Types of Homeowners’ Insurance
Homeowners’ insurance is essential no matter where you live. It can help with repairs or rebuilding your home if it is affected by a natural disaster or any type of damage. In Florida, there are several types of policies that may come into play. It is important to understand what type of policy you have and need.
The following are the eight primary types of homeowners’ insurance policies:
- HO-1 (basic)
- HO-2 (broad)
- HO-3 (special)
- HO-4 (tenant’s)
- HO-5 (comprehensive)
- HO-6 (condominium)
- HO-7 (mobile home)
- HO-8 (older home)
A basic homeowners’ insurance policy will not cover hurricanes, floods, or other natural disasters. You may need to purchase insurance specifically for such incidents. We recommend carefully reviewing your insurance documents, and discussing your concerns with an attorney, if you have a question about coverage.
Homeowners’ Insurance Providers Should Act in “Good Faith”
Homeowners’ insurance policies are notoriously complex and may contain language and wording that could confuse any person who is not specially educated and experienced with such matters. Under the guise of absurd policy exceptions, insurance providers may attempt to deny claims outright. They may offer unfairly low settlements or delay payment, all to protect their bottom line.
Intentionally trying to find ways to deny or underpay a valid homeowners’ insurance claim may be a violation of the good faith that insurers are required to uphold in relation to policies, investigations, and payments. Insurers should be fair and honest in their dealings with policyholders and claimants. They should not try to intentionally deceive policyholders with unclear policy language. They should be reasonable when investigating property damage and offering compensation.
When an insurance provider acts in “bad faith” in handling a claim, this should be exposed. Wronged parties may be entitled to financial compensation not only for the full and fair value of their claim, but additional damages as well.
Experienced Help for Miami Homeowners
Englander Peebles delivers experienced legal representation and outstanding customer service to clients across Miami in all areas of homeowners’ property damage claims. Our attorneys know how difficult it can be to receive fair treatment from your insurance provider. With our reputation for success in this field, we will show the insurer that you mean business. If you work with our firm, we will negotiate or fight for fair compensation in your property damage claim.
To schedule a free consultation, call (954) 226-9134.