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Insurance Coverage 101

Making sure you’re always in the know regarding property insurance coverage in Florida can be a difficult process. For those that are largely unaware, it’s worth going over what you should know considering we’re in the middle of hurricane season.

One thing that we’ve mentioned several times before that you must be aware of is the distinctions between coverage. If water makes its way into your home, chances are a standard policy will not cover the damages as that requires a separate flood insurance policy. However, if a tree falls onto your home and damages the roof to the point where rain can come in, such a scenario is likely covered. Also, take the time to evaluate just how much coverage you need and how low of a deductible you would be able to deal with in the event of an emergency.

Nowadays, it’s worth doing your homework when it comes to obtaining property insurance coverage and shopping around for quotes. Farmers will be offering insurance policies in Florida beginning this month. Newer companies are offering what’s called “parametric” coverage which uses modern mapping technology to figure out what storm conditions are most likely to affect your area. These companies will then pay out a flat amount, removing the standard process where an insurer sends out an adjuster to evaluate the damage before issuing a check.

One thing you absolutely should not do? Wait until the last minute. Insurance companies are legally allowed to wait until after a storm has come and gone before issuing new policies if the storm is already nearby.

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.