It’s a good idea to periodically review your homeowners’ insurance coverage and see what types of property damage are covered. The policy will probably include a list of property damage types, called named perils.
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.
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.
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.
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.
In most cases, standard homeowner’s insurance policies do not contain coverage that protects you in the event of a flood. Fortunately, flood insurance is a relatively affordable type of coverage, as it is often government subsidized.
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.
No one wants to live with mold. Not only can it damage your home, it can be harmful to your health. Unsightly, smelly, and downright dangerous, mold conditions should be remedied as quickly as possible.
After a particularly brutal September and October, with hurricanes battering Florida, Texas and islands in the Caribbean, climate scientists are paying even closer attention to the role human activity is having on these natural disasters.
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.