Submitted by: Rhegie Taylor
All homeowners need homeowner’s insurance to protect their investment and cover any losses for damages sustained. A Fort Lauderdale FL insurance broker can help you get started. But in the meantime, here are ten things every homeowner needs to know about their insurance coverage and its limitations:
What is Covered
A typical homeowners policy will pay for damage to your property and your possessions if they are damaged or destroyed in a fire or are stolen. Homeowner’s insurance is also used to protect belongings outside the home- if your car is broken into and your radio stolen your auto insurance policy will not cover it but your homeowner’s policy likely will.
What is Not Covered
A standard policy has exclusions that will not be covered by the policy. Some generally standard exemptions are earthquakes and floods, which require a separate policy to cover these high cost “acts of God.” Some locations will have specific exemptions due to weather and environmental issues, for example, Florida often exempts hurricanes or wind damage.
Before you decide on what policy you want and commit, it is important to take the time to research before you buy. Check the policy details but you also want to find an agent whom you trust. Far too many homeowners just shop for a policy but it just as important to make sure you have the best agent.Fort Lauderdale, FL Insurance Brokers can help make this process easier!
Preventive Actions Reduce Premiums
According to several studies homeowners can do a lot to help lower their deductible and monthly costs simply by making safe preventative moves. Insurance companies price your premium on how big of a risk you seem, so you can reduce the premium by reducing those risks. Alarm systems and fences around pools are examples of two big saving changes.
Replacement Coverage vs. Market Value
There are a few very important distinctions that every homeowner should know when looking at the terms and premiums of their policy: “replacement cost” versus “market value.” Replacement cost covers repairing or replacing your entire home. Market value is the cost to buy your home and accompanying land in its current condition. The difference can be extreme!
File a Claim Right Away
Many plans have a claim time frame. This means there is only a set amount of time you can file a claim and have it covered. If a storm breaks a window and causes water damage and you fix the window yourself and do not call the insurance company within the specified time, you will be reasonable for future damage resulting from the dame-mold for example.
Write Everything Down
Document everything. Every payment, every claim, and every aspect of any damage that occurs that you file a claim on. It is your word against theirs and you need to be able to prove everything that has happened to your home and belongings. Don’t have a safe? Not thrilled about lots of papers in boxes? Consider keeping digital copies online!
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to put you in touch with professional Fort Lauderdale FL insurance broker area today. To get a free estimate from the company, log on to http://www.alexandergreep.com.