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Homeowners Insurance 101

As the year begins to wind down, you may be thinking about New Year’s resolutions. Perhaps one of them is to become a first-time homeowner. If you plan on applying for a mortgage, you’re going to need a homeowners insurance policy. Today, we’d like to provide a brief introduction to what it’s all about.

Homeowners insurance is a form of coverage that provides money should something like an injury, fire, or a natural hazard cause harm to your home or personal property. Personal liability coverage is also provided, which serves as protection should a lawsuit be filed against you for physical harm or collateral loss.

Insurance rates for homeowners can be expensive, based on your area, coverage limits, and home and property valuation. If you don’t have a mortgage, coverage is voluntary, and certain policyholders allow their coverage to expire once they have fulfilled their mortgage obligation. Yet, every year about 1 in 20 homes file an insurance claim, and the peace of mind a homeowners insurance policy may be worth the pricey premiums.

Basic homeowners insurance may be insufficient in certain situations or places to properly cover a home from certain hazards. Most basic policies cover damage from windstorms, such as tornadoes and hurricanes. Loss from wildfires is normally protected by standard plans for homeowners. In parts of states that are especially vulnerable to wildfires, however, insurance can be impossible or very pricey to obtain, at least from standard insurers. There are state-backed insurance agencies that offer plans that cover wildfire danger in certain states, Florida being one of them.

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 or a Miami insurance settlement lawyer 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.