The importance of getting an insurance policy can never be underestimated. Having the right insurance coverage can provide financial support and also reduce uncertainties in your life. It acts as a safety net against many unforeseen events.
In Florida, insurance rates tend to vary seasonally. With the arrival of hurricane season, the prices can hugely increase. The hurricane season in Florida lasts from around June to late November. Thus, purchasing insurance outside of this time frame will potentially get you a better rate and good coverage.
Let’s look at the ideal time to invest in certain types of insurance policies.
Flood Insurance: Florida is highly flood-prone. Flood insurance offered by companies has a waiting period. It is the time interval between when the insurance policy is issued and when it’s activated.
This means you will receive the flood insurance payout for the assessed damage only if it is activated. Another factor to consider is the moratorium. When it is issued, insurers may refuse to issue new policies.
Also, customers can’t make changes to the coverage provided by existing policies. Thus, you should purchase flood insurance well in advance of the wet season. Else, it may turn out to be expensive.
Homeowners Insurance: The best time to get homeowners insurance is right after purchasing the home. Your seller might have the insurance till the settlement period. It’s also a good idea to shop for home insurance whenever you make significant changes to your home.
This will ensure that your valuable belongings are protected. Moreover, moving to a new property may affect your coverage needs and premium costs. It is wise to compare quotes proactively. Again, you should get your home protected before the hurricane season strikes.
Life Insurance: It provides financial protection to your loved ones when you’re no more in this world. It is wise to get a life insurance policy when you are young and in good health. This is because it will typically result in lower premiums.
However, it is a smart decision to re-evaluate your coverage needs as your life circumstances change, such as getting married or having children.
Since life insurance is something you buy for someone else, it can serve as a heartfelt gift. December is the festive season, the holiday may give you extra time to think over your future. Moreover, insurance companies offer special festive discounts on insurance policies. You can take advantage of the same and get your family the financial protection they deserve.
Auto Insurance: Age is one of the major factors when it comes to buying auto insurance. For instance, you will need to pay a lower premium on car insurance on the day after your 21st birthday than the day before it.
You also need to check on your driving habits. If you’re a student and drive less during the summer when you’re not in school, you may be able to get a lower rate during that time.
Additionally, the time when your auto insurance policy is set to renew can also be a good time to shop for a better rate.
It’s important to bear in mind that insurance pricing and availability can vary depending on several factors. Comparing quotes from multiple providers to find the best deal is a smart move.
At Cathy Sink Agency, we always strive to save the hard-earned money of our clients. That’s why we offer personalized coverage options that are affordable and cater to your needs. From protecting your home and vehicle to securing your future, we’ve got you covered.
While there may be an ideal time to purchase insurance coverage, our accurate quotes and unbeatable market rates will serve you the best.
Get in touch today and trust us to be your guide, covering all that you hold dear!