Find out what the buzz is with people being insured by Southern Insurance Group
We are an independent agency with 35 of the top home insurance carriers in Ocoee to offer you the best that the marketplace has to offer for the past 24 years. We are Ocoee's one stop shop for all your insurance needs from home, auto, life, health, commercial, investments. We have secured the very best carriers to offer our clients in the Ocoee area and look forward to serving your insurance needs. Please enjoy some of our articles below regarding home insurance in Ocoee.
Ocoee homeowners Insurance is now even better!
When purchasing homeowners insurance in Ocoee, it’s important to make sure you are insuring all aspects of your home. This means insuring more than just your actual structure itself. Many people assume that when purchasing home insurance in Ocoee, that they only need to insure the basics, their home from hurricanes, sinkholes, and fires. What about your screen enclosure over your pool, is that covered? What about your pet dog, or the jewelry in your dresser? One way to insure that nearly all of your valuable possessions and additions to your home are covered, is by American Integrity’s Gold Reserve Endorsement.
Due to the sunny, warm climate of Central Florida, many homeowners have pools on their properties. Also due to the sunny weather, many of these homeowners with pools also have screen enclosure over them, to shield some of the sun’s rays, and keep insects out of their pool area. Every home insurance carrier out there is a little different when it comes to coverage of these screen enclosures. The Gold Reserve Endorsement offers an included $20,000 for screen enclosure coverage.
Not all Ocoee home insurance carriers will automatically include animal liability coverage in their policies either. You might think that just because your dog is small and friendly, or old and rarely leaves the house, that he poses no threat to anyone. This might not always be the case. Even a 5 pound Chihuahua can cause a lawsuit against you, when he runs out of the house and chases a neighborhood child on their bike, and causes the child fall and hurt themselves. The Gold Reserve from American Integrity offers animal liability at no additional cost.
Another type of coverage that not all Ocoee homeowner insurance carriers offer is coverage for jewelry. Many times jewelry will have to be added on a different policy, known as a personal article floater policy. With the Gold Reserve, $5,000 of coverage for jewelry, with a $1,000 maximum per one article.
In conclusion, when researching homeowner insurance in Ocoee, be sure to verify that every aspect of your home, and the occupants and possessions inside are covered.
How does reinsurance affect my Ocoee home insurance premiums?
Reinsurance is something I find that most homeowner policyholders do not necessarily understand. In a simple way to explain it, reinsurance is insurance that homeowner insurance companies purchase or carry to pay for major catastrophe losses like hurricanes.
Just like you have a deductible before your coverage’s pay out, your Ocoee homeowner insurance carrier will also have a deductible that has to be met before major catastrophe losses are paid by the reinsurance company. The cost for this reinsurance varies from company to company and is impacted by how much business is written in any section, township and range.
So if you have home insurance in Ocoee, a portion of your premiums that you are paying are going for this reinsurance expense to make sure catastrophe losses are paid. Let me give you an example of how this works. Let’s say your Ocoee homeowner insurance carrier has reserves of 25 million and has a catastrophe deductible of 2 million per storm. Based on this example, your carrier is poised to handle 10 deductibles before they go out of business.
Having 4 hurricanes in one season was an all time high in 2004, so as you can see having 10 would be an absolute rarity that has never happened before. Prior to the 2004 hurricanes most of the home insurance industry was not set up to handle more than 2-3 hurricanes in a season so when the storms hit they ended up paying large portions of their reserves to cover the losses. Many did not have the reserves to pay the 3rd and 4th hurricanes so as a result many Ocoee home insurance carriers pulled out of the state and liquidated.
If you are shopping for homeowners insurance in Ocoee and your carrier says that they have restrictions where your home is located, what they are usually telling you is that the carrier has too much business in your area and therefore reinsurance has restricted the carrier from writing any further new business. A lot of times the Ocoee home insurance carrier will need to wait until a certain amount of business falls off the books before they can write any new customers. Or when the home insurance carrier renegotiates reinsurance for the next year, if they increase the amount of reinsurance they will usually be able to offer new business policies.
Southern Insurance Group has 35 of the top carriers that offer homeowner insurance in Ocoee and if any one of our carriers becomes saturated in your area we will have lots of other preferred carriers to choose from.