Make Sure Your Florida Homeowner’s Insurance Meets Your Needs


Home Insurance Basics – Things You Need To Know

Purchasing insurance for your home is something that requires you to be extremely proactive in order to ensure that you have the coverage that you really need. Unfortunately, some mortgage companies have a tendency to purchase insurance on the customer’s behalf and then roll the cost of the insurance into the mortgage payment. This is great for a matter of convenience and it eliminates the need for you as the mortgage owner to deal with purchasing a separate insurance policy. However, you would be well advised to carefully review your insurance policy in order to guarantee that it provides the coverage that you really want. Otherwise, you may find that your policy does not include all types of coverage or that the coverage is inadequate and you may not find out about it until something has already happened and you find yourself in a position where you need your insurance policy to come through, only to find out that you will not be getting the funds that you need.

It is easy to understand why many people simply do not want to deal with insurance policies. Some of these policies are extremely difficult to understand, especially for someone that is not either a trained insurance agent or a trained lawyer. In cases such as these, it would be a good idea to take your existing policy to an insurance agent that you trust and have that individual look over the policy and then provide you with honest feedback regarding what you can expect in the event that something catastrophic happens that either causes significant damage to your home or destroys it.

Speak To A Florida Insurance Agent

You may even make the decision to take your current policy to an insurance agent, like myself, so you can compare notes and get a more educated overview of where you stand when it comes to your homeowner’s insurance. Specifically, there are a few things that you need to look out for, especially if you are not instrumental in setting down with someone and working out a policy in the first place. However, it is a good practice to update your policy on a fairly regular basis, as the amount of insurance coverage that you will need for the home will change with depreciation of the home or anytime that you add a structure to the property or you renovate your home. In addition, you want to be sure that you have enough coverage on your insurance policy to cover more than just the structure itself. You want to be able to have a big enough policy to cover possessions, especially those positions that are relatively expensive.

When you are looking over your policy, it is important to realize that regular homeowner’s insurance does not cover every instance where your home may be significantly damaged. For example, if your home is flooded and you have not purchased a separate flood insurance policy, your regular homeowner’s insurance policy will not cover a single dime of the damage that is associated with the flood. In addition, homeowners must purchase separate earthquake insurance if they want their home to be covered in the event that an
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earthquake occurs. This type of insurance is somewhat different than other types of insurance for the home, and the amount of money that is required to pay a policy premium is typically based on the overall value of the home itself. The homeowner then must typically pay somewhere between 5% to 10% of the overall value that was assessed to the home each year in order to keep the policy current.

Understanding All Of The Unknowns In Life

In addition, it is important to look out for situations where you think you will be covered, yet in reality there may be gaps in the coverage. Some policies will cover wind damage, yet they will only cover wind damage when it is strictly due to a wind event. Therefore, you may not be covered because of the tree that fell onto your home or if the high winds were incurred as a direct result of a tornado. These are important questions to ask your insurance agent about and make sure that you are getting concrete answers to all of your questions before you do anything when it comes to purchasing a new policy.

Simple Steps To Save Yourself

By following these simple guidelines, you can save yourself a great deal of heartache later on. The last thing you want to do is wait until you need the policy and then find out that you are either not going to be getting a settlement from the insurance company or that the settlement you will be receiving is significantly less than you had originally understood it to be. Homeowner’s insurance is vitally important. It is essentially what will allow you to have the necessary funds to either repair your home or rebuild. Therefore, you simply cannot afford to avoid finding out the details regarding your homeowner’s insurance policy.

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A Blog offering Tips and helpful navigation to better Insurance coverage in the State of Florida

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