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Here’s Why You Should Always Read Your Homeowner’s Insurance Policy 

Nobody wants to read legal documents and that includes their insurance policy. However, before you file a Florida residential property insurance claim, it’s important that you know all the information stipulated in your policy. Reading it will protect you, keep you informed, and someday may help maximize your small or large claim settlement. The good news is you’re not alone. Residents of Palm Bay, Florida who need assistance filing a claim can reach out to Alpha Public Insurance Adjusters. We’ll help you at any stage of the claims process. 

For now, let’s explain why it’s so important to read, not merely skim, your insurance policy. 

It Shares Important Dates and Deadlines

Filing a claim is time sensitive. Additionally, there are several deadlines you must meet throughout the claims process. It’s important to read your policy, which states all time frames for filing a claim. If you don’t file in a timely manner, this can result in your claim being denied. Once a claim is denied, it’s possible but extremely difficult to appeal. If this happens to you, reach out to our public adjusters to help you overturn a denied claim. 

It Contains Exclusions 

There is a lot that your insurance won’t cover. For example, flood and earthquake damage is not covered in a standard insurance policy. There are three main types of exclusions. These are:

• Perils or causes of loss 
• Losses 
• Property 

So, don’t expect everything to be covered. Your policy will state what is not included in your coverage, such as pets and vehicles. Therefore, make it a priority to read the exclusions clauses. It will also provide information on the limitations of your coverage, not just the items for which you can’t file a claim. 

Reading your policy and knowing what isn’t covered will make for a smoother and faster claims process when a disaster strikes. 

There are Policy Limits 

We briefly mentioned policy limits, but these limits are extensive. Your limits are one of the most important parts of an insurance policy. What are limits, exactly? Essentially, policy limits are the maximum amount you will receive once you have filed a claim. Don’t expect just a handful of limits within your policy – there are plenty. For example, if your home sustained damage to the point where you must find a temporary residence, your insurance will pay for this, but there are limits to additional living expenses. 

It Makes Sense of Legal Terminology 

There is a Definition section that will explain specific terms you’ll hear when filing a claim and throughout your policy. This section is extremely helpful, as policies often contain legal jargon that the average policyholder cannot understand. So, when you stumble across a term that doesn’t quite make sense, remember that there is a Definition section to provide clarification. 

It States Important Conditions 

The Condition section informs the policyholder on what the insurance company is responsible for and what you, as the policyholder, are responsible for. You will find certain requirements, or provisions, within the policy set by the insurer. If these requirements are not met, such as maintaining your property in a certain condition, the insurance company can deny your claim. Don’t let this happen to you. Read your policy, and take the time to understand the provisions inserted throughout the document. 

There’s an Important “Endorsement” Section 

The endorsement section notifies you that the insurer can make certain changes to your policy. Changes can be made in the form of deletions, modifications, or additions to the policy, which can significantly change the insurance contract. As a policyholder, it’s important that you’re aware these modifications can be made, as they can impact you in many ways. For example, it could benefit you by expanding your coverage or hurt you with additional limits. In general, the insurer is required to send a copy of the changes made, which you must read to determine if this policy is right for you or if it’s time to find a new insurance provider. 

Contact Alpha Public Insurance Adjusters

We understand that reading and understanding your insurance policy isn’t easy, but it’s invaluable if you must file a Florida residential property insurance claim in Palm Bay Florida. For additional assistance, contact our team or call (888) 442-5742 for a free consultation.