Homeowners insurance can sometimes be confusing. Understanding what your policy does and doesn't cover is imperative to choosing the best coverage for your home in the event you suffer property damage in Florida. When purchasing homeowners insurance in Florida, you hope to obtain coverage that will include many different types of storm damage, due to the inclement weather we experience, especially during hurricane season. Let's review somethings that will help you not only understand your insurance policy better, but that may help you determine if your policy currently has the coverage your home requires.
Key Terms In Homeowners Insurance Policies
There are a few key words to better understand your homeowners insurance policy and what types of events may, or may not, be covered:
Peril: an event that may cause damage to your home or belongings.
The Insurance Information Institute offers a list of commonly insured perils to include:
fire or lightening
windstorm or hail
explosion
smoke
Policy limits: the maximum amount your policy will pay out for damage caused by a covered peril.
Coverage: the basic policy offered to you by your insurance policy.
Additional coverage: additional peril protections added to your basic policy coverage.
Ex: Flood insurance is an additional coverage in Florida. Most basic homeowners policies do not include flood insurance. Flood insurance is added to your policy for an additional cost.
Specific coverage for tornados isn't necessary in Florida. Wind damage is typically a covered peril in Florida homeowners insurance policies and include a host of wind-based storm damage. To be sure that tornados are included in your Florida homeowners insurance policy, review the perils and additional coverage sections of your homeowners insurance policy. In general, the two perils NOT included in a basic homeowners insurance policy are flooding and earthquakes. To be sure that you're covered completely, it is always best to contact your insurance agent or company with questions regarding your homeowners insurance policy coverage.
If your home has been damaged by high winds or tornado activity and your insurance company has denied your property damage insurance claim, it may be time to contact an attorney. A property damage insurance attorney can review your claim and your insurance policy to determine if it was a covered peril. If the event falls under a covered peril, it may be time to consider further litigation against your insurance provider. Max Factor Law has over 25 years experience in assisting Florida homeowners with property damage insurance claims. For a free review of your claim, please contact us today at 850-577-1699.
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