You have to be very careful when buying your Florida home insurance. Many times, homeowners insurance policies don’t provide all the coverages that you really need, and this can leave the homeowners vulnerable to catastrophes. When you sit down tihe your homeowners insurance agent, make sure that they are providing you a quote for all of the coverages that you need, especially if you have coverage needs that include the following ten items.
Flooding
Private insurance companies usually don’t cover against flood damage. You will need a separate flood insurance policy through the National Flood Insurance Program (FEMA). You can find more information on flood insurance here.
Deductibles
Deductibles are always rising. Even the Consumer Federation of America seems to agree (the federation says that deductibles are slowly rising. In a few years, they will be up by 2 to 5 years from the present rates). This means, a policy holder will have to pay more before the policy kicks in.
Simultaneous events
There is something called ‘anti-concurrent causation’ in insurance policies. It means, if two events (flood and heavy winds) occur simultaneously and one of the events (flood) is not covered by the policy, you may not be covered for the other event too (wind).
Post traumatic emotional support
Survivors of catastrophes are often traumatized and have to undergo counseling. But a typical homeowners insurance policy may not provide for that.
Multiple bids
Insurance companies often recommend contractors for repairs. Read the fine print in the policy. If it is allowed, you may be better off soliciting bids on your own. Discuss them with the licensed insurance agent.
Earthquakes
The typical homeowners insurance policy does not cover against earthquakes. While it’s unlikely that we will experience earthquakes in Manatee County, you may want to proactive and prepared. You will have to take an additional policy if you are concerned about earthquakes.
Lost wages
Filing an insurance claim and following up with the company can be time consuming. The insurance company may not reimburse you for lost wages.
No total rebuild
Most homeowners insurance policies come with caps. This means, if a catastrophe destroys your house beyond repair, the insurance company won’t pay for the total rebuild. For more information on real replacement value, read our recent article on the topic here.
Burst pipes
Burst pipes are usually covered but not burst pipes caused by the homeowner’s negligence. If you’re a “do-it-yourselfer,” you may want to look into additional riders for this coverage.
Required upgrades
Sometimes, the government comes out with an ordinance or law that requires you to make upgrades to your house. Your homeowners policy won’t cover this and you will have to take out additional coverage.
Your responsibilities are not over just because you have bought a homeowners’ insurance policy. Check if the policy has the coverages you need. If it doesn’t, or if you’re unsure, ask your insurance agent how much it would cost for the additional coverages. Better still, have your policy reviewed by the experienced insurance agents at Anderson & Associates for your insurance requirements. We will be happy to help you, and show you what your current policy currently entails. Further, we can provide you with a quote for a policy that fills your needs, and fits your budget. Contact us today by clicking here.
