Blog: home

Dealing with flood, fire or other serious damage to a home can be an extremely stressful experience, as owners attempt to secure precious belongings, protect their home against further damage and document their loss for insurance purposes. Words of advice come from nearly every angle, as everyone from friends, family and neighbors to insurance company…

In a 9-0 decision, the Mississippi Supreme Court has ruled that so-called “all-risk” home insurance policies may cover wind damage from hurricanes, even in situations where the loss is later exacerbated by water from storm surge. The state high court decision found that language in a policy may exclude storm damage when it is caused…

State Farm Florida has been given the green light to eliminate some homeowners insurance discounts but the insurer must continue to offer discounts for storm mitigation steps taken by insureds unless it supports that change with more information. The Florida Office of Insurance Regulation (OIR) has approved a State Farm filing to eliminate discounts for…

When people buy homeowner’s insurance, they usually intend for it to cover the home in which they live. That is also the insurance company’s expectation, and most of the time, that is the case. However, sometimes circumstances change and the home is left empty. For example, the family goes on a weeklong vacation, or one that lasts a month or more. One member of the couple may accept a temporary job transfer that will last for a few years, and they may decide not to sell the home. In other cases, the family may move into a new home but find themselves unable to sell the prior one. In all of these cases, the home is rendered either unoccupied or vacant. This change in status can affect the insurance coverage.

The standard homeowner’s policy provides coverage for losses caused by vandalism and malicious mischief. For example, the policy will pay for the repair and replacement of windows if the family comes home and finds all of the first floor windows broken. A reasonable person could conclude that vandals broke the windows. However, the policy will not pay if the home has been vacant for more than 60 days. Insurance companies design the policies and set the prices under the assumption that a home will be occupied. A vacant building is vulnerable to damage by vandals, so the companies have designed other policies to cover them.

(Money Magazine) — If last fall’s devastating California wildfires weren’t enough of a wake-up call, consider this: Nearly 60% of homes nationwide don’t carry enough insurance coverage to be fully rebuilt. On average those homes are underinsured by 21%. To give yourself a chance of being made whole, follow these steps before and after disaster…