It’s Time to Review Your Homeowner’s Policy
We are only a few months away from the start of the 2020 hurricane season. As CNBC reminds us, now is a good time for homeowners to take a fresh look at their insurance policy. You can bone up on what your policy does and does not cover, and possibly shop around for a new policy before a season of terrible weather is upon us. Below, our Daytona Beach property damage lawyers identify key things to check in your policy. If you need help making a claim, please contact us.
Review Your Deductible
Are you paying too much for insurance? It might feel this way. Of course, the amount you pay is a function of the amount of coverage you have and your deductible. Florida allows insurance to charge a different deductible for hurricane damage, with $500 being the minimum. The higher the deductible, the less you should pay in premiums.
If you feel you are paying too much, review whether you can change the deductible. This can lower your payments but still provide some coverage in the event of a disaster. What you should avoid doing is immediately dumping your coverage because it is now too expensive. Try to still make it work with your budget.
If nothing you do makes your policy affordable, then maybe now is the time to shop around for a new one. Get quotes from different insurers but always look at what is being covered. A policy that is too skimpy is useless even if affordable.
Understand What Your Policy Covers
No one likes to make a claim only to discover that their loss is not covered by their insurance. Go through your policy and meet with your agent, if necessary. Policies are written in dense language, which many people cannot understand, but your agent should help you. Check whether your policy covers the following:
- Tree removal
- Mold remediation
- Temporary shelter and associated costs
- Roof repairs
- Replacement of siding
CNBC told the story of one man whose siding was damaged in a tornado. He expected that it would be replaced. However, he was annoyed to find that the insurance would only pay to replace the damaged shingles. Any that were undamaged were not covered by the policy. So now he has a patchwork of new and old siding, which he is unhappy with. These are the types of situations you should think about.
Consider Renter’s Insurance
You might not be a homeowner, but you might still need insurance in the event of a storm. Your landlord’s policy should cover any damage to the structure itself. However, you will probably want to insure your possessions in your apartment.
If you get insurance, remember to make an inventory of all possessions so you can make a claim of loss in the event a storm strikes.
Speak with a Hurricane Insurance Claim Attorney after a Storm
Bundza & Rodriguez is a leading Daytona Beach law firm that helps property owners make insurance claims. We have extensive experience and have brought successful appeals. Call 386-252-5170 to schedule a free consultation.