While most Sarasota and Manatee residents have obtained a homeowner insurance policy, it is not uncommon for people to not fully understand the comprehensive terms and conditions included in it. There is significant confusion regarding what the policy covers, and what the policy does not address. Homeowner’s insurance typically covers your private residence, providing insurance for the home, its contents, and potential loss of use of the home or possessions (such as after a fire). While we have provided this information in the past, here at Anderson & Associates Insurance Group, we like to review the facts periodically to make sure sure you understand your coverage.
Did You Know? Homeowner’s insurance policies also provide liability coverage for on-premise injuries and incidents, as well as accidents involving the policyholder and their family that may happen elsewhere.
Homeowner Insurance Policy FAQs
- Does my insurance policy cover water damage? There are several ways in which your home can sustain water damage – some are covered by a standard homeowner insurance policy, and some are not. If the damage is the result of plumbing, heating, or an issue with the A/C unit, the damage is covered. The possible exception to this rule is if the water damage could have been prevented with reasonable home maintenance that was not performed, the claim may be denied. If the water damage sustained is the result of a flood – be it from a backed-up sewer or excess groundwater after a major rainstorm – your policy probably does not cover the damage. Of course, if you have attached a separate flood insurance rider to your policy, you have the protection you need.
- Will my policy cover my items even if I left the door open?
Personal property stolen out of your home or garage should be reimbursed by a homeowner insurance policy via content insurance coverage, assuming a police report is filed and all relevant deductibles are paid. To facilitate the claims process, homeowners should retain photos, receipts, and documentation for all covered, valuable items. The exception to this rule involves your vehicle, as that theft should be covered by the auto insurance policy’s comprehensive coverage. - Will insurance pay for my old, leaking roof? Most often a homeowners’ policy does not cover the replacement or repair of a leaky roof. Roof maintenance is deemed standard home maintenance, and your insurance policy is not designed to cover home maintenance issues. Your homeowner insurance policy is designed to cover unforeseen or sudden damage to the residence. Therefore if the roof is damaged and leaking due to hurricane-strength winds, you may be partially reimbursed. The amount of reimbursement is determined by the age of the roof at the time of the damage. Insurance will cover the depreciated value of the roof, not what a new roof will cost.
- Does my insurance policy cover my vacant home? In some cases, possibly – but vacant homes are challenging to obtain coverage for. Most insurance providers have rules regarding the length of time a property can be unoccupied before the insurance is null and void. Typically, a home left unoccupied for more than 30 days cannot be insured. There are exceptions to this situation as well – obviously, the many snowbirds and temporary residents have made other arrangements with their providers. That being said, be sure to discuss the situation with your insurance company so as not to find out too late that your claim is invalid.
- Is bundling policies beneficial for homeowners? Most insurance providers give premium discounts for the purchase of multiple policies. Nearly 75% of insurance customers bundle two or more of their insurance products to save money – usually home and auto insurance. It is still smart to check your insurance coverages annually, as available programs change all the time. An independent insurance broker can help significantly when choosing your best options.
Anderson & Associates Insurance Group is dedicated to ensuring that you understand your insurance policy, and make recommendations as needed. Call today to experience the difference that local representation makes.
