Buying a new home is a proud moment in most people’s lives. However, it also requires you to educate yourself on various topics. One of these topics is home insurance.
While you probably know that everyone should have home insurance, it can be nearly impossible to make sense of a homeowners’ insurance policy. There are endless clauses and fine print that confuse even the sharpest reader.
So, how do you make sense of your home insurance policy? We’ll dive into some basic homeowners’ insurance terms and definitions. Then, we’ll unpack common homeowner’s insurance questions.
The Basics of a Homeowners Insurance Policy
Homeowners’ insurance policies will vary according to the type of property they cover. Assuming your policy covers a property that you occupy as the owner, you can generally expect the following coverages:
- Dwelling. This reimburses you for damages to your home itself.
- Personal property. This coverage covers the loss of personal belongings inside the home, such as furniture, electronics, and clothing.
- Liability. Liability coverage protects you if someone suffers injuries on your property and seeks compensation.
- Other structures. Some policies extend to small structures on your property that do not attach to the main home, such as sheds or detached garages.
- Loss of use. This provides financial support if you need to live elsewhere while your home undergoes repairs.
Because of Florida’s high hurricane risk, many policies have a separate deductible for hurricane-related damages.
Typically, this deductible is a percentage of your home’s value rather than a flat fee. Finally, check whether your home insurance policy covers flood damage. Despite Florida’s excessive flooding risk, many standard policies do not include flood coverage.
Common Homeowners’ Insurance Questions
Next, let’s explore some common questions homeowners have about their insurance policies.
Question #1: How Do I Get the Best Price for My Policy?
Competition is the best way to find an outstanding price. By obtaining quotes from multiple companies, you can find which one offers the annual premium. However, remember that not all home insurance policies are the same. Before selecting the least expensive policy, ensure you understand what the policy provides.
Question #2: What Doesn’t My Policy Cover?
The only way to know for certain what your policy doesn’t cover is by looking at the fine print. That said, most homeowners’ insurance policies generally don’t cover replacements that result from wear and tear. Nor do they cover damage from pests, mold, war, latent defects, or age-related damages.
Need Assistance Demystifying Your Home Insurance Policy? We’re Ready to Help.
It can be hard to adjust to the new responsibilities of a homeowner. Furthermore, insurance policies can be almost impossible to decipher. Thus, it’s completely understandable if you’re concerned about what your home insurance policy covers. Or maybe you just want assistance comprehending the fine print.
Whatever the situation, there’s no need to stress. Instead, call the talented legal professionals at Arias & Abbass today.
We’re a high-caliber boutique firm in Florida that prides itself on exceptional customer service. At your initial consultation, we’ll analyze your home insurance policy and walk you through the details of your home insurance policy step-by-step.