How long do I have to make any homeowners insurance claims?

Depending on your insurance carrier and policy details, the time you have to file an insurance claim can vary from thirty days to over a year. It’s important to go through your insurance policy or speak with your insurance agent if you have any questions because this information is vital in case of an emergency.

What is a deductible?

The word “deductable” will often appear in insurance policies and claims, but what does it mean? Simply put, a deductible is the amount of money that you have to pay out of pocket for your homeowners insurance claims or regular insurance claim. Unfortunately, the reality of insurance is that even when you make an insurance claim, chances are you will be paying for something.

What is a premium?

A “premium” is what an insurance company would call the payment for an insurance policy. Premiums are paid to the insurance company, and they are the company’s main source of income. Usually, insurance premiums pay for homeowner’s insurance, car insurance, healthcare, life insurance, and more.

How much would it cost to replace my personal belongings in my home?

There are several ways you can get coverage for your personal belongings. Depending on the type of coverage you have, you may be able to receive a payment that matches the value of the items, or a payment that covers the cost of a brand new option.

Typically, these types of insurance policies are known as Replacement Cost (RC) and Actual Cash Value (ACV). Replacement cost serves as an option for paying the dollar amount needed to replace an object, and it does not include depreciation or wear. Actual cash value is the same, except depreciation of value, wear, and age come into play when replacing the item that was destroyed. This usually means a lower payout, but the premiums also cost less. RC will cost more, but pay you more in the long run.

Do I have to make a home inventory?

While it may seem tedious, making a detailed inventory of your home and everything inside of it could save you a lot of heartbreak in the future. In fact, it can also help you keep it tidy by showing you how many items you have. Having an inventory will help immensely when filing an insurance claim for property loss or damage, especially when it comes to small, valuable items.

Does my homeowner’s insurance cover storms, fires, lightning, or theft?

Yes and no. Depending on what caused damage to your home, your homeowner’s insurance policy should cover most things, including damage from the following:

  • Storm
  • Fire
  • Lightning
  • Wind storm
  • Hail
  • Vandalism
  • Theft
  • Smoke
  • Explosions
  • Tornadoes

How can I get my roof replaced for free?

There are a few little-known secrets in the insurance world that an insurance company or contractor would not want consumers to know. In many cases, homeowners who have experienced damage to their roofs during a storm or hail can have them replaced for free completely using the 25% Build Code Law or the Matching Law. If you work with us, we can help walk you through these laws and explain how you can use them to your advantage to fix your roof. Otherwise, you can read up on each of them on our Learn page.

Am I covered for hotel costs if my home is damaged?

Most insurance companies will cover the costs of a reasonable hotel if your home becomes uninhabitable due to damage. Of course, there is typically a limit to how much they will be willing to cover, so make sure you look over your policy or speak with someone who can explain the details further.

What does my policy not cover?

Unfortunately, there are a number of things that many homeowner’s insurance policies will not cover. These items tend to include more extreme scenarios or issues any house would face without maintenance. Here are some examples of events that a policy might not cover:

  • Earthquakes
  • Nuclear hazards
  • Neglect
  • Corrosion, deterioration, decay, or rust
  • Wear
  • Contamination
  • Fungi
  • Increased costs
  • Government actions
  • Power failures
  • Animals
  • Pests
  • War

Do I have to have homeowner’s insurance?

In Florida, state law does not currently require homeowners to insure their homes. However, we strongly suggest that every homeowner has an insurance policy, even with high state prices. The costs you could incur trying to pay out of pocket for a new roof, for example, would be extremely high compared to an insurance payout. Although complicated, insurance policies can offer usefulness in times of need, especially if you have a professional to help you through it.

Have a Question on Homeowner Insurance Claims? Let’s Talk.

At Res Reps, we want to help homeowners and policyholders understand the best way to save money and make the most of their homeowners insurance claims. To do this, we perform all of our services for free for our clients, because we believe that homeowners should not have to struggle further just to live in their homes while insurance companies hold out. If you have any questions about your insurance policy, our services, or anything else, we would love to help. Please give us a call at (321) 537-9991 or send us an email to Connect with us on Facebook and Instagram, we look forward to hearing from you!

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