Things To Include In Your Property Insurance Policy
When you purchase a property, you will likely want to be protected in the event disaster strikes. Property insurance can provide peace of mind in knowing that if your property suffers damage, then you will be able to make a claim for the necessary repairs.
Coverage for damages caused by natural disasters and other events that are outside of your control are included in most property insurance policies. While you won’t be able to predict every calamity, there are some things you will want to make sure that you are covered against. Here’s more on property insurance policies and the things that you will want to make sure you are covered against.
What Most Property Insurance Policies Cover
It is important to understand that every insurance policy is different, and you will want to thoroughly review your policy documents before you sign. Still, a standard property insurance policy will likely cover some common events that can cause damage. These will include damage caused by theft, snow and ice, hail, wind, and fire. Water damage caused by a leaky pipe may also be covered under most policies.
Insurance not only covers damage to the exterior but can also protect the contents within your property. Your personal possessions located inside your property are generally covered if they are lost or damaged during a covered event. You should be aware that most policies have a limit on how much they will cover for personal possessions. If you have a lot of high-value items, then you may want to purchase a separate policy to ensure they are covered.
A lesser-known aspect of property insurance is protection against lawsuits. If someone becomes injured while on your property, then most policies will cover the costs associated with those injuries. This could include covering the cost of medical bills, physical therapy, and lost wages. If the injured person ends up suing you, then your insurance policy should also cover the cost associated with defending against the legal claims.
What They Don’t Cover
Over the years, your property will need to be maintained. If you fail to do so, then you will likely experience damage as a result. Insurance companies know this, and most policies will not cover damage caused by a failure to maintain your property. An example of this would be damage caused by a rusted-out water heater that should have been replaced years ago.
Almost all property insurance policies won’t cover damage caused by intentional acts. What this means is that if your favorite football team loses a close game, then the holes that you punch in the wall won’t be covered. Similarly, if you assault a guest while on your property, then it is unlikely that you will be able to claim the resulting medical bills and legal fees under your policy.
Things To Include
The location, along with the type of property that you own, will often dictate what you will want to include in your policy. For example, many property insurance policies do not include coverage against flood damage. So, if your property is in an area prone to flooding, then you will want to make sure that it is included in your policy.
Regarding flood coverage, you may have difficulty finding an insurance company that will provide you with this coverage if your property is in a flood plain or an area prone to hurricanes. To remedy this issue, the U.S. government introduced a program where you can purchase flood coverage directly from the Federal Emergency Management Agency through the National Flood Insurance Program.
Another thing you may want to consider is coverage for structures on your property that are not connected to the main building. While some standard property insurance policies may cover these structures, some may not. This can include sheds and detached garages. Pools are another common addition to a property that may not be covered in a general policy. As a result, it may be necessary to purchase a separate rider to protect it from damage and against premises liability claims.
Lastly, you will want to have certain guarantees included in your policy. Many insurance policies will place a limit on how much you can recover when you file a claim. For example, if your property catches fire and needs to be completely replaced, then you will want a guarantee that you will be paid the full replacement cost. You don’t want to be in a position where you will have to downgrade or take out another loan because your policy won’t pay out enough to put you back in a similar property after a complete loss.
FL Property Insurance Lawyers
The attorneys at The Louis Law Group specialize in property damage claims submissions and appeals. We have extensive experience in representing property owners throughout all stages of the claims process. If you are thinking of filing a property insurance claim or if you have been denied, then get in touch with us for a free consultation by calling (954) 676-4179 or contacting us online.