Why pre-loss review matters
Florida insurance markets are constantly changing. Carriers adjust policy forms at renewal. Legislative changes (SB 2A, HB 837) reshape what's covered. Sublimits are tightened. Endorsements are added or dropped.
Most homeowners don't review their policy annually. At loss time, they discover:
- The mold sublimit is $2,500, not $25,000
- Law and ordinance coverage is 10%, not 25%
- Polybutylene exclusion was added at renewal
- Wind mitigation credits weren't updated after the new roof
- Scheduled personal property didn't include the recent jewelry
Pre-loss review catches all of these.
The Scorecard categories
1. Dwelling coverage
- Replacement cost vs. actual cash value
- Coverage amount vs. current replacement cost
- Extended replacement cost endorsement
2. Other structures
- Coverage amount (typically 10% of dwelling; endorsements can increase)
- Specific coverage for pool equipment, detached garage, fence
3. Personal property (contents)
- Coverage amount (typically 50-70% of dwelling)
- Replacement cost vs. ACV
- Specific sublimits (jewelry, firearms, electronics)
- Scheduled personal property endorsements
- Special limits per item (watches, silverware, collectibles)
4. Loss of use / ALE
- Coverage amount (typically 20% of dwelling)
- Time limit (often 24 months; some policies limit to 12)
- Fair rental value
5. Liability
- Coverage amount (typically $100K-$500K)
- Umbrella policy consideration
6. Deductibles
- Standard deductible (flat amount, typically $500-$2,500)
- Hurricane deductible (percentage, typically 2-5%)
- Named storm deductible (if applicable)
- Sinkhole deductible (if applicable)
7. Endorsements and riders
- Law and ordinance coverage (10%, 25%, or higher)
- Matching endorsement
- Water damage limitations
- Mold sublimit
- Flood coverage (typically separate NFIP or private)
- Earthquake / sinkhole
- Scheduled personal property
- Home business coverage
8. Wind mitigation
- Updated wind mitigation inspection on file
- Current features documented (hip roof, SWR, impact windows, etc.)
- Discount captured at renewal
Sample scorecard entries
| Category | Current | Assessment | Recommended |
|---|---|---|---|
| Dwelling RCV | $385,000 | Likely under-valued (est $475K actual) | Increase to $475K at renewal |
| Mold sublimit | $5,000 | Inadequate for Florida market | Add endorsement to $25,000 |
| Law and ordinance | 10% | Inadequate post-SB 2A | Increase to 25% |
| Hurricane deductible | 5% of $385K = $19,250 | High | Consider 2% ($7,700) |
| Wind mitigation inspection | 2019 | Outdated; new roof since | Get current inspection; potential premium reduction |
How the review proceeds
- Policy submission: send us your declarations page + complete policy form + any endorsements
- Review: licensed Ocean Point adjuster reviews against the Scorecard framework
- Written scorecard: produced within 5 business days
- Review meeting: optional call to discuss findings and recommendations
- Implementation: you work with your agent or carrier to implement changes at renewal
Cost
Policy audit is typically free as a professional courtesy. For complex commercial policies, specialty endorsements, or custom analysis, a nominal consulting fee may apply. See Free Insurance Claim Consultation for scheduling.
When to audit
- Annually, at renewal
- After major life events (new home purchase, major remodel, new vehicle with integrated home coverage)
- Before hurricane season (recommended April-May)
- After any significant policy form change by the carrier