While homeowner's insurance is a vital investment for families who own a home, homeowner's insurance policies are not uniform in nature. There are different types of homeowner policies that offer various forms of coverage, exclusions, and limitations. Whether you own a home or condo, your decision regarding coverage can have a dramatic impact on your claim if your home is damaged. While there are a number of different types of homeowner's policies, they have a common function. This function is to protect property owners from damages that could jeopardize their personal assets.
Although the types of potential perils that most people consider are natural hazards like fire, windstorms, and floods, there are a wide variety of other threats that can severely damage this key investment, such as theft, lawsuits, and vandalism. When these types of hazards damage your home, the cost to repair or rebuild can be hundreds of thousands of dollars. The right homeowner's coverage can insulate homeowners from being forced to cover these costs out of pocket.
When you purchase a home, it is important to be aware that there are many insurance companies that are willing to compete for your business. While many people just continue with the same insurance carrier as the prior owner, policyholders should consider multiple insurance carriers and evaluate the full range of potential options before making a selection.
Dwelling coverage provides financial security against losses caused by both natural and manmade hazards. The spectrum of covered hazards will vary based on the policy you purchase. Coverage against a broader range of hazards will carry a higher premium. Because dwelling coverage is the most important type of coverage, the policyholder needs to carefully evaluate which perils justify the additional premium.
Liability coverage is another important type of coverage under your homeowner's policy. This form of coverage will provide protection against lawsuits and legal actions taken against you as a homeowner. These legal claims will usually be related to physical injuries associated with your property, such as trip and fall injuries. This form of liability claim can expose homeowners to significant liability. This coverage will provide compensation for the costs of defense and the settlement or judgment up to policy limits.
Insurance companies will offer many special types of homeowner's insurance coverage to fit a homeowner's specific circumstances. This type of special policy provides coverage for specific types of perils and issues that are important to particular homeowners. There are specific policies that are appropriate for those who own a condominium or who live in a homeowners association, for example. There also are special types of coverage that require purchasing an additional policy, such as a flood policy from the National Flood Insurance Program under the auspices of FEMA.
You can reach Miami Insurance Claims Lawyer J.P. Gonzalez-Sirgo by dialing his direct number at (786) 272-5841, calling the main office at (305) 461-1095, or Toll Free at 1 (866) 71-CLAIM or email Attorney Gonzalez-Sirgo directly at [email protected].
