In a state like Florida, where the threat of hurricanes and major storms looms large, personal property insurance coverage is a necessity and has become increasable expensive. The Insurance Information Institute (Triple I) estimates that nearly 15% of our state’s homeowners are uninsured. That is unfortunate, but not surprising when you consider that, according to the Triple I, Floridians pay nearly three times the national average for home insurance.
As an insurance agent, I can say that home insurance is undoubtedly expensive in the great state of Florida. But going without insurance is a risky, and potentially disastrous, proposition as well. Many homeowners are being put in a very tough position because the rising rates are forcing some to consider going completely without coverage.
I’m proud to be appointed with American Integrity Insurance, a market leader in Florida’s property insurance market. They’ve recently launched ValueGuard Property Insurance—a product specifically designed to offer Floridians essential protection for their homes at a more affordable price point.
The ValueGuard Property Insurance option is a welcome addition to the market, addressing the fundamental insurance needs of Florida residents by providing coverage only for essential risks such as fire and windstorm. ValueGuard enables homeowners to secure their properties against common, and often catastrophic, threats without having to choose between expensive premiums or self-insuring (meaning, to go completely without other insurance coverage and pay for all losses yourself).
In a state where insurance costs can be steep, depending on your situation, this option allows for a much more basic coverage set up, which also allows it to be priced affordably to ensure Floridians can access essential insurance coverage without facing undue financial strain.
American Integrity Insurance has served Floridians for 17 years and boasts a surplus of over $113M. American Integrity has also consistently earned an “A” (Exceptional) Financial Stability Rating® from Demotech, Inc. Backed by a financially stable company, the ValueGuard offering is a viable option for price-conscious consumers only looking for the basics such as fire or windstorm.
Furthermore, ValueGuard Property Insurance offers customers the flexibility to customize coverage options according to their needs and adding the Binding Arbitration endorsement could potentially result in savings of 30% to 45% in comparison to a traditional home insurance policy. While much more basic in what is covered than a standard homeowners insurance policy, a more basic option such as ValueGuard from American Integrity may be the best solution given the current market difficulties.
ValueGuard Property Insurance allows insurance agents to offer immediate relief to consumers through affordable premiums and essential coverage, even as recent legislative changes aimed at addressing the issue of rising home insurance rates in Florida begin to show signs of relief. Those changes will take time to have a real impact, and the ValueGuard Property Insurance option can be a viable option for immediate relief, especially when faced with the perilous, and potentially catastrophic, alternative of self-insurance.
It’s better for Floridians to have protection against key risks, including fire and windstorm (including hurricanes), than to go completely without coverage. And to do so at an affordable price is an added plus.
Allen McGinniss is a Tallahassee native, Principal at the McGinniss Himmel Insurance Agency, and insurance agent since 2005 with focus on home, auto, & life insurance.
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