. The inspection, completed in January, estimates the replacement cost to be $1,130,334. The annual premium to increase the dwelling to $1,130,334 and the contents to $150,000 is $8,905.06. We recommend increasing the dwelling limit to the full replacement cost so you will not incur a penalty for being underinsured in a claim situation. Additionally, the inspection reveals a dock on the property valued at $16,300.
If you would like to add coverage for the dock, the additional premium would be $2,982.84. Let us know if you would like to increase the dwelling limit and/or add coverage for the dock to your policy. Your Flood insurance premium can be reduced if additional venting is installed to allow water to flow through the enclosed area more freely. The total square inches of vent openings, within one foot of the ground, must exceed the total square footage of the enclosed area. Per your Elevation Certificate, you will need at least an additional 732 square inches of flood venting to reduce the premium about $380. A copy of the Elevation Certificate is enclosed. The maximum amount of coverage available on a standard Flood policy is $250,000. Since the value of your home exceeds $250,000; you are eligible to purchase Excess Flood insurance. Please contact our office for a quote if you are interested. If you would like to decline Excess Flood insurance, please sign the enclosed rejection form and return it to our office.
Losses due to Earthquake are not covered by this policy. If you are interested in a quote, please contact our office. If you wish to reject Earthquake insurance, please sign the enclosed rejection form and return it to our office. We appreciate your business and look forward to assisting you in the future. If you have any questions, please contact me at 843-725-4921.