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What You Might Be Getting Wrong About Home Insurance

Whether you are new to buying home insurance or not, insurance can be confusing to process. Home insurance is a contract between your insurance company and you. Depending on the scenario, if an event negatively impacts you, your loved ones, or your property, home insurance will provide you protection. For example, if a fire burns down half of your house, your insurance policy will cover any temporary living expenses that you are paying for while your home is being repaired. To help you find the top Florida homeowners insurance companies, we provided answers to some of the most frequently asked questions about insurance, more specifically, home insurance.

Can I Get Home Insurance After the Accident?

After a roaring night of rain, lightning, and thunder, lightning struck a tree branch next to your house and it sends it colliding to your family room window. If you already have home insurance prior to the accident, then you will be covered for the damage. If you decide to purchase insurance after the event of the accident, then you will not be covered. Remember that home insurance will only provide you protection after the accident.

What’s the Difference Between “Open Perils” and “Named Perils” Policy?

Open Perils Policy is a coverage option that most homeowners have and it includes Dwelling (or Coverage A) and Other Structures (or Coverage B) Coverage. This policy essentially means that if it is not included in your policy, then it is not covered. For example, if part of your fence is ripped off or minor destruction occurred on your roof, then Dwelling Coverage will kick in and protect you. Just make sure that the damage is covered in your policy.

Named Perils Policy mentions a list of 16 specified accidents that are covered by your insurance. This list comprises of: explosions, fires, smoke, theft, and more. Check in with your insurance policy to see if it includes coverage for what you need.

Is There Insurance for Household Appliances?

Yes, and it is covered in your Personal Property (or Coverage C) under Named Perils Policy. Your personal property includes not only appliances, but also electronics, furniture, collections, etc. To put this coverage into perspective, if a kitchen fire accidentally wrecks all your kitchen appliances plugged in an outlet, then you are covered. If your refrigerator breaks out of old age, then your home insurance will not cover it. At that point, check in with the manufacturer of your refrigerator to see if they will cover you under their warranty.

Can Home Insurance Cover for Earthquake and Flood Accidents?

Home insurance does not provide your home protection in an event of an earthquake or flood. Fortunately, depending on which state you live in, many home insurance policies will have an add-on to your policy from another provider that focuses on earthquake and/or flood coverage.

Hopefully, we answered some of your questions on home insurance and helped you feel more confident on finding the top Florida homeowners insurance companies. If you want to learn more about home insurance, be sure to check out our other blogs and connect with a Get-a-Quote professional today. Get-a-Quote is a great insurance shopping tool to help you navigate through your insurance research journey.