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The reality is that policies, just like people, are highly individualized.
Two identical houses right next to each other can have totally different premiums. Some potential reasons are prior claims history, credit scoring, discounts for multiple policies, and “Pride of Ownership” which is another way of saying upkeep. Just because a client pays a lot for insurance also does not mean they get a lot of coverage. The reverse is true as well. Your client can pay far less than others and enjoy much broader coverage. Insurance is highly specific to each client and house. Remember, it does not cost any more to partner with a licensed insurance professional for guidance and also that working with the wrong one could cost you dearly.
It is important to know how your client intends to use the property.
Are they using it for a primary home or is this a vacation house?
Do they intend to use it as an investment property and rent it?
These answers are critical to ensure they have the appropriate coverage. Also, keep in mind that the Market Value of a house often has no relationship to the Replacement Value. If your client is paying a premium for a great location or if they got a great deal, there is likely to be a big gap between what the bank thinks the house is worth and what the insurance carrier thinks. These two are important to know so you’re now in a better place to handle client questions.
Keep in mind any home built before 2002 will need this inspection. A licensed contractor creates a report that details the roof condition and construction method. It can also show other countermeasures the house has to combat winds. That data can allow us to offer discounts, sometimes huge, to the home insurance policy. Alternatively, if a house has a very old roof it is important to know your client will pay much more for insurance. Perhaps you can use this knowledge to negotiate for a credit or reduced price on the house. Long term, your client will be much better off if they can get that roof updated once they take ownership.
People often think flood insurance is only for high risk coastal locations. The reality is that roughly 30% of flood claims occur in “low risk” areas. There is almost nowhere in Florida that is free of potential flood damage. Another important thing to consider is banks can insist on flood insurance for homes in “high risk” areas. Sometimes those premiums can be astonishingly high and might impact a potential sale. Be sure to work with an insurance agency that can quickly get you or your client pricing on these higher risk houses. You will save yourself and the client time and, as a bonus, look like a hero for looking out for them. After all, this is likely one of the largest financial investments they make and is precisely why they picked you as their realtor!
Goodlad & Swank Insurance is a family-owned insurance agency founded in 2009. We’ve built a team of knowledgeable professionals that value integrity, caring for our clients, and offering you superior service.
We’ve partnered with one of the largest selections of carriers in all of Florida making it easy for you to have a one-stop-shop for all your insurance needs.
An unforeseen event coupled with inadequate insurance can quickly result in financial trouble. We recognize that addressing insurance may not be your idea of fun, but our goal is to make the process as enjoyable as possible. In the end, you may just find yourself letting us know what the grandkids are up to or how the honeymoon went. Get to know us, you’ll be happy you did.
You can access the top-rated insurance companies in Florida for primary and second homes, condos, and the property you rent to others.
You benefit because we’ve partnered with some of the largest, most-respected auto insurance carriers in the industry to provide coverage for cars, motorcycles, motor homes, and recreational vehicles.
Your business is growing your business. Our business is working to guard you against the risks you face every day. Find out how to protect your business.
We work with premium carriers and brokers to offer a full suite of insurance options for residential condominium associations across Southwest Florida.
Get protected. Goodlad & Swank offers coverage through the National Flood Insurance Program as well as private flood insurance carriers.
Protect your legacy. Whether life insurance is for your family or your business we can help you find the right policy at the best possible price.
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Open Hours:
Monday through Friday 8 AM – 5 PM
Phone: (239) 674-7630
Email: info@goodladandswank.com
Home Office: 702 Leeland Heights Blvd W.
Lehigh Acres, FL 33936