As a homeowner in South Florida, you know you need homeowner’s insurance. But, do you know why (aside from the fact that your mortgage company requires it)? While many homeowners put little thought into their coverage options, making informed decisions about your home insurance policy can be critical to making sure you are able to rely on your coverage when you need it.
Categories of Coverage Under Standard Florida Homeowner’s Insurance Policies
There are many different types of homeowner’s insurance policies; and, for each type, different categories and levels of coverage are available. Most insurance companies offer multiple options for premiums and policy limits for the following categories of coverage:
- Dwelling – Dwelling coverage provides insurance for the cost to fix your home after a storm, pipe burst or other casualty event (subject to all applicable exclusions). This includes the cost to repair or replace structural elements, building materials, fixtures, heating and air conditioning systems, plumbing and electrical systems, and other permanent components of your home.
- Other Structures – Other structures coverage provides insurance for the cost to repair or replace freestanding garages, sheds, pool houses, guest houses, fences and other permanent structures that are not directly attached to your home. Your home does not need to be damaged in order for you to file a claim for damage to other structures.
- Personal Property – Personal property coverage provides insurance for the possessions contained within your home and other structures. Depending on the option you choose, this could either cover the value of your possessions at the time they are damaged or destroyed, or it could cover the cost to buy replacement items at their current market prices. Items of personal property include (but are not limited to) furniture, appliances, electronics, clothing, jewelry, tools, toys and home furnishings.
- Loss of Use – Loss of use coverage provides insurance for the cost to move into a temporary residence if your home becomes uninhabitable due to covered damage. Specific policy options vary, and most insurance companies offer a specified daily allowance for covered living expenses. Loss of use coverage typically does not cover utilities and other expenses you would incur regardless of where you were living.
- Liability – Liability coverage provides insurance in the event that you get sued for injuries someone sustains on your property (i.e. in a slip-and-fall or trip-and-fall accident). If you have pets, your homeowner’s insurance policy may provide coverage for injuries caused by your pets as well.
When buying home insurance, you should review your policy to ensure that you have adequate coverage in each of these categories, and you will want to carefully review your policy’s endorsements as well.
Speak With a Broward County Property Damage Attorney at Saavedra | Goodwin
The property damage attorneys at Saavedra | Goodwin provide comprehensive legal advice and representation for homeowners in South Florida. If you have questions about what your policy covers or you are struggling to collect payment from your insurance company, you can call 954-928-9568 or contact us online for a confidential initial consultation.