Homeowners insurance in Florida is like a highly trained airline pilot in the age of automated aircraft – you hope you never need the help they provide, but when you do there’s nothing better to have on your side. However, just as not all pilots are equally trained and capable of handling an engine flameout or an emergency landing, not all insurance policies are the same when it comes to handling claims.
At Olympus, the goal is to make the claims process as stress-free as possible. Here are seven things to know about filing a Florida homeowners insurance claim when you have Olympus as your carrier:
- You have multiple options for reporting. You can file online, email Olympus at [email protected], or call Olympus directly at 866.281.2242. Only report your claim once, to avoid confusion. In case of a severe weather event, you may also be able to report your claim at a Catastrophe (CAT) Site designated to help homeowners in the affected area.
- In case of water damage, you can contact our partner Rytech directly. Olympus is unique in our leakage / seepage claims coverage, which, unlike many policies, doesn’t specify that a leak must be reported within 7-14 days of when it started (a practice that excludes many Florida homeowners from coverage).
- If your home is damaged by flooding, call your flood insurer. Flood coverage isn’t included in your standard insurance policy, and claims will be handled by your flood insurer. If you are not sure if you have flood insurance, ask your agent. You can obtain flood insurance at any time, but there is usually a 30 day period before it takes effect, so obtain flood insurance before a storm hits to protect your home and belongings.
- Your deductible owed will depend on the reason for the damage. A deductible for hurricane damage is usually higher than one for All Other Perils (AOP). Olympus helps homeowners lower their liability in case of storm-caused damage by offering flat rate hurricane deductibles of just $1,000 or even $500. Ask your agent for details.
- Many policies don’t cover wind-driven rain – but Olympus polices do. If your home or property is damaged by wind-driven rain, you can report your claim to Olympus and an adjuster will come out to assess the damage just as they would for any other type of claim.
- Actual Cash Value vs. Replacement Cost: Your policy may assign different coverage benefits to different types of property. In many cases, Olympus covers replacement cost to repair or replace your damaged property with similarly valued items or materials. Other property may be covered for only actual cash value, or the depreciated cost of the item.
- Watch out for contractors who intend to commit fraud. If a contractor tries to get you to sign an AOB (Assignment of Benefits) form, offers to “waive your deductible”, or asks for access to your roof before your field adjuster arrives, STOP and call Olympus first. We can help you protect yourself from contractor insurance fraud.
With Olympus on your side, you can expect any required claims processes to be handled professionally and quickly. Dealing with property damage is hard enough. Your claims experience shouldn’t be!
About Olympus Insurance Company
Headquartered in Palm Beach Gardens, FL and founded in 2007, Olympus Insurance Company specializes in Florida property insurance. Through its independent agency force, Olympus insures $40 billion worth of residential and investment property including homes, condos, rental property, and valuable personal property, with umbrella coverage and Spartan Enhanced Coverage available. Coverage for individual risks up to $5 million in total insured value is provided on one of the most comprehensive coverage forms in the industry.
For more information, visit olympusinsurance.com.