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Insurance Outlook: Homeowners Insurance Trends for 2019

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As 2018 draws to a close, Florida homeowners can look back and see another year in which storms were weathered together. In the wake of two category 4 hurricanes, Floridians came together as communities to support each other, and Olympus Insurance has been proud to be part of the recovery process. Now, heading into 2019, some hopeful trends in homeowners insurance are emerging across the state of Florida. Each of them can provide even more support to those who live in the Sunshine State during the upcoming year.

Hurricane Deductibles

Homeowners insurance policies have a separate deductible for damage which is attributed to a hurricane. The default hurricane deductible is normally 2% of the home’s insured value, which can mean that a home with an insured worth of $350,000 has a hurricane deductible of $7,000. Olympus Insurance offers homeowners the option of a $500 or $1,000 flat hurricane deductible, and expects to see a trend of more and more Floridians choosing this option in 2019.

Flood Insurance 

Despite the fact that the average elevation in Florida is only 6 feet above sea level, making flooding one of the highest risks faced by Florida homeowners, less than 50% of Floridians in high risk flood zones carry flood insurance. 1.3 million homes are currently situated 4 feet or less above local high tide lines, and are at risk for storm surge. However, the National Flood Insurance Program expects to double flood insurance enrollment in high risk flood zones over the next five years – a promising trend of protection for Florida homeowners.

Claims Adjusting Processes

Processes for adjusting hurricane damage claims has a new and interesting factor which is expected to become an even larger trend in 2019. Unmanned drones are able to access damaged homes in severely affected disaster zones to capture views which can help adjusters facilitate claims more quickly. In addition, online claims filing and virtual adjustment of claims is helping insurers handle large volumes of claims as swiftly as possible, getting homeowners back on the road to normalcy.    

As another year begins, do you know what your homeowners policy covers and where you might still be at risk? Call your agent today and find out how to improve your protection in the new year.

This article is for informational purposes only and does not form a part of, replace, change or amend any terms, conditions, provisions or language within your Olympus Insurance policy. We encourage you to read your entire policy.

Olympus Insurance is licensed by the state of Florida. Information found on this site is intended for Florida residents only.