Posts made in August 2017

Understanding What Your Insurance Doesn’t Cover

While many homeowner’s insurance policies cover you against the major stuff – like property damage, theft and injury – there are several scenarios in which your policy likely does not cover you. If you don’t live in a flood zone then flood insurance isn’t a big deal for you, but for those that would be affected, it’s important to know that that won’t be covered in your basic plan. Therefore, it’s important to know the most common things your policy won’t cover so you can be prepared to purchase additional coverage where needed.

Flood: Floods and water damage can be one of the more confusing aspects of homeowner’s insurance coverage. Your typical policy wouldn’t cover you if a powerful storm flooded your area and damaged your home, but it most likely would still cover you if your icemaker broke and flooded your home. Water damage from water and sewer line backups may also be excluded. Depending on where you live, you may have the ability to purchase flood insurance. While this type of insurance can be pricey, it can provide valuable financial assistance if your home is ever flooded.

Earthquakes: Fortunately many people don’t need to worry about this, but for those that are most likely affected, it’s invaluable.  In addition to earthquakes, many policies won’t cover other types of earth moments. These can include shock waves, sinkholes and mudslides.

Valuables: Your homeowner’s insurance will cover the valuables within your home, but there is a certain limit – for example, $20,000. If you collect expensive jewelry, rare works of art, or priceless paintings or gems, you’ll need a separate insurance policy to fully protect them.

Whether you’re in the market for a new home insurance policy or you just want to be better prepared in case you need to file a claim, it’s best to be properly informed of your policies coverage. For information on home, auto or independent health insurance in Florida, contact Fearnow Insurance, Inc. today.

What to Look for in Your Homeowners Insurance Policy

Not many people can afford to replace their home and all of their possessions should it be damaged, destroyed or your property stolen. For that very reason, homeowners insurance is vital. While it might feel like money wasted, it is money well-spent in the event of an accident. However, not every insurance policy is created the same. To make sure you have the coverage you need, here are some important things to consider and features that should be included in your policy.

Premium: This is the amount you have to pay for the insurance, often broken down into monthly payments.

Deductible: This tells you how much you have to pay before your insurer will begin to pick up the cost. If you have a $2500 deductible then you’ll be required to cover that amount before insurance kicks in.

Type of Coverage: The two most common types of homeowners insurance are replacement value and market value. Replacement value means your insurer will pay whatever it costs to replace your existing house; the market value means the insurer will pay what the house is worth on the open market.

Discounts: Some policies reward you for doing certain things, such as installing a security system or cutting back shrubs near the house, which may qualify you for a discount.

Exclusions: Your policy probably doesn’t cover earthquakes or flood damage. Find out and see if you need to buy a special policy to protect yourself against these natural disasters.

Knowing the ins and outs of your policy will save you from unexpected surprises when the time comes to utilize your policy. For coverage details and pricing, call upon the top rated home insurance companies in Florida, Fearnow Insurance, Inc. Contact us today to learn more.