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Miami homeowners insuranceWhen most consumers think of their home insurance policy, they think only of the actual house itself; of the walls and roof that rests over their head each night. But your home insurance policy, when fully comprehended, is so much more than just simple protection for your home and attached structures which protect your family. In fact, it contains many different classes of insurance that you may not even know are available to you.

  1. Contents: All of the items inside your home—your clothes, computers, furniture, and electronics—would be expensive to replace if they were damaged in a fire, theft, hurricane, flood or other disaster. The contents insurance in your home insurance policy will either give you actual cash value, what your item was worth including depreciation, or replacement value, the amount it costs to buy a new, replacement version of the damaged items.
  2. Liability: A backyard bbq and pool party always sounds like a lot of fun, but you never know whether or not one of your guests might get hurt during all the fun. However, parties are not the only thing that keep you exposed to injury liability—a neighbor falling down your stairs or a stray branch falling on someone’s car can also result in a costly claim against you. Your home insurance liability portion can protect your personal finances against these claims, and pay for the cost of damages to your friends.
  3. Loss of use: Have you thought through what your family would do in the case of a fire; where you would stay until repairs were completed? Also who would pay for the temporary dwelling you must sleep in? Your home insurance policy, if it has loss of use coverage, would pay for the hotel, apartment or other suitable housing you need to protect your family after an unexpected disaster.
  4. Other structures: The dwelling coverage on your home insurance policy covers your home and any attached structures—but what about your detached structures like the garden sheds, pool houses, greenhouses and detached garages? The other structures coverage in your home insurance policy covers other structures like these, within limits. Make sure you read your policy for full comprehension.
  5. Endorsements: While endorsements are not included in policies unless asked for, they can be included to cover expensive items you own that might not be covered under other areas of your policy. For instance, you can get special endorsements to cover expensive art pieces, jewelry, antiques and even your fur coat. However, in order to get a special endorsement to cover your more valuable belongings, you must speak with your agent.

If you are unsure of all the different articles your Miami homeowners insurance protects, a Drexel Insurance Agent can meet with you and go over the policy. After all, if you don’t know what coverage you are paying for, you may miss a needed part in your policy to make you whole after an unexpected disaster.

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