Homeowners strive to make smart financial decisions. Often, the outcome of those choices will affect your home insurance coverage. Insurance Warehouses of America in Orlando, FL can evaluate your credit score and create a policy that protects your residence.

How a Credit Score Affects Home Insurance Coverage

Insurance companies use a formula to determine if offering a home insurance policy is a financial risk. Their final decision goes beyond the home’s location, size, and current condition. Your personal credit history will have an impact on the coverage offered.

Your credit score does not have a direct effect on the status of the home insurance policy. Instead, it becomes part of your overall credit-based insurance score, which will determine if you are a policyholder or not.

What is a Credit-Based Insurance Score?

Credit-based insurance scores help decide if you are financially responsible enough to handle a quarterly bill plan. The criteria are slightly different from a FICO credit score, which is used to secure a personal loan or credit card. Insurance companies will run their version of a credit check to determine if you can pay bills on time. The credit-based insurance score is based on your credit history and other financial documentation submitted with the application.

A poor credit-based insurance score cannot be the sole reason you were denied home insurance coverage. Instead, you will be labeled" a poor credit risk," and lenders may request you to pay a higher premium. 

Can Bad Creditors Get Home Insurance

Despite all of your financial hardship, it is possible to receive a home insurance policy. However, you will pay a higher premium than other homeowners. Your premium rates could change if you improve your credit-based insurance score before renewing your policy. It can be accomplished by paying bills on time and keeping existing credit card use to a minimum.

If you are having trouble gaining home insurance coverage, Insurance Warehouses of America in Orlando, FL can help navigate an unfriendly market. Our staff’s experience and knowledge of the state requirements help create an effective policy for homeowners with credit issues. Call and schedule an appointment today. 

As a homeowner, it can be tough to decide when you need to file a homeowner’s insurance claim–and when it makes more sense to try to complete a repair on your own. At Insurance Warehouses of America, serving the Orlando, FL metroplex, our team is here to help you keep your home in great shape. Here, we’ll take a look at a few things you need to consider when deciding whether you should file a homeowner’s insurance claim. 

Three Considerations For Home Insurance Claims

Consider your deductible. 

If the estimated price of your repair is more than your deductible, it’s likely that it makes sense to file a homeowner’s insurance claim. If the difference between your cost and your deductible is negligible, you may want to consider paying for the cost yourself in an effort to keep your insurance rates low. 

Consider the nature of the loss. 

If your loss is catastrophic (caused by a fire, natural disaster, or other issue that causes an unusually high level of damage), it usually makes sense to file a homeowner’s insurance claim. 

Talk with your insurance agent. 

Discussing the nature of your potential claim with your agent doesn’t mean that you have to file, and they may be able to give you advice on whether it makes sense to file a claim. 

Schedule A Consultation Today

At Insurance Warehouses of America, we’re proud to serve Orlando, FL residents with a wide variety of insurance products. Reach out to us today to learn how we can provide you with the products necessary to support all of your insurance needs. 

One of the reasons it is critical to have your homeowners’ insurance reviewed occasionally is that homeowners can often forget about what may or may not be covered. When you secure home insurance through Insurance Warehouses of America, serving the Orlando, FL metroplex, you have access to agents who can answer your questions, discover and fill in gaps, and provide up-to-date quotes.

Here are some common misperceptions about home insurance and what may not be covered:

Flooding

Many homeowners don’t understand that flooding is generally not covered under basic home insurance policies. This is separate coverage administered by the Federal Government and FEMA and must be secured separately. This is particularly critical in Florida, where new construction and storms are prevalent, and flood plains are changing.

Sinkholes

Damage from earth movements such as earthquakes and sinkholes is usually not covered under standard home insurance policies. This too is important to keep in mind in Florida, where sinkholes occur more often than in other states.

Termites

Damage from termites is not covered under basic home insurance policies. Termite prevention is considered part of home maintenance. That being said, many services that are designed to provide termite control may offer separate protection under their own guarantee.

Damage From Lack of Maintenance

Homeowners are responsible for properly maintaining their properties. Damage that occurs to a rotting wooden fence, for example, would likely not be covered.

We Can Help!

If you have questions about home insurance or would find a review of your homeowners’ insurance helpful, we invite you to reach out to us at Insurance Warehouses of America in Orlando, FL. A home insurance review and price quotes are free and come under no obligation. Contact us today.

There are many tasks involved in maintaining your home and any possible risks to your home. But as the saying goes, an ounce of prevention is worth a pound of cure. Water damage is a key concern in homes.

Here are some tips on preventing it, courtesy of Insurance Warehouses of America serving the Orlando, FL area.

Preventing Water Damage

Maintaining and repairing the roof

One of the biggest sources of water damage is the roof. So it is extremely important to maintain the roof, and that starts with having it inspected frequently. Follow the advice of a reputable roof repair company as far as repairs. Also, if the roof has any problems, such as leaks or missing shingles, repair them promptly.

Monitoring all plumbing

Another key source of water damage in a house is plumbing. That is, there are leaks in showers, sinks, and other plumbing. Make sure to inspect and repair all plumbing promptly to prevent water damage. Keep in mind that some plumbing leaks and water damage occur behind walls and ceilings, so a professional needs to assess for plumbing problems.

Risks of water damage

If there is water damage in your home, the risks can be large. For example, water damage can lead to mold. And that can lead to major damage to the property, as well as health problems for anyone in the house. Water damage can also be costly and result in structural damage to the property.

There are numerous ways to prevent water damage in your home. If you need more information about this important topic, contact Insurance Warehouses of America serving the Orlando, FL area.