Answers to common homeowner’s insurance policy questions.

Home insurance is an important topic for millions of Floridians, but the truth is that many are unaware of specific details involving their policies. Since homeowner’s insurance policies are such an integral part of owning property, we thought it’d be a great idea to cover some of the most common questions people have.

Will My Policy Cover All Repair or Replacement Costs?

This will depend on what type of policy you have. Under a replacement cost policy, any repair or replacement costs above your deductible will be covered. If you have an actual cash policy, however, a depreciation value will be factored in along with the deductible to calculate the final claim amount. Generally, a mixture of both types are used by covering the home itself under replacement cost and personal items as cash value.

Am I Covered Despite How the Damage Occurs?

There’s a common misconception that homeowner’s insurance will kick in regardless of the type of damage you experience. This is something a good insurance agency will fully address whenever you take out a policy or need to know specifics. Flooding may not be covered under your homeowner’s insurance and would require a separate policy.

Will All Personal Items Be Covered from Damage?

Homeowner’s insurance will typically cover personal items such as furniture, electronics, clothing, and many other things. Luxury items such as fine jewelry or artwork, on the other hand, may not be covered by the limits set by your policy. This means that the $1 million Rembrandt painting you have hanging in your den would require a separate type of policy.

What Happens If Someone is Injured in My Home?

If a visitor is injured in your home, he or she may seek financial assistance for medical and legal bills through their insurance company or a lawsuit. Homeowner’s insurance policies have a liability section that cover the limits that they will pay in these types of situations. You can always raise these limits whenever you choose by going through your insurance agent.

How Can I Lower My Monthly Premium Amount?

Just like auto insurance, a higher deductible on your homeowner’s insurance means that your monthly premiums will be lower. If your monthly payments are too high, you should calculate the highest out-of-pocket deductible that you’d be able to pay and then discuss those options with your insurance agent. Also, you can inquire about certain types of discounts you may be eligible for, such as alarm system, non-smoker, and retiree credits.

Will Buying a Newer Home Mean a Higher Premium?

Many people believe that homeowner’s insurance policies on modern homes are always higher than on older homes, but this is often untrue. There’s a chance that older homes may suffer from more problems, you will often find that their premiums are either similar or higher than that of a brand-new house. There are factors to consider, of course, so keep in mind that there isn’t really a general rule.

What Happens If I Need to Make an Insurance Claim?

Any reputable insurance agent will make the claims process as simple as possible. Once damage has occurred, reach out to your agent at your earliest convenience. He or she will take down all of the pertinent details and begin the claims process immediately. The expediency of the process will depend on a variety of factors, such as the extent of the damage and what is covered. You can help speed things along by providing a full inventory list of personal items right away.

Contact Coleman Insurance Agency for Clearwater Homeowner’s Insurance

Coleman Insurance Agency is an insurance agency in Clearwater Fl that can help you get your life back on track if you’re experiencing damage to your home. If you have any other Clearwater insurance needs, contact us today at (727) 441-9911 to schedule a no-cost consultation.