Misconceptions About Homeowners Insurance Tampa

June 5, 2020

As much as everyone hopes that they will not need to use their Tampa homeowners insurance when disaster strikes, your policy becomes your greatest asset. Homeowners insurance in Tampa, Florida is a tool that will protect you from bearing the full cost of repair to the damage after an unfortunate event and provides for quick remediation. But there are several myths and misconceptions about homeowners insurance Tampa that take the insurance holders by surprise, especially in the hour of need. Imagine a nightmare scenario, and you learn that your insurance does not cover the cost of redressal.

Misconceptions About Homeowners Insurance Tampa FL

Many homeowners blindly believe that their standard home insurance policy protects them against all damage caused by every event. Here are some misconceptions about homeowners insurance Tampa Florida.

  • All valuables are covered

When it comes to valuables such as artwork, jewelry, motorized pleasure vehicle, and other personal belongings, your standard home insurance policy does not necessarily cover all of them. The Tampa homeowners insurance policy covers personal properties up to a limit as valuables in the safe, some art pieces, jewelry, among others, can easily exceed the limits of the policy. 

  • Flooding is automatically covered by the standard home insurance policy.

As much as it is believed that damage caused by a flood is covered by a standard homeowners insurance Tampa, it is not. A separate flood insurance policy must be purchased in addition to the homeowner’s insurance for you to be covered. In addition, all flood insurance is not essentially the same. While some cover the contents of the home and are suitable if you are renting the house, others cover the structure, which is an ideal choice for homeowners renting their property. Besides, as an owner, you can cover both the structure and the content of the house.

  • Damage by infestation is covered

Termites, rodents, insects, pests are common problems that many people face. But did you know that damage caused by the infestation of these pests is excluded from a homeowner’s policy? It would be ideal to double-check to know whether you are covered before you end up spending a huge amount in repairing the damage caused.

  • The coverage is the same at all times

Did you know that if your home is unoccupied, the same rules will not apply to your coverage when an incident causes damage? Say you are on vacation, and the pipes burst to cause immense damage, or there is a theft, you may not be covered for the full damage, depending on how long the house was unoccupied.

  • You need to insure based on the market value

In the case of a loss, the cost of repairing or upgrading your home is not the same as the market value of your home. It is based on the replacement value of the structure of your home and includes labor and material costs.

Bottom line is that your standard homeowners insurance Tampa Florida may not cover everything. To know more about what is covered and what is not, it would be ideal to contact your insurer.