Most property owners know the benefits of insurance. If damage occurs, it helps ensure that you can build your home, replace or repair its contents, and cover the cost of temporary accommodations. In addition, most banks require home insurance as a requirement for mortgages due to its financial security. What’s not as well understood is how you make the most out of the protection it offers.

Do You Have the Proper Coverage and Deductibles?

In Florida, a basic homeowners policy provides coverage for damage caused by fire, smoke, lightning, hail, windstorms, vandalism, and other named perils. Those who live in flood-prone or earthquake-prone areas will need additional coverage for those disasters. 

You should make sure that the limits on your insurance policy are high enough to cover the cost of rebuilding your home. These costs are generally based on the square footage of the property and local construction costs. Consider adding an inflation guard clause to your policy if you intend to occupy your home for awhile. When you renew your insurance, an inflation guard automatically changes the coverage limit to match current rebuilding costs in your area.

The coverage on your belongings is usually between 50 and 70 percent of the coverage on your home. However, that amount may not be sufficient. To determine how much coverage you may need, take an inventory of your possessions and consider insuring more expensive items separately.

Mitigate Any Damage that Occurs

When your home suffers serious damage, don’t let it get worse, or your insurer will not cover costs that could have been avoided if you’d taken some steps to mitigate the damage. Once you’ve reported your losses to the insurer and reached an agreement on what needs to be repaired, hire a cleanup company, repair crew, and anyone else needed to prevent further loss.

Retain Your Own Insurance Adjuster

When a fire or windstorm damages your home, your insurance company will send an adjuster to evaluate the damage, but you can also hire your own insurance adjuster to help you assess the damage and file your insurance claim. These adjusters charge a fee to assist you, but you can save a lot of money in the long run by making sure that your insurer pays the full value of your claim.

Questions About Property Insurance in Florida?When you need to make an insurance claim, it can be hard to tell whether the amount you’re being offered by your insurer is sufficient. A public insurance adjuster works on behalf of policyholders who need help making a claim or believe their insurance company’s claim amount is incorrect. At Honest Lion Adjusting, our licensed and bonded professionals are available 24-7 to help you determine the true value of your claim. We charge no upfront fees, and you don’t pay us until your claim is resolved. For more information, please call 844-LION-100.

Posted in Insurance Claim