The subtropical depression Alberto that affected Florida this past Memorial Day weekend only serves to reinforce how important it is to take the time and ensure that your insurance policy reflects your needs and that it provides sufficient coverage for you and your family. . As the value of a property fluctuates, it’s important to be aware of what the current value of the home is so you can adjust your insurance coverage needs accordingly. It’s worth keeping in mind that having an insurance policy based on the mortgage cost may not adequately cover the costs to rebuild your home should a disaster such as a storm result in significant property damage.
For those with a current policy that they have not examined in a while, now is the time to consider giving it another look as your home may have depreciated, meaning you will only be compensated for a percentage of the costs required to repair or replace the property. The value of the home may also be influenced by various factors including making significant renovations or adding features such as a swimming pool. Any major purchases you’ve made recently should also be taken into consideration.
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 an insurance settlement attorney Miami 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.