Del Toro Insurance
Fomentando el camino hacia la industria de los seguros
América TV captó todo lo que fue el fórum y la celebración de los 25 años de Del Toro Insurance. Con Del Toro Insurance tienes todo lo que necesitas para estar bien asegurado y además crecer profesionalmente con tu propia franquicia. Si eres emprendedor y quieres asegurar tu futuro empresarial con una marca consolidada!! Esta es tu oportunidad, completa el formulario y uno de nuestros agentes se estará comunicando contigo con todas las dudas que tengas para emprender tu negocio.
Annual Convention of the FAIA
June, 2024
As part of our participation in the 2024 Convention of the Florida Association of Insurance Agents FAIA held in Orlando, Del Toro Insurance held a seminar to promote the growth of the insurance industry through franchises. Entrepreneurs and business owners participated in the event.
Del Toro Insurance 25th Anniversary
Del Toro is a family business and that has defined much of the path it has traveled to this day. The main reason for starting out in this industry has been to contribute to a community that needs us and with which we feel an eternal commitment. Growth would not have been possible without the support and permanent exchange with our community whom we have tried to serve with immense respect.
On the other hand, we have tried to provide a service that is also deeply rooted in family values because we consider that targeting the well-being of families in a society that is transforming day by day is essential. We have simply delivered transparency, honesty, trust and loyalty, which I believe have really been the key to being able to treasure the preference of our clients over the years.
Time really passes very quickly. We began our journey in a small office located in the west of the county. Today we are a solid company with a commercial presence throughout the state of Florida and an increasingly large group of franchisees who have opted to be part of the Del Toro family, making our business model their own. To our pride, the vast majority have been families that have turned to entrepreneurship and that, today, replicate those values of transparency, honesty, trust and loyalty to their clients.
Feb 28, 2023
With insurance coverage also comes cost. The yearly amount you will pay for coverage is referred to as your “Premium.” You are familiar with this term if you have ever paid for any type of insurance policy before, including renters, auto, or business insurance. However, many individuals do not fully understand how it is calculated when it comes to a homeowners insurance premium.
Unfortunately, without knowing HOW an insurance premium is calculated, you could run the risk of overpaying or setting yourself up for financial disaster if you need to file a claim and end up owing a hefty deductible. In today’s article, we hope to explain the ins and outs of what goes into determining your homeowner’s insurance premium rate so that you can save money on the areas you do not need as much coverage for and ensure that your policy is affordable.
Breaking down what homeowners insurance in Florida is and what it covers is the first step to understanding the costs behind your policy. So, let’s take a quick look at homeowners’ insurance and the basics of what it typically covers.
Investopedia shares that homeowners insurance is an essential aspect of protecting your home and belongings from unforeseen events like natural disasters, theft, and liability issues. In most homeowners insurance policies, four types of incidents are covered: interior damage, exterior damage, loss or damage to personal belongings, and injury on the property.
The specific coverage provided by a policy can vary depending on the policy terms and the insurance company. Although mortgage lenders usually require homeowners insurance, you should still have this type of insurance to protect your investment, even if you own your house outright.
Now that you are familiar with homeowners insurance, it is time to delve into the factors contributing to your yearly premium cost and your monthly payment. Here is a quick breakdown of each of the factors we will go into detail about today:
At the end of the day, your premium is based on the underwriting of your home, which is the process by which insurance companies evaluate and assess the risk associated with insuring a particular home and property. During the underwriting process, insurance companies consider a variety of factors to determine the likelihood that a claim will be filed and the potential cost of that claim.
Understanding the details of the underwriting assessment can help you comprehend how each of the factors listed above is impacting your overall insurance policy costs.
Several factors affect home insurance premiums, including the location of the home. Generally speaking, natural disasters like hurricanes, floods, wildfires, and earthquakes are thought to damage homes more frequently in areas prone to them. Due to this, insurance premiums in those areas are typically higher.
Insurance companies will consider the likelihood and severity of potential natural disasters when setting premiums for homes in a particular area. For example, a home in a coastal region prone to hurricanes may have a higher premium due to the increased risk of hurricane damage. Similarly, homes located in areas with a higher risk of flooding or earthquakes may also have higher premiums.
Another major factor that ties into location and premium costs is crime rates. If your home is located in an area with a higher rate of vandalism or theft, you can expect to pay more for coverage. The reason for this concept is due to obvious factors, such as the higher risk of the insured filing a claim.
Homeowners insurance premiums can also be influenced by the age of a property. It is possible for older homes to be more vulnerable to certain types of damage, including water leaks, electrical issues, and structural problems, which can increase the chances of insurance claims.
In contrast, newer homes may have more advanced safety and security features, such as fire alarms, sprinkler systems, and security cameras, which can reduce the risk of damage and loss. The construction of newer homes may also comply with more recent building codes, which can make them more resistant to natural disasters.
If you are an owner of an older home and are looking to reduce the cost of your insurance premium, investing in upgrades, repairs, and inspections can help save money in the long run. These adjustments to your home may be expensive initially; however, they can save you thousands over the next decade. Not to mention, if you ever choose to sell your home, these improvements will drive the estimated worth of your home upwards.
As we mentioned earlier, the location of your home can play a major role in the cost of your homeowner insurance premium, especially if your home is located in an area with a higher crime rate. One way to bring down your premium costs is to install effective home security features.
Here are a few examples of security you can add to your home to protect it and save you money on your insurance policy:
Implementing some or all of these into your home design will lower your probability of being targeted by thieves, lowering your insurance risk profile.
The amount and type of coverage you opt for will also have a significant impact on how much your policy premium will cost you.
Standard homeowner’s insurance policies typically cover the structure of your home, personal property, liability, and additional living expenses if you cannot live in your home due to damage or loss. However, the coverage limits for each of these areas can be adjusted according to your needs.
You may want to increase the coverage limit for personal property for expensive items like jewelry or artwork. You may want to reduce your coverage limit if you do not have many valuable items in your home. This way, you can ensure that you are adequately protected against any potential losses while avoiding paying for coverage you do not need.
To guarantee your home and individual property are adequately covered while also staying within your budget, you should review your coverage options with your insurance agent, as they are best qualified to help you determine what you do and do not need regarding your policy.
You can reduce your insurance premium costs by increasing your deductible. Generally, the higher your deductible, the lower your premium will be. This is because a higher deductible means you are assuming more of the risk of damage or loss to your home, and insurance companies factor this into their premium calculations.
However, when choosing your insurance coverage, consider your deductible carefully. In addition to saving money on your premiums, a higher deductible means paying more out of pocket if you need to file a claim. When choosing a deductible, choose one you can comfortably afford in case of loss or damage.
Personal factors, such as your credit score, claims history, and the age and size of your household, can also impact your homeowner’s insurance premiums, and often these are factors that you do not have much say in.
For example, people with higher credit scores tend to file fewer insurance claims, so their premiums may be lower. However, people with lower credit scores may be charged higher premiums to compensate for their increased risk of claims.
Premiums can also be affected by your claim history. Insurance companies may consider you a higher risk if you file frequent claims, and you may be charged a higher premium as a result. Alternatively, you may be eligible for discounts or lower premiums if your claims history is clean.
Insurance companies also consider the number of people living in your home and their ages when calculating your premiums. For example, a home with young children may be deemed to be at a higher risk for accidents, which can increase insurance premiums.
By understanding these factors, you can take steps to reduce your risk and potentially lower your premiums. If you’re looking for a trusted insurance partner to help guide you through the process, consider working with us at Del Toro Insurance, our team of expert agents can help you narrow down what you should and shouldn’t pay for when it comes to your homeowner’s insurance in Florida and help you understand how your premium costs will be calculated.
Why choose us? Del Toro Insurance has been serving homeowners throughout Florida for over two decades, offering comprehensive coverage options and personalized support. Our team can help you get the best quote and policy at affordable rates so that you can keep both peace of mind and a full wallet.
Contact us today to learn more and get a quote.
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