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Homeowners Insurance & The Basics
Homeowners insurance is not just about having minimum coverage that your mortgage requires. Insurance is a personal decision to cover those things that you will need to replace should you suffer a loss. Homeowners coverage is about helping you get back to even after a loss occurs and every insured is in a different financial position. Get homeowners coverage that fits your needs and that will protect you from catastrophic events or even the minor ones as well.
What is included in a policy?
Homeowners insurance or hazard insurance is designed to cover your contents and your property in the event of some kind of loss. What you need to be aware of is that coverage is not automatic on all of your personal property and that the policy is generally written to cover the dwelling and not the property. For instance, personal property coverage usually only covers a minimum on things like jewelry, and certain types of antiques and collections. These are often covered by a ryder. The dwelling is usually covered because the land is generally always undamaged. The basic coverage however may or may not cover loss due to floods, sinkholes or certain types of losses. These coverages may be needed by having a ryder as well depending on your insurance company.
What is a Ryder - an addition to your policy?
a ryder is simply an addition to your policy for coverage calling out what the insurance company is calling specialty or additional coverage. It is a seperate document that is attached to the main document. A rider is best for things like a jewelery collection or art collection.
Will having a security system lower my premiums?
Yes, in most cases having an alarm system in your home will help to get you a discount on your homeowners policy and more important it will help to minimize risk of your personal belongings.
What if I do not want homeowners insurance? Who requires me to have it?
Having homeowners insurance is required by your mortgage company if you owe money on your home. If you owe your home out right, then you do not need to have insurance but you will be missing out on loss or coverage for your personal belongings, your dwelling, any slip and fall injuries on yor property and more. Homeowners insurance is a no brainer. The cost of coverage is generally minimal and out ways the risk of not having it.
How often should I review my homeowners policy?
we recommend sitting down and reviewing your homeowners policy with your agent atleast once a year or anytime something changes in the home like marriage/divorce, new baby, inheritance of personal belongings, an addition to the home or anything else that may add or decrease value to your property or personal belongings.
If a loss should arise, you should make sure that you have already prepared things in advance. Here is what you should do in advance in case a loss should happen;
*Take regular videos of all of your content
*Have an inventory list of contents
*Have backups of all of your photos
*Know where you can stay in case your home in uninhabitable
*Call your insurance agent immediately
*Have before photos of your home
*Have a safe deposit box for these items
If a loss should arise you will be so happy you took the time to have all of this done in advance. Insurance advice you can use!
Insurance is a complex vehicle. Having an insurance agent on your side that will explain the proper coverage and limits that you need is very important. Here at Insure Florida, our agents will always make sure that we discuss with you important aspects affecting your property and show you ways to reduce risk and maximize savings at the same time.
Your job is to enjoy the space you are in and our job is to find you the best quote and coverage.
Your job is to find the right house for you and ours is to make sure we can properly insure it.
Enjoy your home as you should
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