Olympus Insurance Company Non-Renewing Some Homeowners Policies

We received notice today that Olympus Insurance Company will be non-renewing some homeowners policies in Okaloosa and Walton Counties.

Olympus advised that they reviewed their homeowners insurance business in our area and determined that some policies did not generate enough premium to justify the potential losses. Our agency was notified that three of our customers will be non-renewed beginning in December 2009.

The Fuller Insurance Team will call the affected customers to let them know that their policy will be non-renewed and that we will be able to re-write their coverage with a different insurance company (Fuller Insurance represents several Florida homeowners insurance companies). The affected customers will also receive a non-renewal notice via mail from Olympus Insurance Company.

Comments

[Poplar Bluff Real Estate]

Do all homeowners policies include replacement cost, or is that something you have to add on?

[Garrett Fuller]

Hello Poplar Bluff Real Estate. Generally, all homeowners insurance policies include replacement cost on the building, if the policy is written on an HO3 or HO5 policy form (sometimes called a "special" policy form). Unless the home is a low value home, or has some other unusual circumstances, the homeowners insurance policy should include replacement cost coverage on the building.

However, to get replacement cost coverage on personal property or the contents, a special endorsement (or rider) has to be added to the policy. We always quote and add this endorsement. I have seen some unreputable insurance agents leave this endorsement off so as to make their quote more competitive.

When you get a homeowners insurance quote, always make sure it includes replacement cost coverage on both the building and the contents.

Thanks for the question!