Fort Lauderdale Homeowners’ Insurance Lawyer
Homeowners’ insurance is a specific type of policy that will protect your home in the case of damage, but also by theft and specific perils. Some policies may include insurance for the homeowner against personal injury matters. In most cases, a mortgage lender will require you to carry homeowners’ insurance as part of your lending contract. Not all contracts are created equal, and coverage will vary. When you need your coverage the most, you might find that your carrier denies your claim or coverage. You shouldn’t give up without a fight. Speak with an experienced Fort Lauderdale homeowners’ insurance lawyer who can help.
At Edward J. Jennings, P.A., we have years of experience with real estate law and homeowners’ insurance claims. If you have questions related to homeowners’ insurance and a real estate transaction or you believe your insurance company wrongfully denied your claim, let us review your case and advise how we can help.
Breakdown of a Homeowners’ Insurance Policy
All homeowners’ insurance policies are broken down into separate coverage sections. They are as follows:
- Coverage A: This covers the structure (dwelling)
- Coverage B: This covers other structures (like a fence or shed)
- Coverage C: The contents of your home, such as your personal property (some items may need separate coverage, such as expensive jewelry)
- Coverage D: Loss of use, which is also called ALE (Additional Living Expense)
- Coverage L: Personal liability
- Coverage M: Medical payments to others
Coverages A through D are the property coverages, which can be found under Section I of your policy. Your Medical Payments to Others and Liability are under Section II “Liability” coverages.
Factors to Consider When Buying a Homeowners’ Insurance Policy
When you are buying a home and need a homeowners’ policy, there are essential factors to consider in Florida. One of these is the ability to purchase coverage when a storm is approaching. You cannot buy a policy or add coverage when there is a tropical storm warning or hurricane watch in effect. That is one reason you don’t want to wait until the last minute to purchase a policy, especially if your transaction falls within the Atlantic hurricane season.
If you are buying a new construction home, the materials used can impact the cost of your policy. For example, a frame home could be more expensive than a brick one.
There are different packages available depending on your needs. You may need a homeowner-occupied policy, a condo policy, or a mobile home one. If you are buying real estate to rent out, you will need a specific policy for that use.
Obligations Following a Loss
Your insurance policy will set forth certain obligations you must comply with after any losses. For example, your policy might require you to report the loss within a certain amount of time, keep a record of all repairs and expenses, show them the damaged property, submit to an examination under oath, and send a sworn proof of loss 60 days of any request.
Contact a Florida Homeowners’ Insurance Attorney
If you have questions or need assistance with real estate transactions or homeowners’ policies in Florida, let our skilled legal team help. Contact Edward J. Jennings, P.A. today to schedule an initial consultation.