Randy Marzullo, CFP®
Homeowners Insurance Miami Expert
For most people, your home is the most important asset you will own in your lifetime. Ensuring it’s insured properly, is the most important job I do as your agent.
As a longtime resident of Miami, I understand the unique challenges of the Miami insurance marketplace.
I take pride in educating my customer on various insurance coverage options and how they can reduce their homeowners insurance premiums by improving their Wind Mitigation and 4 Point inspection reports.
Contents Valuations
Replacement Cost vs. Actual Cash Value
Do you know how your contents are covered? If you are like many customers, the answer is no. Has your current agent explained the difference between replacement cost and actual cash value?
As the homeowner, you need to understand the difference in coverage and price.
Just presenting the least expansive coverage may not be in your best interest.
Water Damage
Water damage, not to be confused with flood damage, is one of the most common claim on a home insurance policy, especially older homes. The most common type of losses are a result of bursting pipe and appliances.
If your home is over 40 years old, some carries limit water damage to $10,000. Certain policy types exclude water damage altogether.
Are you insured by one of these carriers?
Wind Mitigation
The Wind Mitigation report is critical in helping reduce home insurance premiums. Without this report, you will not be able to take advantage of the many credits carriers provide. Most homeowners associate impact windows or shutter protection as the only credit available to help reduce their home insurance premiums.
This is not true. There are multiple credits available based on various construction attributes of home.
I have many customers who assume they were receiving hurricane protection credits because they installed shutters and impact windows. When reviewing the mitigation report with them, it is discovered that one door or window is not properly labeled or protected resulting in the entire home not receiving the “Opening Protection” credit.
Has your agent explained these credits and how you may reduce your premiums by making minor changes to your home?
4 Point Inspection
If your home is over 30 years old, many carriers require this report. The purpose of this report is to verify updates to your roof, electrical, plumbing and air conditioning systems. Each carrier has their own guidelines as to what qualifies for acceptance. While some carriers preform their own inspection, many others require the homeowner to provide the report.
Liability Coverage
Even the most careful homeowner may find themselves facing an unforeseen financial loss as a result of an unexpected accident to a guest or workman visiting your home. Not only can you be held liable to bodily injury claims but also lost wages.
Paying these settlements are not your only concern. What about the financial expense of hiring an attorney? Even if you are not liable, this can be costly. If your costs exceed your liability limits, you can still be liable for the difference.
I always recommend a minimum $300,000 liability protection for all homeowners.
Ordinance and Law Coverage
If you live in an older home, this coverage is important to understand. A home built to today’s standards are different than those built decades ago. Newer homes must meet updated roofing, electrical, plumbing and hurricane code of ordinances. Older homes do not as they have been grandfathered in based on the year of construction. If your home sustains a partial or complete loss you may need to update the home to comply with these new building codes. The insurance company will not pay to upgrade the home to meet these codes unless you carry the proper coverage.
In the News
We Insure Group Miami
We Insure Group Miami Downtown, FL
American Airlines Arena
The AmericanAirlines Arena is a sports and entertainment arena in beautiful
Downtown Miami, Florida home of the Miami Heat.
Freedom Tower
The Freedom Tower is a building in Miami, Florida, designed by Schultze and Weaver.
It is currently used as a contemporary art museum and a central office to different
disciplines in the arts associated with Miami Dade College.
James L. Knight Center Complex
The James L. Knight Center Complex is a contemporary entertainment and convention complex
located in Downtown Miami, Florida. Located within the Miami Central Business District.
Downtown Miami is an urban city center, based around the Central Business District of Miami, Florida, United States. In addition to the central business district, the area also consists of the Brickell Financial District, Historic District, Government Center, Omni and Park West. The neighborhood is divided by the Miami River and is bordered by Midtown (Edgewater and Wynwood) to the north, Biscayne Bay to the east, Civic Center and
Overtown to the west, and Coconut Grove to the south.Wikipedia
Find us.
2 South Biscayne Blvd. #3760-B2102
Miami, FL
Call us.
(305) 912-5904
Email us.
info@weinsuregroupmiami.com