Before it’s too late, every homeowner in St. Petersburg, FL ought to be informed of certain things.
Most homeowners believe their insurance policy has them totally protected—until disaster strikes. Many St. Petersburg, Florida, locals only realize their coverage gaps after submitting a claim, whether it be a hurricane, flood, or fire. It might then be too late.
Is my insurance policy covering me if you haven’t gone over your policy recently?
Know Exactly What Is Under Coverage
Your typical homeowner’s policy usually covers:
- damage from smoke and fire
- Hail and wind
- Stealing and destruction of property
- Coverage for liabilities on your property
Many common disasters in Florida, particularly flooding and hurricane-related storm surge, are not insured unless you have acquired supplementary policies or made unique endorsements.
You Probably Need Individual Coverage
That water damage equals flood coverage is one of the most egregious myths in St. Petersburg. Most conventional policies omit damage from floods.
You will need a separate flood insurance policy—typically from the National Flood Insurance Program (NFIP) or a private insurer—if you live in a flood-prone region (and most of coastal Florida does). You could be left covering tens of thousands of dollars in repairs on your own.
Confirm Your Restrictions and Deductibles
Having insurance does not guarantee that you won’t have out-of-pocket expenses. Policies often contain different deductibles for storms named or hurricanes. These are often based on percentages, not fixed costs, which means you may owe thousands before your insurance starts.
Also, go through your cover limits. Many homeowners discover too late that they are underinsured; are they enough to rebuild their house or replace all of their personal property?
Exclusions Should Be Kept Front of Mind
Every policy includes small print. Common exclusions include:
- Mildew and mold
- Sewer blockage
- Earth movement includes earthquakes and sinkholes, among other things.
- Understanding what isn’t covered is just as crucial as knowing what is.
This post was written by Kelly-Ann Jenkins of Jenkins Law P.L. Kelly-Ann is an insurance attorney in St. Petersburg, FL. 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.
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