8 lesser known home insurance facts ... What you should know!
By Steve Papola
when disaster strikes, but there are more obscure areas of coverage
you may not be aware of:
1. An insurer cannot cancel your home insurance policy
without a good reason: If your policy has been active for more
than 60 days, your insurer cannot legally cancel it, unless you fail
to pay your premium, lie on your application, or commit fraud.
Your insurance company can, however, decide not to renew
your policy — typically around the one-year anniversary of its
surance: No one knows how slobbery and cuddly your wolf-coyote
hybrid is better than you. But you might run into compli-
your beloved pooch’s breed.
The average homeowners insurance policy includes liability
coverage for all household members, which is why
insurance companies are on guard when it comes to particular
dog breeds they’re willing to insure — especially
when you consider the fact that dog bites account for a
third of all liability claims, each averaging $30,000. For this
reason, most home insurers won’t provide coverage if you
have a pit bull or the aforesaid wolf hybrid. Other blacklisted
breeds typically include:
• German Shepherds – Have most recently been excluded
from the list by most insurer’s.
• Staffordshire terriers
• A cross-mix of any of the above breeds
to the interest rate on your leased car. But did you know it could
also affect your home insurance premium? Roughly 85 percent
of home insurers use certain attributes of your credit score to create
what is called a “credit-based insurance score” (CBI).
4. Your lender can restrict the size of your deductible: The
deductible is the amount you agree to pay for a loss before your
insurance coverage kicks in. Many homeowners try to earn savings
on their premiums by raising their deductible. But mortgage
lenders typically won’t allow you to set your deductible at more
than $1,200. That’s because your lender has a stake in your property
too, and should anything happen to it, they want to have the
peace of mind (much like you do) that the necessary repairs will
5. Maintaining a home inventory is paramount: Taking stock
of all your belongings (that’s right, all your belongings) is very
important. Not only does a home inventory give you an idea of
how valuable your belongings are, but it’s also a helpful way
Additionally, having a record of your stuff can be very useful
during the claims process if you ever experience a loss.
Recording the details of your items — from brand and model,
to purchase price and serial number — is no simple task. But
following some useful home inventory guidelines could mean
6. You can reopen a claim after you’ve received reimburse-
homeowners insurance company will assess the loss, and reimburse
you to repair or replace the damaged portion. But sometimes
you may discover additional damage that had gone previously
unnoticed. Luckily, you may be able to reopen the claim so
that any supplementary damage can be addressed.
7. Your home remodeling project isn’t automatically covered:
It’s always wise to notify your homeowners insurance company
before you begin your project. That’s because you’ll likely need
the course of the project. If you fail to do so and the project is
damaged in the process, your renovation may not be covered.
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20 • NOVEMBER 2019 813.682.9364 FLORIDA WOMEN MAGAZINE