If you’re buying a home, you’re going to need homeowners’ insurance. It’s not always legally required by the state, but mortgage lenders mandate that you have this type of policy. Homeowners’ insurance is designed to protect you if you sustain losses and damage to your property and your belongings.
Named perils vs. all risk homeowners’ policies
There are normally two categories of homeowners’ policies: named perils and all-risk. In a named perils policy, only the named perils listed are covered. Anything not listed in the policy is not covered, or excluded, and therefore not subject to your claim. In an all-risk policy, everything is covered under your policy except for any listed exclusions. Please read your policy carefully to determine your coverages.
What does the policy cover?
When you obtain homeowners’ insurance, your policy usually covers losses from events like:
- Ice storms
- Lightning strikes
Again, you need to make sure that your policy covers these events.
Point of note: if you live in the states of Alabama or Florida, there is a separate deductible that you can have added to your plan for any damages that are caused by hurricanes. Because hurricanes commonly occur in these states, it is a good idea to pay for the extra deductible.
What is usually excluded?
Most homeowners’ insurance policy will not cover damages caused by flooding or earthquakes, unless you have purchased additional coverage for these events. Florida, Alabama, and Louisiana are all subject to flooding, so purchasing additional coverage is in your best interest.
What you should know about water damage claims
Insurance companies will often try to deny, delay, or lowball claims based on flooding, even though the damage occurred because of a hurricane, or thunderstorm, or other covered loss. For example, after Hurricane Michael, many policyholders submitted claims for storm damage to their homes. However, spider cracking in their exterior walls and broken seals on windows and doors allowed water to seep into the home. This seepage can, will, and did lead to mold. Mold claims, however, may be denied under the guise of prior or separate damage, even though the mold was the result of water damage from Hurricane Michael. If this happens, it is to your benefit to have an insurance dispute attorney review your claim and the damage to your home, to help you get the compensation you need to renovate and rebuild.
If you are going to become a homeowner, you should start looking around at your homeowners’ insurance options. It is necessary to get the right amount of coverage now because you cannot predict what will happen. If you do not have insurance coverage for your home, you could end up losing everything and having to pay for everything on your own.
If your homeowners’ claim has been denied, get a fighter on your side. Warhurst Law helps policyholders in Alabama, Florida, Louisiana, and across the Southeast recoup the losses they sustained. To learn more about our services, or to schedule a consultation with an attorney from our team, contact our firm in Mobile by calling 251.207.1296 or filling out or contact form.