I’m retiring soon and I own my home. What should I consider before retiring?

Wow, retirement is something we all look forward to in our future.  We may look forward to time at the beach or in the mountains.

Our home is usually our most valuable asset and we want our insurance policy to reflect the best options at this new time in our life.   Often our income is lower and planning ahead will provide better options on our Florida Home Insurance policy.  Since insurance companies in Florida require a well-maintained home, it is important to plan ahead.   It is recommended that you evaluate the latest update to these systems:   Roof, heating and air conditioning, electrical and plumbing including hot water heaters.

Roof: If your roof is over 10 (ten) years old, it is time to consider a replacement.   Most insurance companies in Florida expect an asphalt shingle replacement every 12-15 years.   When considering a roof replacement be sure to obtain a Wind Mitigation Report to document your hurricane protection.   This form is available from your insurance agent or roofer.    Notify your insurance agent once the roof is replaced and send the proof of replacement or Wind Mitigation Report.

Heating & Air Conditioning:   Aside from the energy savings, insurance companies are looking for updated systems since repair of older units is more difficult and expensive.   In some cases, the inside air handler unit may not be compatible with the outside compressor.   Be sure to send the updated information to your insurance agent.

Electrical:   When updating your heating and air, be sure to get the electrical evaluated and updated if necessary.   Send the documentation to your insurance agent.

Plumbing:   Some insurance companies will no longer insure homes with certain types of plumbing systems.   Do you have older plumbing pipes?  Please contact your local plumber for information or your insurance agent.   Also, replacement of your hot water heater within the last 15 years is also recommended.

As you prepare for retirement, start updating one system at a time so you don’t get all of these update expenses at one time when your retirement income is lower.   Enjoy your retirement!

For Local Insurance Services,
Contact Pichard Insurance Agency today.