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Understanding How Claims Will Be Paid On Your Home Insurance Policy

Understanding How Claims Will Be Paid On Your Home Insurance Policy

Florida homeowners insurance companies are Property and Casualty insurers that offer homeowners policy types for both homes and condominiums

. If you are in the process of buying a home, or you are coming up on your home insurance renewal, it is important to understand your home insurance policy contract. A reputable company will take steps to encouraging you to review your policy with live agents annually. While not all insurance companies or agents encourage this, it is important for you to do this independently if appointments are not offered. Understand what to look for in your homeowners insurance contract. While you may have a basic understanding of your home insurance policy, there are fine print provisions even savvy consumers are unaware of.

Dwelling Limits and Inflation

All Florida homeowners insurance companies will provide you with a declarations page when you bind your insurance and when you are approaching policy renewal. The declarations page will state the limits on your policy and will offer you a brief explanation of your coverage. While many homeowners refer to their declarations page when they have questions on their policy, it is important to understand this page is just a brief overview and it will not provide many answers for in-depth questions.

It is important to research how your dwelling is covered on your homeowners policy form. While most policies today cover on an all-risk basis, there are still a few companies who offer named peril policies. A named peril policy will only cover losses that are listed on the policy provisions section. These policies are limited in the coverage they provide. You will also need to determine whether your home is covered for extended replacement cost. Extended replacement cost coverage offers is designed to cover for inflation and will cover your home for either 125% or 150% of the dwelling limit listed on the declarations page. Understanding if you are covered for inflation for building materials and labor is pertinent to avoid gaps in coverage.Understanding How Claims Will Be Paid On Your Home Insurance Policy


Contents Coverage Valuations

Another area that is commonly overlooked is how your personal property would be valued in the event of a covered loss. There are two types of property valuation: actual cost value and replacement cost. While most policy forms today are valued on a replacement cost basis, there are still policies existing that will cover your contents based on the actual cash value. ACV coverage will only pay the depreciated value of an item whereas replacement cost will pay based on how much the item costs to replace at the time of the claim.

If you are not a licensed insurance agent, you are not expected to have an in-depth knowledge of your policy. It is important to take time out of your busy schedule and meet with your insurance agent to discuss these factors and other inquiries you may have. Set up an appointment and verify you are adequately covered.

by: Todd Meyers
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Understanding How Claims Will Be Paid On Your Home Insurance Policy