Homeowner’s Insurance Coverage

A home is going to be one of the biggest investments you will make, so you need insurance to protect your interests. You do not have to purchase insurance unless your home is financed, but it is wise to do so in the event that your home is damaged or destroyed.

Know What Your Policy Covers

It is essential that you have the right coverage when you purchase an insurance policy for your home. Normally, the home and buildings on the property, such as a garage, are covered in case they are destroyed by fire or another disaster. However, certain things are not covered. Many homeowner’s policies do not cover natural disasters; for example, an earthquake.

Other items covered by most policies include the household furnishings and appliances, clothes, and personal items. If you own expensive jewelry or art, it may be covered up to a certain amount. You may need to purchase additional insurance to cover these items if their value is more than this amount. Always read the small print before purchasing a policy to ensure that you are getting the coverage you want and need. Sometimes the insurance company may not want to pay a claim. There may be a dispute over whether the damage is covered. Other times, they may offer a settlement that is less than what you believe you are owed. It may be necessary to consult with an attorney to see what options you may have. One example of a firm that offers a florida insurance lawyer is Jenkins Law P.L.

Premiums Depend on the Amount of Insurance Purchased

The cost of your insurance premium will depend on how much coverage you choose for your home and the contents. Other factors include the material used for the home construction, if it is new or an older home, and how far from a fire station and hydrants your home is located.

Other things such as how many claims have been filed in your neighborhood and if you have previously filed a claim will be considered. Often if you have owned your home for several years and had no claims in the past, you may get a lower rate for your homeowner’s insurance.