As a policyholder, do you understand the fine terms that are outlined by your insurance policy? Are you aware of all of your coverages? When you own a home or business that is protected by an insurance plan, you want to be sure that you have the coverage that you think you do. Many people make assumptions about their insurance coverage. Once they realize they made a mistake, it is often too late. In the event that you need to file property claims in Orlando, FL, you will want to know exactly what you are getting into with your insurance company. These are a few important questions insurance policyholders should be asking.
In the event of a loss or property damages, you will want to understand the coverages on your policy. Replacement Cost Value (or RCV) will grant you the ability to completely replace the damages without any depreciation. However, if you have Actual Cash Value (or ACV), you will be entitled to replace and repair the damages to the property as is at the time of the incident. This will take into the account the wear and tear that can occur on the dwelling or property over time.
When many policyholders file property claims in Orlando, FL, they realize that they are actually not covered for as many things as they originally thought. Often times, insurance policies do not cover all of the possessions and belongings unless the policyholder initiated these coverages. You may need to seek out additional collectibles to cover valuables, like jewelry, heirlooms, or other expensive items in your household.
Many insurance policies also cover all the dwellings and structures on your property, you will want to contact your insurance company to make sure that your particular policy covers all valuable dwellings and features of your home. This can include landscaping, swimming pools, shed, or even pool houses. In the event that these are damaged, you want to know that they are protected by your policy.
Many homeowners' policies offer different coverages. Most people may not know this, but it is actually not common for homeowners' insurance policies to have flood insurance. However, if you live in a location that is at a higher risk for floods, you may have an exception. It is best to talk to your insurance company about this before assuming you are fully protected.
By asking these questions before any accidents occur, you will be more prepared for any damages or incidents that cause you to file any claims with your insurance company. If you have to file property claims in Orlando, FL to receive insurance compensation for any repairs needed, you'll want our adjusters to work with you. Contact the professionals at Five Star Claims Adjusting to hear how we can help you with your claim today.