After a storm, many homeowners with coverage find out the hard way that the amount of coverage is inadequate to cover the extent of damage. On the other hand, they may also learn that the damage is not enough to reach the deductible. Homeowners often fail to look over their policy to see what is and isn’t covered and to make matters worse, insurance companies have made it harder for consumers by making policies more complicated to understand or being less generous with what they do cover.
Even homeowners that do read their policy and have a degree of understanding may have difficulty in estimating just how much the value of their home and its assets are. On top of that, there remains the lingering problem where homeowners fail to realize that their insurance policy does not cover flood. After Hurricane Irma last year, this was another surprise homeowners were unaware of until after their home was flooded.
To reduce or entirely avoid such unwanted surprises, homeowners should take the time to examine their policy limits. A standard insurance policy may have a maximum payout that will not cover rebuilding and replacing its contents. This is especially common in cases where homeowners make upgrades to their home but don’t make the changes to their policy to ensure these upgrades are covered.
Since it is hurricane season, homeowners should take the time now to make a list of possessions in case a major storm does decide to visit South Florida again, including snapping pictures. Those with pricey jewelry may be eligible for special coverage. Most insurance companies will stress the importance of documenting everything. This list should also be kept outside of the home.
This information is provided by Miami insurance lawyer 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 property insurance disputes Miami 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.