Is it that time of year already? And I thought everyone would forget. Yes, today, June 28th, is Insurance Awareness Day. Hard to believe this gem comes around every year, but it's got to be one of your top holidays, right!? I have no idea who the creator of this day is, but you can be certain that insurance companies had a little something to do with it. Now at this point, one must be asking...Why Insurance Awareness Day? Good question.
Insurance, be it for home, auto or life insurance, offers you peace of mind that if something happens, you will be financially protected. I think I just heard the AFLAC duck!? But face it, insurance is a gamble. If you buy it, you're gambling that something will go wrong. If you don't buy it, you're gambling that something will not happen. I'm not sure what you should do today to celebrate or "appreciate" this day, but I'm pretty sure I know what insurance companies would like you to do today...
Here's what you do need to know about insurance when it comes to building a Tampa custom home. First, what insurance do you need when you're building your new home? Typically, the insurance obligation falls on your builder. In Florida, we need to carry Workers Compensation, General Liability and Builder's Risk insurance. Additionally, if you are building in a flood zone, you'll need Flood insurance. These insurance policies ensure that your home is insured during construction for any injuries, theft, damage, weather, etc.
The second thing you should know about insurance when building a new home is that small changes in the design and specifications can provide discounts on your property insurance once the home is completed. For example, hip roofs are less prone to wind damage than gable roofs, so there are discounts if the home has a hip roof. Similarly, there are discounts with many carriers if the home's exterior walls are predominantly concrete block vs. frame. Monitored alarm systems and other features can provide additional discounts.
I think we all know how important insurance is, but I want to thank those forward thinking folks who created Insurance Awareness Day all those years ago, but I'm still not sure how to celebrate it. Do I have to give my insurance agent a gift OR should they be giving me one?