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Do You Know Your Policy?

The Carolinas are currently dealing with the aftermath of Hurricane Florence which caused severe flooding in many areas. While those of us here in Florida are doing what we can to help, it’s vital to remember that hurricane season doesn’t end until the 30th of November. Do you know what your insurance policy covers?

A typical policy provides coverage for four things: the home’s structure (or dwelling), detached units such as a garage, your belongings (or personal property), and living expenses in the event you’re displaced. In regards to your personal property coverage, your policy will only cover a certain amount. Hence, you may wish to add additional coverage if you have lots of expensive items, though you will be required to pay more.

It is possible that your policy may have a separate deductible specifically for hurricanes. This deductible (which may also cover wind or hail damage) is typically one to five percent of your home’s value. This is essential to be aware of as it could mean paying thousands out of pocket.

Something we’ve mentioned before that bears reminding now that Hurricane Florence has caused so much flooding is that your standard policy generally won’t provide coverage for a flood. If you have a mortgage and live in a flood zone, chances are you already have this coverage but for everyone else, it’s imperative to keep this in mind.

Again, always be aware of what your policy doesn’t cover and whether the coverage you have is enough.

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.