Are you a resident of Palm Coast, FL? Are you thinking of becoming a homeowner? If so, contact the All Counties Insurance Agency & Traffic School to get information about this vital insurance coverage.
Whenever a mortgage is carried on a property, the insurer requires that homeowners insurance is purchased. Why? They want to ensure that their interests are protected in the event of a total loss. There are no state laws that require homeowners insurance. However, it becomes more complicated when a mortgage is involved.
The main reason to purchase homeowners insurance is to protect your property. The dwelling part of the policy covers such events as vandalism, fires, and certain weather events that will be outlined in the policy.
A homeowners’ insurance policy will not cover some large-scale events. They are:
- Acts of war
- Infestations, including termites
- Nuclear accidents
- Sewer backup
- Water damage
Homeowners’ insurance can be purchased without an inspection. Typically, the lender will require an inspection before approval, so the home may not need to have another inspection.
Jewelry, artwork, and collectibles will not be covered. A special rider or floater is a step up from general coverage on a homeowners policy. It may not be the full replacement amount, but the difference between its worth and the coverage amount should be easy to come up with.
So, what does homeowners insurance cover? It will cover the cost if something unexpectedly destroys or damages your home, like a burst pipe, bad storm, theft, wind, hail, lightning, or fire. The insurance company will accept a claim if the policy covers the cause of the damage.
The All Counties Insurance Agency & Traffic School can provide a no-obligation quote or answer any questions. Contact our team today.