Not So Common Questions About Home Insurance Coverage

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Not So Common Questions About Home Insurance
Coverage
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• There are many questions to be asked before
  purchasing any form of insurance coverage, and
  the more questions you can ask, the less likely
  you are to misunderstand a policy or purchase
  coverage that doesnt meet all of your needs.
  When it comes to buying a home insurance policy,
  there are many questions that are often asked,
  and some that are perhaps not so common, but no
  less important
• Q How much coverage should I buy for a
  tenth-floor property?
• A As home insurance pays for the costs
  associated with the construction of your home and
  not the cost of land, and is calculated by
  multiplying the carpet area of the apartment with
  the cost of construction in that city, whichever
  floor your home is on, youll be paid for the
  cost of construction.

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• Q How does living with friends affect a home
  insurance policy?
• A Whomever the property belongs to can take
  insurance cover for its structure and their part
  of the contents, while friends living there can
  take out policies for their part of the contents.
  However, if coverage becomes too complex and
  segregating the contents may prove troublesome,
  an insurer can deny you cover.
• Q Will my contents be covered if water leaks
  through a common tank?
• A Home insurance policies typically cover damage
  caused by burst and/or overflowing water tanks,
  but leakage caused by a crack may be more of a
  proper maintenance issue, and might not be
  covered. However, it pays to check with your
  chosen insurer, as this may differ from insurer
  to insurer.

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• Q If my house is sold, what happens to my
  insurance policy?
• A Whoever owns the house must inform the
  insurance company and cancel the policy in the
  event of it being sold, as they will no longer
  have an insurable interest in it. New owners of
  the home are advised to purchase a policy in
  their name.

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• Q Is damage to my home covered if it was
  unoccupied at the time?
• A If the insured party has taken out a
  householder package policy then any losses of
  content will not be payable, if the house is
  unoccupied for a consecutive period of 7 days or
  more. That said, if a standalone fire policy for
  the structure and contents has been taken out,
  then the damage will be covered, excluding any
  valuables. Be warned that non-occupancy has
  varying definitions, so checking with your
  insurer in advance, is strongly advised.

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• Q Will damage caused by rain flooding my
  basement, be covered?
• A If youve declared it in the proposal form,
  and the sum insured is calculated after including
  your basement, then yes, it will be covered.
• Q If my car is parked in the garage, will it be
  covered?
• A Vehicles cannot be included in homeowners
  insurance policies, and will need to be covered
  under a separate motor insurance policy.

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• Ultimately, its important to recognize and
  appreciate that while you may not find a policy
  to cover you for every eventuality concerning
  your home, any kind of policy is better than no
  policy. To discuss home insurance in more detail,
  schedule a consultation with a professional
  insurance company.

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• We Insure Miami was founded on the principle that
  every individual and business, big and small, has
  assets and valuables that need to be protected
  and insured against forces outside of our
  control. We offer Auto, business and homeowners
  insurance in miami. Our agents understand that
  you work hard every day to protect your car,
  home, business and family. WE are passionate
  about Insurance and passionate about serving you.
  If you are looking for auto or business or home
  insurance in miami, contact us for a quote or a
  complimentary review of your insurance policies.