When you buy a property, you’ll want to have protection in case disaster strikes. Property insurance can offer peace of mind knowing that if your property is damaged, then your insurer will cover costs for necessary repairs. Most property insurance policies will cover damages from natural disasters and other events that are beyond your control. Although not every crisis can be thought of in advance, there are certain things you should ensure you have coverage for. Read on to learn more about property insurance policies and the things that you should get covered against.
What Most Property Insurance Policies Do Cover
It’s critical to know that every insurance policy is unique and before you sign anything you should thoroughly review your policy documents. A standard property insurance policy typically covers certain common events that result in damage. This includes damage due to snow, theft, ice, wind, hail, and fire. Most policies typically also cover leaky pipes that cause water damage. Insurance doesn’t just cover damage to the exterior, but can also extend to the contents of your property. Your personal possessions in your property damaged or lost during a covered event are also usually covered. However, most policies establish a limit on the amount they will pay out for personal possessions. If you have any high-value items, then consider buying a separate policy to make sure they’re covered.
Protection against lawsuits is another lesser-known aspect of property insurance. If somebody gets injured on your property, then the costs related to those injuries are covered by most policies. This could include the cost of physical therapy, medical bills, and lost wages. If you are sued by the injured person, then your insurance policy should also cover the costs of your legal defense.
What Isn’t Covered
Your property will need to be properly maintained over the years, and if you don’t do so, insurance companies will not cover damage from a failure to maintain your property. For example, if you failed to replace the roof after being told you need to and it caves in, the insurer won’t cover it. The vast majority of property insurance policies won’t cover damage from intentional acts. This means that if you get mad and pull the hinges off a door, the insurer won’t cover it. If you assault a guest on your property, for example, then you can’t claim any resulting legal fees and medical bills.
Things To Watch For
Firstly, the location and type of property will dictate what you want in your policy. A lot of property insurance policies in Florida don’t cover flood damage, so you should make sure you have it if you live in a flood-prone area. Moreover, you may also have a hard time finding an insurance company, especially in Florida, that covers flood insurance since Florida has many hurricanes. You can directly buy flood coverage from the Federal Emergency Management Agency through the National Flood Insurance Program.
Other things to check for include:
- Coverage for structures on your property that aren’t connected to the main building, like pools
- Many insurance policies limit the amount you can recover in a claim, so make sure you have certain guarantees included in the policy.
Contact Us Today
It’s important to understand exactly what your insurance policy covers, and how to mitigate risk and get the compensation you are paying your premiums for. Call Craig D. Rolle today for a consultation to learn more.