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Submitted by: Alisa Murphy
Owning a home comes with many costs and responsibilities. Because it’s such a valuable investment, homeowners need to carefully consider the type of plan needed for adequate coverage. Since obtaining protection is normally a one-time event, at least until they purchase their next home, most homeowners are not well-informed about navigating the fine print of their policies and seeking appropriate compensation when filing claims.
Homeowners need to weigh several factors when purchasing insurance. They generally opt to consult with an experienced agent regarding what is available and what is recommended for their particular situation. A FL insurance broker can help clients obtain the most appropriate coverage for their property.
Homeowners’ policies generally cover physical damage to the home, as well as damage to sheds, garages, or other structures on the property. Insurance coverage also extends to personal belongings that may be lost or damaged. Insurers usually offer this type of protection for up to a certain percentage (usually three-quarters) of your home’s insurance value. Extra coverage can be obtained for especially valuable personal items.
Sometimes homeowners have to move out when significant damage resulting from a covered event occurs, such as a fire or severe storm. In such cases, insurance policies can provide reimbursement for temporary living expenses.
Policies also usually include liability coverage, in the event that some one else is injured or sustains significant damage to personal possessions while on your property.
Before obtaining coverage, prospective homeowners need to decide how much to purchase. Insurance value is based on the projected cost of rebuilding, not on the home’s market value. The two are likely to be quite different. While housing values still have not rebounded in many locales, building costs are escalating. An independent third party or your insurance agent can help you come up with an accurate measure of construction costs. When you know how much coverage you want, it’s time to look for a quote. Higher-deductible policies have lower premiums, so having one of those plans could save you money, as long as you have enough in savings to take care of the deductible if you need to file a claim. A FL insurance broker can advise you regarding a variety of coverage options.
Homeowners insurance does not cover flooding. If you live in an area where flooding is likely or just want extra protection, talk to your insurance agent about obtaining additional coverage.
When you’re finally in your new home, it’s a good idea to take a comprehensive inventory of your possessions and the overall condition of the house so that you have this information readily available if you ever need to file a claim. Keep your records in a place other than your home. If you need to store them in your residence, secure them where they won’t be damaged by fire or weather elements. If your home sustains storm or other damage, your information will be preserved.
Learn about available home owners insurance options and coverage solutions with your Fort Lauderdale, FL insurance broker.
About the Author: Alexander, Greep & Tate, a
Fort Lauderdale, FL insurance broker
, offers homeowners’ insurance tips. Visit to learn more and obtain a quote.
Source:
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