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Insurance Terms on Your Homeowners Policy

Homeowners Insurance Terms You Should Know

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Your homeowners insurance policy may not be the most exciting read, but nonetheless you should be familiar with your coverage. If you need to file a claim, it helps to be knowledgeable about some homeowners insurance terms that are commonly used. Here are the ABCs of insurance terms you’re likely to find in your policy!

Adjuster

This is the representative from your insurance company who will work with you in the event you file an insurance claim. 

Binder

This is a temporary policy in place that provides proof to your lender that you have insurance until a formal policy goes into effect. 

Catastrophe

Indicates disasters affecting a geographic location such as hurricanes, floods, tornadoes, and hailstorms that can result in extensive property damage.

Deductible

Your deductible is the dollar amount you have to pay toward a claim before your insurance pays. 

Exclusions

These properties or events are not covered by your insurance. 

Flood Insurance

Protection against damage done by overflowing bodies of water. Your homeowner’s insurance may not cover flood damage, so it might be necessary for you to purchase a separate flood insurance policy. 

Hazard

There are some circumstances that can make the occurrence of loss or damage to your home more likely. Check with your provider about hazard coverage in your policy. 

Inflation Protection

Inflation does factor into your policy, and adjustments are made to count for an increase in repair costs or to replace your property. 

Limit of Liability

This is the cap-off amount your insurance company must pay for a claim. Once the limit of liability is reached, they will not pay anymore money.

Named Peril-Policy

A policy in which only specific hazards are covered. 

Open Peril

A policy that covers all losses and damages except for what’s mentioned in exclusions.

Personal Liability Umbrella Policy

When your primary liability coverage has been exhausted, having a personal umbrella policy can cover excess damages.

Replacement Cost Value Insurance (RCV)

Coverage that will pay to have damaged or destroyed property restored to its original condition or replaced without taking depreciation into account. 

Sump Pump Overflow Coverage

Insurance protection in the event your sump pump fails and damage occurs due to water overflow. 

Term

The length of time a policy is in effect. Most homeowner insurance policies have a 12-month term.

Need More Information Regarding Homeowner Insurance Terms? Darryl Davis & Associates Will Help!

We understand how difficult it can be to navigate a homeowners insurance policy, and we’re happy to help! Contact us at 954-709-3982 if you have questions about homeowners insurance terms or if you need to file a claim. Let us do the hard work for you!

Mold & Mold Remediation Claims in Naples

Can I Dispute My Mold & Mold Remediation Insurance Claim in Naples if the Insurance Company Didn’t Pay?

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While Florida is a beautiful state with plenty of fun things to do, unfortunately the climate makes homes prone to water damage and mold. If your insurance company has failed to pay your mold & mold remediation insurance claim in Naples, you likely want to know if you can dispute that lack of payment. Here is what you need to know about disputing a mold claim.  

Why Was My Claim Denied?

Ask your insurance company why exactly your claim was denied. If you still are not sure, here is what you should know about mold insurance claims.

Many insurance policies cover mold damage. Unfortunately, this coverage can be very limited since, the only mold covered is that which is caused by water damage that is covered by the insurance policy.

For water damage to be covered by a homeowner’s insurance policy, it must be sudden and from an internal source. This damage can not be the result of flooding, since that occurrence is covered by a separate insurance policy. This means that the mold can not be the result of neglect or flooding. 

Often, a homeowner’s insurance policy will only cover a certain amount of mold damage. For example, if your policy states that it only covers $10,000 in mold damage, you only be able to receive that amount, even if the cost of the repairs is significantly more.

An insurance company may also deduct a certain amount from that $10,000 to pay for the investigation of your claim. So, you may actually get less than the $10,000. 

Can I Dispute a Rejection of My Mold & Mold Remediation Insurance Claim in Naples?

You may be able to dispute a refusal of your claim if you believe that your insurance company was not true to your policy. For example, if your insurance company mis-idetified the cause of the mold, this can be a reason to dispute the claim.

If you talk to an experienced public adjuster, they may be able to identify other parts of your policy that could reimburse you for damages. 

Effectively Dispute Your Mold / Remediation Insurance Claims With Darryl Davis & Associates!

Breathe easier with help for your mold and mold remediation insurance claims in Naples from Darryl Davis & Associates! We are very experienced in helping people deal with mold-related insurance claims. Make an appointment by calling us at 954-709-3982 today!

Water Damage Insurance Claims in West Palm Beach

Does Homeowner Insurance Cover Water Damage Claims in West Palm Beach?

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Incurring water damage in your home is very frustrating. In Florida in particular, you are likely to face a number of sources of water damage. After a flood, hurricane, burst water pipe, or other disaster, you’re probably wondering if your insurance covers water damage claims in West Palm Beach. Here is what you need to know about water damage claims.

Does Homeowners Insurance Cover General Water Damage Claims in West Palm Beach?

Most homeowners insurance policies cover certain types of water damage. Unfortunately, this coverage area can get more complicated than is ideal.

In general, water damage is only covered by homeowners insurance if it occurs as a result of an internal source and happens suddenly. This means that gradual damage is not usually covered by homeowners insurance.

Some issues covered by water damage include storms, burst pipes, accidental appliance overflow, vandalism, and damage from extinguishing a fire. These causes are all accidental and are not the result of neglect or external flooding.

Flooding is not covered by homeowners insurance due to the existence of separate flood insurance policies. Flash flooding and storm surges are both considered types of flooding. This category does not include issues from inside your house like a burst pipe.

Does Homeowners Insurance Cover Hidden Water Damage Claims?

Hidden water damage is often considered to be a result of gradual water damage, so it is frequently not covered by homeowners insurance. This might include situations like pipe backups, neglected pipes, and seepage from outside.

Mold can result from water damage, and this can be bad for your own health as well as the health of your home. If you encounter mold damage as a result of water damage, your policy will likely only cover it if the policy covers that type of water damage. Often, the insurance policy will cover a certain amount of mold damage. 

Who Can Help Me With My Water Damage Claims Near Palm Beach?

Contact Darryl Davis & Associates for help with your water damage claims in West Palm Beach. Our goal is to help you understand water damage insurance claims so that you are properly reimbursed. Call us today at 954-709-3982 to make an appointment!

Office Insurance Claims in Fort Myers

4 Things You Should Know About Office Building Insurance Claims in Fort Myers

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Whether you want to learn about what goes into owning an office building or you need to know about filing an office building insurance claim , there are a few basics that you need to know. Here is what you need to know about office building insurance claims in Fort Myers. 

Office Building Insurance Is One Type of Commercial Insurance

There are many different kinds of commercial insurance out there for a variety of needs, and insurance that relates to the building itself is just one type. Some of the other types include workers’ compensation insurance, employment practices liability, general liability, professional liability, and commercial umbrella. Office building insurance covers the actual building in the event of a disaster such as a fire, hurricane, or theft. 

There Are Common Types of Office Building Insurance Claims

The most common business insurance claim is theft. Some other common claims are for wind damage, water damage, and fire damage. 

Office Building Insurance May Not Cover Everything

While office building insurance usually covers things like fire, theft, storms, vandalism, and explosions, there are some things that are not always covered by these policies.

For example, things like floods and earthquakes, as well as certain types of damage caused by things listed above, may not always be covered. You may need to specifically add these to your policy if you want them covered. Some of this coverage may depend on your geographic location. 

Many Factors Affect the Cost of Your Policy

There are a few general rules to expect when it comes to the cost of your policy. However, there can also be many unique variables for each individual policy.

The age and type of building you have affects the cost of your policy. The same goes for the location of your building and how many people fit in your building. The presence of protective measures, such as security systems, can also affect your policy cost. 

Come to Us for Help With Your Office Building Insurance Claims in Fort Myers

Join us at Darryl Davis if you need assistance with your office building insurance claims in Fort Myers. We are experts in all aspects of these cases, and we look forward to helping you through this process. Please make an appointment with us by calling 954-709-3982 as soon as possible!

Hire a Public Adjuster Miami

What Are the Benefits of Hiring a Public Adjuster?

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Trying to settle an insurance claim can be tricky if you have never done it before. This is why so many people choose to consult a public adjuster to work on the case on your behalf. Read on to learn about the benefits of hiring a public adjuster to help you with an insurance claim.

Public Adjusters Know What to Put in Your Claim

Whatever the reason behind you needing to file an insurance claim, you may not know exactly how to estimate the damages. A public adjuster knows exactly how to assess damages and how to report that damage properly.

They Help You Understand Insurance Policies

Thanks to their extensive experience, public adjusters know how to help you understand the process of figuring out an insurance claim. They have the expertise to let you know what you should expect. You can trust that your public adjuster is fully trained, since most states require special certification.

Your Claim Will Get Resolved More Quickly

Since a public adjuster knows exactly the steps to take when filing your claim, they can easily and quickly gather all of the materials you need to file your claim. While you are busy with all the other things you need to do, a public adjuster can dedicate plenty of time to doing what needs to be done. 

They Are on Your Side

While your insurance company provides an adjuster, this person may not have your best interest in mind, as their main priority is saving the insurance company as much money as possible. A public adjuster only answers to you, trying to get your claim paid faster and for as much as possible.

They Help Make Sure You Get the Money You Deserve

Often, those hiring a public adjuster get more money for their claim than those who do not. This is because a public adjuster will work hard to make sure you know the most amount of money that you can get. 

Interested in Hiring a Public Adjuster? Come to Darryl Davis & Associates!

If you are in need of a public adjuster, look no further than Darryl Davis. We work hard to make sure that your insurance adjusting experience is positive. Give us a call at 954-709-3982 to make an appointment as soon as possible!

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