Talking with many homeowners in South Florida regarding Wind Mitigation Inspections and the mandated discounts, I am amazed at the amount of mis-information that is being broadcasted via the insurance agent community.
First let's start out by outlining what and why the inspections and discounts exist. Florida law requires that insurance carriers offer discounts, credits or other rate reductions for certain construction features that lend in making your home less vulnerable to damage due to windstorm acitivity. The theory was, why should a homeowner pay the same in premiums if their structure is more sound and less risk to the carrier. The legislation passed also mandates this information be made "available" to the policy holder. Unfortunately this information is typically buried within the policy in which most homeowners do not read.
It's easy to identify whether you are reveiving discounts by reviewing your declarations page of your policy. This is typically the first page of your policy and states all the information regarding your property, premiums, coverage and deductilbles. There should also be a few line items in which list discounts for hurricane protection devices, alarm, etc.
Some independent agents will have a telephone conversation with you regarding your property and "manually" input date of construction, hurricane panels and roof geometry. So when a homeowner asks whether they are receiving discounts, the agent can say "yes." But what the homeowner doesn't know is that they may not be receiving the MAXIMUM discounts allowed BY LAW.
There are aspects of the overall discount that the agent doesn't have the means in which to enter. All of the information that is needed to maximize your discounts can ONLY be viewed using the mitigation survey and entered in to the policy by the respective UNDERWRITER! This cannot be done by the independent agent at their office.
So, as the bill is written, the agent and carrier are in compliance. Why, you ask? Because the language in the bill does not mandate the use of the "Uniform Mitigation Form" - OIR 1802 for every windstorm policy. Once again, the bill states only that discounts be made available.
So, what are you missing out on? Well, documents filed by the individual insurance carriers stipulate the discounts and they range from 26-56% reduction in the windstorm premium.
Simply, if you have not had a "Wind Mitigation Inspection" performed on your home, you have not maximized the opportunity for your discounts. There is a SIGNICANT chance (90%) that you have been over paying for a long period of time. This could mean thousands of dollars over the past few years, which is not refundable!
If you live in Dade, Broward or Palm Beach County, I recommend you contact our company so we can perform this valuable service for you. And, forward this article to your friends, family, neighbors and co-workers.
This $115.00 inspection could save you thousands in insurance premiums. For more information or to schedule your inspection call...
954-753-3755
Have a wonderful day! AND pass this message along.
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