Know about Policy Gaps
It happens all the time, from Hollywood, CA to Hollywood, FL: A home sustains damage from some kind of natural disaster. It could be an earthquake. It could be a flood. It could be a category-four hurricane. But the outcome is all too familiar for insurance agents – the Hollywood insurance claims are denied because the policy didn’t cover the kind of damage incurred. Unfortunately, too many homeowners fail to understand the limits of their policies. Whether you have renters’, homeowners’, or business coverage, you should take the time to learn the specifics of your policy: what’s covered in the event of a disaster, and what is not.
In high weather-risk regions like Hollywood, FL, property insurance coverage is a fact of life. But you might be surprised to learn that even if your home gets obliterated by a major hurricane, you might not be able to claim every bit of damage on your existing policy. That’s because a typical policy covers only fire, lightning, explosion, windstorm, hail (and possibly airplane and civil commotion damage). But even within this list of natural perils are certain restrictions. For example, hail coverage might cover only damages from hailstones which pierced the structure – not those which made their way through an opening such as a chimney or open window. Provisions for fire may not (and often don’t) pay for damage claims resulting from smoke. Be sure you’ve read your policy carefully before disaster strikes. It will save you a fair amount of confusion and distress if your claim is denied.
What kinds of disaster claims aren’t covered by a typical property insurance policy? There are a few. Depending on where you live, you will want to investigate whether it’s worth paying for “gap coverage.” Homes in Hollywood, CA, for example, aren’t covered by a basic policy in the event of an earthquake. California residents are encouraged to purchase earthquake insurance, but many do not. Similarly, a number of people outside of flood-prone areas are unaware that flood insurance is provided by a separate governing agency, the National Flood Insurance Program. Flood insurance is required for residents of flood plains, but optional for everyone else. These kinds of exceptions can be easily added to an existing policy.
No matter which Hollywood you live in – east or west coast – chances are you may end up facing a natural disaster at some point. That holds true for just about everyone in between, as well. When purchasing an insurance policy to protect your home, residence, or business, know the exact nature of your coverage. Too many damage Hollywood insurance claims are denied because the policy wasn’t comprehensive enough. Don’t find yourself in that position; get informed, and then get adequately insured.
Lawlor, Winston, White & Murphey are seasoned propertydamage attorneys in Hollywood, FLwith a winning record of guiding clients through every detail of Hollywood insurance claims and ensuring fair and reasonable compensation by insurance companies. The Lawlor, Winston, White & Murphey team has tried more than 100 jury trials and obtained verdicts, judgments and settlements in excess of $100 million for their clients. Please visit our website at http://www.lawlorwinston.com/ or call our offices at 954.525.2345 to schedule a free consultation to discuss your case.
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