Though we like to think that our insurance provider covers every disaster that could befall us- after all, that’s what we pay for- there are many areas that you may not have any coverage for. In order to keep yourself and your family secure, it’s important to be informed about what your insurance company does actually cover.
These “blind spots” can cost you a significant amount of money if these events do end up occurring, and you should know exactly what they are in order to protect yourself financially when disaster strikes.
Insurance can be complicated process, so when unfortunate events do occur, you should speak with a qualified property damage attorney. Your Insurance Attorney is one of the top property damage attorneys in the Miami area, so call us today for a consultation!
Things Your Insurance May Not Cover
Flooding is one thing that your insurance may not cover. Every single state in the U.S has received some kind of flooding in the last five years, according to the Federal Emergency Management Agency. The Insurance Information released a poll finding that only 12% of homeowners nationwide actually have flood coverage.
If you want to get flood coverage, it is necessary for you to purchase a separate policy due to the fact that regular homeowners insurance does not cover for flooding. One place that does cover flooding is the National Flood Insurance Program, or perhaps your state. Be sure to get flood insurance before the hurricane season in Florida!
This is not to mention the fact that your insurance will probably not pay the whole price for a totaled car. Your car insurance will only cover the amount that the car was worth at the time of the collision, not what price you paid for it. This depends on your monthly payment for your car, but of course the amount you owe on your car will have to come from your pocket if you’re still making payments.
Gap insurance covers this, and will pay the difference of your losses. This can be obtained from your car dealer or insurance provider, and your property damage attorney may recommend it.
What to ask your insurance provider about
One thing to question your insurance about is sewage insurance, since most regular home insurance plans do not cover back-ups in sewage lines. Moreover, long-term disability insurance is also important to secure. Although a short-term disability plan will cover your bills if you’re unable to work full-time, long-term disability can only be obtained if you’ve been out of work for a year.
Though most disability plans are offered through employers, independent coverage is a wise choice. A quarter of the workforce will meet with a disability prior to official retirement age, so if your employer does not offer short-term disability insurance or you want to prepare with more coverage it is important to look through all of your insurance options.
It’s important to know what exactly what your insurance provider covers. A property damage attorney can help you navigate these tricky waters and make sure you get the compensation you deserve. Call Your Insurance Attorney in the Miami area today for a free initial consultation!