It may not be the most fun thing to do. But reviewing your homeowner’s insurance policy can help save property owners money and plenty of headaches. Far too many people blindly sign up for an insurance plan based on price. But when the time comes to file an insurance claim and collect compensation to pay for damages, repairs and lost items, will your insurance company come through with the right settlement? If you have failed to thoroughly read the policy, there is a chance your claim will be underpaid or even denied.
The State of Florida does not require every homeowner to have insurance. However, mortgage lenders encourage homeowners to enroll in a policy to protect their investment. Even without a mortgage, comprehensive homeowner’s insurance is vital should an unexpected disaster arise. When enrolling for insurance, your policy should address what is kind of damages, repairs and lost items are covered to receive compensation. Regardless of the company, the standard homeowner’s insurance policy should be comprised of the following format.
- Declarations Page: It is typically the first page of an insurance policy and will summarize everything that is covered. It is very important to read this entire section. It should contain all of the following information: policy number, policy period, the name and address of the person insured, the name and address of your insurance agent, the name and address of your mortgage company, the limits placed on each type of coverage, the amount of the premium, the amount of the deductible and the title or number of any endorsements affecting the policy.
- Definition Page: Although the definitions page may sound self explanatory, it is also a very important part for homeowners to review. The page should explain and define many of the important terms in the policy. Policyholders may discover some of the terms may be more broad or restricted than originally thought.
- Section I (Property Insurance):This portion of the insurance policy will contain specific information on what is and is not covered. Section I will contain a comprehensive explanation on the different types of coverage. All homeowner’s insurance coverage is divided into four categories, including the dwelling, other structures on the property, personal items and possessions along with the loss use of the property.
- Section II (Liability Insurance): Section II is very similar to Section I by describing the different types of coverage. However, this section focuses primarily on personal liability and medical payment to others who are injured on your property. Should a visitor to your home or property get bitten by the dog or suffer a slip and fall accident due to a crack in the sidewalk, this portion would cover the policyholder. Depending on the insurance company, the policy should cover damage and may also defend the policyholder if a guest is injured.
Protect Yourself Against an Underpaid or Denied Insurance Claim
When it comes to filing an insurance claim, knowledge is power. What you don’t know about your homeowner’s insurance policy can come back to haunt a homeowner later. Like any business, insurance companies are in business to make money. Sometimes it can come at the expense of their clients. If your insurance company fails to provide the necessary compensation to cover your damages, it is vital to seek representation from an experienced Miami home insurance lawyer with a track record of protecting the rights of homeowners. Over the years, attorney Jonathan Korin has utilized an aggressive and comprehensive approach to help place clients in the best position to succeed. To learn more, contact the legal professionals at Korin Law, P.A. and schedule a consultation to discuss your case.