When Tampa homeowners encounter a disaster like a storm, hurricane or fire, it’s unfortunate that a number of houses that are destroyed don’t have adequate insurance. A number of homeowners don’t pay much attention to the insurance coverage in place for their homes until disaster occurs. And by then, it’s too late.

It’s not hard to purchase the right kind of insurance coverage for your home or rental property. With a little research and a reputable agent, you can get the ideal policy for you. These basic tips will equip you with the knowledge you need to get started.

Go Over Coverage Plans

Look closely at your Insurance Cover Binder Agreement. This is a thick packet of documents that includes coverage limits and policy terms. Go through these pages until you get to the one labeled “maximum coverage limits.” While all the documents are important, you should pay special attention to liability and dwelling coverages.

Liability Coverage

A lot of people aren’t aware of this, but you must have liability coverage along with your homeowner’s policy. For instance, if your dog bites someone or if a person slips and falls on your property and is injured and sues you, your insurance provider will pay for a lawyer to defend you, and/or pay the judgment or settlement filed against you. However, the coverage has a limit, which is usually around $300,000. If you possess net worth above that, you can purchase additional liability coverage. This is known as an umbrella policy in increments of $1,000,000 of additional insurance coverage. If you think you’ll need it, it’s best to purchase it as soon as possible, as umbrella coverage is very cheap—about $350 per year.


The deductible is the amount selected by you. This is the amount you’ll pay out of pocket for a loss. For example, if you have a $500 deductible, and you suffer a $7,500 loss, you pay the first $500 and insurance carrier pays the remaining amount, up to your maximum covered loss. The higher your deductible, the lower your monthly insurance payments will be.

Determine your coverage needs

Dwelling or building coverage takes care of the cost of your home if it is damaged by conditions like a fire, flood due to a broken pipe, or windstorm. Look for the building or dwelling coverage amount on your policy and divide this by the square footage in your home to determine your overall coverage. Consult your insurance agent and contractor to make sure this is enough insurance for your home.

Posted by Mike & Michelle Grizzell on


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