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Miami Homeowners Insurance Claims Attorneys Talk About Minimum Coverage

Homeowners in Miami, and throughout the state need homeowner’s insurance coverage to guard against loss from many different natural disasters, as well as human error. You must know what your policy covers before it is too late. Obtaining the appropriate insurance means you must expect the unexpected to be certain you are covered. As Miami homeowners insurance claims attorneys, we have seen cases when our clients believed they were covered but the insurance company claimed they were not. In this instance, it is much better to be safe than sorry.

When purchasing a Florida homeowner’s policy, you must select between two insurance settlement options. The first option is to receive the actual cash value of the real and personal property lost or damaged. The second option is to select the replacement value of the item or real property. Florida insurance agents must offer you the option of the replacement value of your home up to 80% of its value. In fact, most insurance companies require you to insure your home for an amount not less than 80% of its replacement value. Having less than 80% of the replacement value insured by your policy makes you responsible for the amount not covered by insurance.

The standard Florida homeowners insurance coverage includes many items but omits others. For those items excluded, you must purchase additional coverage. Often, special coverage or additional coverage that is not covered in by the standard policy is called a “rider.” You should get a rider to insure personal property unless you are satisfied with your policy’s limitations on the loss. For instance, you should purchase a rider to cover jewelry, antiques, heirlooms, and similar items if your standard coverage will not cover the full amount of the replacement value of the property in addition to paying your deductible.

Florida residents know how much havoc wind and rain can wreak on their property. Most insurance companies provide protection against loss from windstorms. You can waive this coverage. The waiver must be in writing. You may pay less for your coverage but doing so is not a very good idea and should be discouraged. On the other hand, if your home is located within a wind-pool area, such as on the coast, then your insurance company is not obligated to cover windstorm damage in its standard policy. To obtain coverage if you live in a wind-pool area, you must purchase a rider covering that potential harm.  You must obtain windstorm coverage if you have a mortgage on your property.

Flood coverage is an additional term not covered by any standard Florida policy. Flood damage, in this context, is damage caused by rising water, whether it be from rain or tidal flow. Your standard policy should cover flood damage from a burst pipe or water heater.  Flood coverage can protect your home and your property. You can apply for coverage through a national program, or you can contact your local agent. It is advisable to promptly apply for flood coverage because most companies impose a 30-day waiting period before the insurance takes effect.

Florida homeowners insurance policies should include sinkhole or ground collapse coverage. The state of Florida is well known for its catastrophic sinkholes. Therefore, the insurance company has the right to inspect your property before writing insurance to cover it.  Conversely, insurance companies must include coverage for catastrophic ground collapse coverage. This means that your home is covered if the ground gives way and the ground cover collapse is visible to the naked eye. The damage caused by the failure must be to the home and its foundation. Additionally, the local board of health or some similar public health agency must condemn the home.

Contact Miami Homeowners Insurance Claim Attorneys If You Are Experiencing Difficulties With Your Homeowners Insurance

Let South Florida’s Top law firm – as voted by the Miami Herald – Greenberg, Stone, & Urbano, represent you with your homeowner’s insurance policy claim. The attorneys at Greenberg, Stone, and & Urbano have over 130 years of combined legal experience at your service. Call the South Florida homeowners insurance claim attorneys at Greenberg, Stone, & Urbano – an AV-rated firm by Martindale-Hubbell – today at (888) 499-9700 or (305) 595-2400 to schedule your free consultation.

Source: http://www.myfloridacfo.com/Division/Consumers/understandingCoverage/Guides/documents/HomeownersToolkit.pdf

 

 

 

 

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