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Homeowners’ Insurance Pitfalls:  Are You Covered?

Purchasing homeowners’ insurance can be a confusing process.  Your options are many and policy language is often so complex that you may not fully understand what is and isn’t covered.  Many homeowners are actually under-insured, and others will struggle to collect on their homeowners’ insurance claim despite valid coverage.

The Miami homeowners’ insurance lawyers at Greenberg, Stone, & Urbano understand how frustrating it can be for homeowners to be informed that their home’s damage is not covered due to fine print exclusions or low policy limits.  We also know that often your initial denial can be appealed and you could still obtain coverage for your claim.  The following is a look at some areas of homeowners’ insurance where you may not be covered.  Contact your agent to check with your particular policy, the following:

  1. Remodels: Renovating your home can be costly and stressful, but it will generally lead to higher property values when you sell your home.  It is best to increase your property coverage once renovations are completed due to your increase in value.  However, few homeowners remember to call and update their policies.  Further, certain improvements, such as a pool, may require you to upgrade your homeowners’ insurance.  As such, remember to call your agent after a remodel.
  2. Just covering your mortgage: When taking out an insurance policy, many homeowners will seek coverage for just the amount required to cover their mortgage.  While this would allow you to pay off the mortgage, it may not be sufficient to rebuild your home. Have a qualified agent do a full analysis before purchasing a policy.
  3. Flood insurance: Flooding is not typically covered by a standard homeowners’ insurance policy.  However, it is recommended that anyone in Florida purchase a flood insurance policy as you could be at risk of a flood even if you live inland.
  4. Costs to meet current building codes: The building codes have greatly evolved in the past few decades.  If you have an older home and it is severely damaged, you will have to comply with current building codes upon rebuilding.  This can be quite expensive and could require major changes to the home’s architecture, wiring, and much more.  You should take into account the potential costs to update the home to compliance with current building codes when purchasing a homeowners’ insurance policy so that you are not left shouldering this burden alone.
  5. Material costs are rising: Inflation has lead to an increase in the price of construction materials.  If your home is damaged, it will cost more to repair or rebuild it due to rising material costs.  Take these rises into account when annually renewing your policy.

Greenberg, Stone, & Urbano:  Put Our Over 130 Collective Years of Experience to Work on Your Case!

If your home has experienced damage and you need assistance seeking coverage from your homeowners’ insurance company or if your claim has been preliminarily denied, contact the Miami Homeowners’ Insurance Attorneys at Greenberg, Stone & Urbano.  We have over 130 collective years of experience representing homeowners against the insurance companies across South Florida.  From the moment you contact our firm, we will fight to see that your case receives the care, dedication, and hard work it deserves.  We are honored to have received a coveted AV rating from Martindale Hubbell and the Miami Herald’s ranking as a top firm in South Florida.   Put our outstanding homeowners’ insurance lawyers to work on your case.  Call us at (888) 499-9700 or (305) 595-2400 or you can visit our website to schedule your initial consultation.


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