If you’ve read our previous blogs, you may already be aware of something many homeowners tend to forget: the majority of standard homeowners insurance policies do not cover floods. If recent storms are any indication, it is imperative that homeowners remain aware of this as it could prove costly. As homeowners seek to cut down on costs, however, a growing number of them are choosing to go without it if they don’t live in an area where flood insurance is required.
It’s worth keeping in mind that even if isn’t required, flood insurance could potentially save you from a world of problems. Storms like Hurricane Irma or even Hurricane Harvey’s devastating effects on Texas remind us how crucial it is for homeowners to know what their policy does and does not cover. The last thing you want is to suffer major damage to your home only to realize that you’re underinsured.
Besides floods, homeowners should also know what their policy covers in regards to belongings. While most, if not all policies cover lost, stolen, or damaged property, there are restrictions when it comes to items such as fine art or jewelry. If your jewelry goes over the limit (which it quickly can depending on its value), you may find your policy will only cover a small portion of your loss.
This information is provided by Miami insurance attorney Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys and receive a free consultation We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.