Insurance policies that cover loss or damage to property are a security blanket for homeowners. It allows them a sense of security in the event of a disaster. No one expects to lose their home and possessions, but people go through it every day. Homeowners insurance policy protects dwellings and belongings.
In some states, such as Florida, additional coverage may be warranted as severe weather can occur during certain months of the year. Contact your local insurance agency to find out your Florida home insurance quotes today.
Many home insurance policies cover natural disasters, home invasions and liability if someone is injured on your property and sue you for damages. However, there are other coverages areas you may not know. We’ve made a list of 8 facts about home insurance you should be aware of before you sign on the dotted line.
- Home Office Equipment Might Not Be Covered
If your home office is ransacked or otherwise damaged, your policy may only cover minor losses. Your best bet if you work from home is to get a separate policy that covers home office equipment more fully than the basic homeowners policy.
Bringing your work equipment home from the office may help you complete work assignments on time. However, you should review your employer’s insurance policy to ensure the equipment is covered while in your possession. Your local insurance company can address your questions about the coverage of office equipment as well.
- Some Policies Ban Coverage for Certain Pets
You may have heard of renters having a hard time finding apartments that allow certain dog breeds. You might be surprised to know that getting homeowners insurance can be equally as difficult. Some insurance companies have policies against breeds based on size and behavior. Large dogs, such as Rottweilers, are notoriously difficult to find coverage for.
When you’re looking for homeowners insurance, be sure to discuss whether any destruction caused by Fido will be covered. You may see a premium increase for certain breeds, too.
- Jewelry and Other Valuables May Require Additional Coverage
One of the purposes of homeowners insurance is to recoup any losses in the event of a home break-in. Jewelry, guns and other high value items may require an additional policy to ensure that you will be reimbursed if they are damaged or stolen from the home.
Your best course of action is to enquire about what valuables are covered when you get your Florida home insurance quote.
- Failure to Pay Premium Can Result In Policy Cancellation
Have you ever forgotten to pay your car insurance and gotten a notification that the policy is ‘pending cancellation’? That same situation applies to your homeowners insurance. If you miss a payment, your policy will be cancelled and your home won’t be covered if anything happens.
The best way to avoid this from happening is to set up an auto-pay system that automatically pays your homeowners insurance before the due date every month. Or you can create a monthly bill pay list so you don’t forget to make a payment. In the event where you lose your job or have financial difficulties, your insurer may be able to help you adjust the payment schedule.
- Agencies Suggest Making an Inventory of Items in Home
In the event of a disaster or robbery, your presence of mind may not register anything missing or damaged at the time of your claim. Many insurance companies suggest homeowners make an inventory – including video and photographs – of each room of their home and property.
This ensures that you have proof of any damage that occurs and can speed up the claim process. It also ensures that you won’t mistakenly forget to claim something valuable that is damaged or stolen from your home. An inventory list is basically an insurance policy for your homeowners insurance policy.
- Your Credit Score May Affect Your Premium
There are a lot of factors that affect your premium. Most have to do with the location of where your property is located, specifically the city and county. However, personal details, such as your credit score, can also impact the cost of your premium. While you may not be able to raise your credit score, there are other ways you can lower your premium. Read more down below or ask your agent when seeking quotes on Florida home insurance.
- Update Your Policy After Any Home Renovations
You may assume that any renovations you make to improve your home will be automatically covered under your insurance policy. That’s not always the case. The home insurance policy is often very specific over what structures are covered. If you add a porch or swimming pool, they need to be added to the policy before any renovations are done.
It’s also the homeowners responsibility to ensure that any contractors have their own insurance in case of injuries or damages while the renovations are being completed. Some renovations may require additional coverage. You don’t want to complete the renovations only to suffer a disaster and find out any damage to the remodeled area of the home isn’t covered.
- Home Safety Features Can Lower Premium
Much like car insurance, homeowners insurance offers credits for certain safety features. Burglar alarms, carbon monoxide and smoke detectors are just a few examples of the features that can help reduce your premium. The reason is because these features decrease the likelihood of a catastrophic event happening in your home.
Many insurance companies also offer premium reductions if a certain amount of time passes (a year, for example) without any claims being filed on the policy. Your insurance agent will have more information on what safety features you can install in your home to lower your premium.
Homeowners insurance is a necessity, especially if you live in a state where your home is at the whim of Mother Nature. Protect your family by insuring your home today.