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Homeowners Insurance


Homeowners Insurance Information

What is Homeowners insurance?


Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.

Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.

Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.

Why do you need homeowners insurance? It is really all about protecting yourself financially if something unexpected happens to your home or possessions. That's important because chances are your home is likely one of your largest investments.

If your home was destroyed by fire or damaged by a natural disaster, you'd need money to repair or replace it.    

  • If a guest in your home is injured, liability protection and medical coverage help pay expenses.
  • If you are a victim of theft and vandalism, it can reimburse you for your loss or pay for repairs.
  • If you are still paying for your home, your lender will require insurance.

It is important to know that homeowners insurance is meant to cover unexpected damage, not routine maintenance. Ask your agent to talk about what is covered and be sure to read your policy so you know exactly what's included and what is not. 

Renters Insurance

What is Renters insurance? 
Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage from plumbing. Floods, earthquakes or routine wear and tear are not covered. You can buy separate policies for flood and earthquake damage.

Why do you need renters insurance? While your landlord might have insurance, it only protects the building. Your belongings are not covered under those policies.

Renters insurance pays the reasonable additional costs of temporarily living away from your home if you can't live in it due to a fire, severe storm or other insured disaster. It covers hotel bills, temporary rentals, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses differs from company to company.

Renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.

Decide how much insurance you need. 

Add up the cost of everything you would want to replace if it were damaged or stolen. This could also serve as the basis for an inventory that will make filing a claim easier. For an inventory, record model numbers, dates and places of purchase. Take photographs or make a video of these items and place a copy of the inventory in safe place away from your home. If you rent an apartment or house you need insurance to protect your belongings.

Flood Insurance
There's something you should know: Flood losses are not covered by your homeowners insurance policy.

Floodwaters have the power to damage not only your home and sense of security, but also your financial future. How can you protect your most important investment in case of flooding?

Option 1: Hope that you'll receive Federal disaster relief if a flood hits.  Many people wrongly believe that the U.S. government will take care of all their financial needs if they suffer damage due to flooding. The truth is that Federal disaster assistance is only available if the President formally declares a disaster. Even if you do get disaster assistance, it's often a loan you have to repay, with interest, in addition to your mortgage loan that you still owe on the damaged property. Most importantly, you must consider the fact that if your home is flooded and disaster assistance isn't offered, you'll have to shoulder the massive damage costs alone. The bottom line is that if you're looking for secure protection from financial loss due to flood damage, Federal disaster assistance is not the answer.

Option 2: Buy flood insurance and stay protected no matter what. When disaster strikes, flood insurance policyholder claims are paid even if a disaster is not Federally declared. Flood insurance means you'll be reimbursed for all your covered losses. And unlike Federal aid, it never has to be repaid.

In general, a policy does not take effect until 30 days after you purchase flood insurance. So, if the weather forecast announces a flood alert for your area and you go to purchase coverage, it's already too late. You will not be insured if you buy a policy a few days before a flood.

Because everyone's needs are not the same, it is best to consult your GIG agent to help assess your needs and find the insurance policy that is right for you.Start by clicking the quote link above and a GIG agent will contact you within 24 hours (excluding weekends and holidays).

 
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Griffin Insurance Group | 3350 SW 148th Avenue, Suite #110 | Miramar, Fl 33027  | Phone: 772-800-6948 | Fax: 866-402-7332 Powered by Insurance Website Builder
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