What does homeowner’s insurance do for you?
Homeowner’s insurance is a type of property insurance, the property in this case being your home and the surrounding property.
Losses and damages to your residency are covered.
There are four basic coverages within most basic homeowner’s insurance:
• Exterior damage
• Interior damage
• Loss/damage to personal assets
• Injury occurring on the property
The types of damages and losses determine whether your insurance takes care of it. Most comprehensive insurances cover events such as theft, vandalism, fires, smoke, and falling objects.
Whenever any of these forms of incidents occur, you would file a claim with your homeowner’s insurance, in which case they will determine the costs and move forward. The payment for your homeowner’s insurance tends to lumped in with your mortgage payment, but there are a few other costs to and factors to consider: Deductible and liability limits.
A deductible is an out-of-pocket cost to you, the policyholder. Once you hit your deductible the insurance company will pay the rest. The deductible is usually a small percentage of the overall repair cost though it is dependent on your policy.
Every homeowners’ insurance policy has a liability limit. The liability limit determines the overall percentage of coverage that can be used for things such as repair or costs of temporary living. The standard liability limit is usually 100k. Once you hit that liability limit the insurance company is no longer liable for the costs during that term.
Such specificity can make homeowners’ insurance a bit confusing to navigate as well as understand. Secured Insurance is here to help guide you through and educate you on the policies you will be taking on.
Homeowners Insurance in Florida
Living in Florida means we are vulnerable to the infamous fickleness of the Atlantic hurricane season. Hurricanes can potentially be destructive to your home and wreak all types of havoc. Due to this specific potential for damage, most insurance policies have a hurricane deductible. The hurricane deductible is not much different from the standard deductible–it is the cost of hurricane damage repair responsible for the policyholder to pay before the insurance company pays the rest. In Florida, this is an annual hurricane deductible, so you are not hit with a new deductible with every hurricane that passes through.