Fire damage to your Florida Home or Business

Fire damage can be extensive. Your homeowners or business property damage insurance should cover you no matter how severe the fire damage. Your policy should allow you to restore or rebuild your property after the fire. It should also reimburse you for living expenses while your home is being repaired and restored. In addition, business property insurance usually covers lost business income.

When Your Florida Business Has Property Damage

Whenever we think about damage from hurricanes and other natural disasters, we usually think of damage done to property. But property damage insurance claims are more complicated for Florida business owners. Business property insurance covers damage done to both the structure and contents of the property and it also covers lost business income.

What to Consider When Renewing Your Homeowner’s Insurance Policy

Generally, homeowner’s insurance policies renew every year. Unfortunately, many home-owners fail to look at their policy and instead just pay the renewal bill. However, it is important to carefully go over your policy in case there are any major changes that may seriously affect your coverage. After all, your home is likely your largest investment.

What is an Assignment of Benefits?

If your home recently sustained damage covered by your insurance policy, you may be thinking about signing an Assignment of Benefits or AOB. While an AOB can be beneficial in some situations and can save you the hassle of dealing with insurers, it also has the potential to lead to further problems.

Water vs Flood Damage

Many homeowners are surprised to learn that water and flood damage are not the same thing. While your homeowner’s insurance covers certain types of water damage, it will not cover destruction to your home or property caused by flood waters. To receive coverage for this type of damage, you must have separate flood insurance.

Perils Your Florida Homeowner’s Insurance Typically Covers

Homeowners policies fall into one of two categories, either “named peril” or “open peril.” In an open peril policy, all perils are covered unless they are specifically excluded. Since they are more comprehensive, they are also more expensive. The more common type of homeowner’s insurance is a “named peril” policy.