Homeowners’ insurance in St. Petersburg certainly is a tool that should help protect your most significant investment- in-house. However, there is so much misinformation on this topic that people end up leaving confused or underprepared when disaster strikes. Wrong beliefs turn into a time-consuming, hard-hitting, cash-depleting peace of mind time bomb.
Let’s break down some of the most common misconceptions out there concerning homeowners’ insurance in St. Pete and set the record straight.
Myth 1: Flood Damage Is Covered by Standard Homeowners Insurance.
Untrue: Flooding from storms, hurricanes, or rising water is not included in most standard policies. You need a separate flood insurance policy, often through the National Flood Insurance Program (NFIP). Considering St. Petersburg’s coastal location and frequent rainstorms, no one should go without flood coverage.
Myth 2: The Full Cost of Relying on Home Insurance.
Truth: Not necessarily. Some policies provide only actual cash value, which depreciates the property value. That means you might receive less than what it would cost to fully replace damaged items or rebuild your home today. Check the Policy for Replacement costs and do a review every year to match advances in inflation and the price of construction.
Myth 3: Small Claims Aren’t Worth Filing.
Truth: Every case has its perspective. Too frequent claims may indeed raise your premiums. Still, that shouldn’t convince you to ignore filing a claim for smaller issues. The court would acknowledge those if damage can be shown to affect the safety or the value of the home at stake-increasing chances if deterioration occurs with time.
Myth 4: Storm Damage-Taking Automatic Affiliation.
Untrue: There would be limitations. They would normally be covered, except that the policies include certain hurricane deductibles, which are usually expressed as a percentage of the insured value of the house, not a flat amount. And if you failed to secure your home or failed to make any required repairs, your claim may be reduced or denied.
Myth 5: You Can Report Damage Whenever It Is Suitable for You.
Truth: The waiting time will damage your claim. Most policies usually require full damage reports on time, as the delay doesn’t give an insurance investigator adequate time to determine the cause and extent of damage. You’ll likely find yourself waiting too long for happiness, as the chances of your claim being denied or compensated poorly increase when insurers believe further damage occurred due to your delay in filing a report about it. Always document and report problems as soon as it is safe to do so.
This post was written by Kelly-Ann Jenkins of Jenkins Law P.L. Kelly-Ann is an insurance claim Lawyer. The information on this site is not intended to and does not offer legal advice, legal recommendations, or legal representation on any matter. Hiring an attorney is an important decision that should not be based on advertising. You need to consult an attorney for legal advice regarding your situation.
The information provided on this website does not, and is not intended to, constitute legal advice; all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user, or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.
Related Posts
- What to Do If I am in a Bicycle Accident?
- What Do Trucking Accidents Lawyers Do?
- The First Steps in a Medical Malpractice Case
- Why Negotiations Are tough After a Truck AccidentÂ
- The Situations in Which You Need a Personal Injury Lawyer