Homeownership is challenging in and of itself, and understanding all the terminology involved in buying a home is even more complex at times. With that in mind, our team at Hamilton Fox & Company Inc. in Pinecrest, FL, wants to clarify how to protect your home with mortgage or homeowner’s insurance. We’ll discuss how these two policies differ and what they cover.

What Mortgage Insurance Covers

Lenders can foreclose on your property if you have a mortgage and default on payments. Mortgage insurance is designed to reimburse those lenders for some of the balance, which reduces your debt. However, you won’t financially benefit at all beyond that. Coverage terms vary but usually are for the length of the loan. When buying a new home, you’ll likely be mandated by the lender to have mortgage insurance.

Coverage Offered By a Homeowners Insurance Policy

Homeowner’s insurance can be paired with mortgage policies or carried by those who have paid off their home. This is a much more comprehensive range of coverage with greater protection that can be useful in various common situations homeowners may face, including:

• Dwelling—Protects the home’s structure as a whole, including floors, walls, ceilings, roofing, etc.
• Personal Property—Provides compensation for the estimated value of your possessions should they get stolen or damaged.
• Liability Coverage—Helps pay for settlements and legal expenses if someone files a lawsuit because of an injury they suffered on your property.
• Additional Living Expenses—Typically covers expenses for food and housing should your house be uninhabitable due to damage from a covered incident.

Ready for Florida Home Insurance?

If you have mortgage or homeowners insurance questions, contact Hamilton Fox & Company Inc. in Pinecrest, FL. We’ll answer those questions and provide you with a quote for the policy you need.

As a homeowner in the Florida area, you may find yourself pondering on the ideal windows for your home when it is time for replacement. Here are some top types of windows to consider based on safety and pricing.

Double Pane Windows

Double-pane windows are one of the most popular types of windows. These windows offer higher efficiency compared to standard ones that are commonplace in many homes. They provide additional protection against high winds while helping retain more of your home’s heat. Consequently, if your house can maintain its interior temperature, it reduces the workload on your AC unit, resulting in less energy use each month. Ideally, it would be best to consider upgrading all single-pane windows to double-pane windows to make your home more energy-efficient while staying within a reasonable budget.

Triple Pane Windows

Should you have extra funds and are willing to invest more in your home’s windows, you might want to consider the triple-pane windows. They offer even stronger resistance against rain and weather damage, which is quite common in Florida. In particular, if you reside on the coast or have experienced strong wind-related damages to your home, you should opt for the triple pane. Besides offering enhanced security, they provide maximum efficiency in terms of energy use. If your funds allow it, and you crave the best for your home, make sure to opt for the triple-pane windows.

For homeowners around the Pinecrest, FL, area and surrounding communities, it may be high time to consider upgrading your windows. The choice between a double-pane or triple-pane window would depend on your budget and what you deem best for your home. Feel free to contact Hamilton Fox & Company Inc.’s agents today for a personalized home insurance quote.

Homeowner’s insurance protects you from several problems that can happen when you least expect them, like fire, wind, and hail damage, or even if your dog bites someone else on or near your property. 

But most homeowner’s policies have a deductible, which is the amount you must pay before your insurance will pay anything. Here’s where to set your home insurance deductible and how to get quality home insurance in Pinecrest, FL. 

How Much Can You Afford? 

The higher your insurance deductible, the lower your monthly premiums will be. The reverse is also true; the lower your insurance deductible, the higher your monthly premiums. 

Consider how much you can afford each month to keep your home covered and what kind of cash reserves or other resources you have to pay the deductible in case you need to make a covered claim. 

If you can’t afford a $5,000 deductible all at once, you may want to choose a higher monthly cost to get a lower deductible. Otherwise, having insurance is almost moot if you won’t be able to use it when you need it.  

What About Disaster Deductibles? 

Your standard homeowner’s insurance policy should cover most basic claims, fires, and hurricanes. Other disasters like sinkholes and earthquakes, however, require additional coverage to be purchased. Usually, this has a deductible as well. Flood insurance is a separate policy you should consider getting if you live near water or in a flood-prone area. 

Do you need comprehensive home insurance coverage in Pinecrest, FL? The friendly and experienced agents at Hamilton Fox & Company, Inc. serve your area and are available now to answer your important questions. Call today at (800) 263-1947.

The knowledgeable and experienced insurance agents at Hamilton Fox & Company Inc., serving the Pinecrest, FL area, want to help you protect your home. Your beautiful Florida house may be the most significant investment you will make in your life. This is why you need to have an adequate amount of home insurance to protect the investment you have made in your home. You may be wondering, though, what does home insurance cover? Read on to find out.

What Does Home Insurance Cover?

Most home insurance policies provide coverage for the structure of your house and its contents. This means if a fire breaks out or a natural disaster occurs, your house can be rebuilt or repaired with the help of your home insurance policy. This also applies if your home is vandalized or items are stolen in a burglary. This type of insurance will also cover your personal belongings, furniture, appliances, electronics, and other items inside your house that are damaged or destroyed.

You can also obtain a home insurance policy covering other structures on your property. These include sheds, garages, decks, privacy fences, and more.

If you think you may suffer flooding or earthquakes where you live, you can have flood or earthquake insurance added to your home insurance policy.

Contact Hamilton Fox & Company Inc.

To design a home insurance policy that is best for you and your loved ones, contact the experienced and trusted home insurance agents at Hamilton Fox & Company Inc., serving the Pinecrest, FL area, and get the peace of mind you deserve!

Florida sees its share of natural disasters. Hurricanes, lightning, and other events can cause damage to your home. Some issues are so severe you can’t address them on your own. So, does your come insurance cover these home repairs?

What Home Insurance Handles

According to the insurance experts at Hamilton Fox & Company Inc., your home insurance policy covers damages connected to fire, theft, wind, lightning, and some hurricane damage. The costs it handles depend on two factors. One is your initial selections and deductible limits. The second is what the insurance adjuster determines to be the repair costs.

What Home Insurance Doesn’t Handle

Home insurance policies for Florida homes do not cover repairs for storm-related floods. You must have a flood policy to handle this natural disaster. Mortgage companies don’t approve financing for flood-prone homes without a policy.

On top of this, purchasing hurricane insurance is a good idea if you live near the ocean or a large water tributary. By doing this, you blanket your property to minimize additional costs. 

What You Need To Cover

Whether it’s a home, flood, or hurricane policy, make sure you carry significant coverage to handle the following:

• Your dwelling
• Detached units, like a shed, separate garage, or guest bungalow
• Personal property such as furniture, electronics, and jewelry
• Living expenses to pay for temporary housing during repairs

You have much to consider when choosing the right policies for you and your family. In most cases, you don’t want to do it by yourself. In the end, it’s better to speak with subject matter experts in the insurance field.

If you’re ready to purchase additional policies, or want to upgrade existing ones, contact representatives at Hamilton Fox & Company for assistance.

Most home insurance claims fall into two categories: property damage or personal injury. Property damage claims are common, and they can be anything from a hailstorm to a broken water heater. Personal injury claims are less common but can be serious and costly. They might include an injury from a fall on slippery steps or something as simple as a sprained ankle from a tripping hazard. For help, consult Hamilton Fox & Company Inc. in Pinecrest, FL. 

More About the Common Home Claims 

Flooding and lightning strikes are the most common home insurance claims, accounting for about 40 percent of all claims. Water infiltration and freezing pipes are the most common causes of flooding. Falling trees and outdoor property damage cause about one-third of all claims. 

Accidental damage by a guest or family member is the most common cause of falling tree claims. Pets cause everything from allergic reactions to property damage. Children’s unintentional injuries, such as fires, can also become part of the common claims. 

About 20% of claims are due to fire, and 20% are theft or vandalism claims. The remaining claims are split between various causes, such as falling objects, earthquakes, or contractor errors. How do we avoid these claims? Most claims can be avoided by following best practices around your home, especially during high-risk weather events. 

Home insurance policies usually have a clause stating that you are not covered if you are negligent in maintaining or using your property. Tying up loose ends, like unplugging your holiday lights when you’re not using them, can help prevent falling objects from damaging your home or being claimed on your insurance. 

Bottomline

Property damage, such as a fire or water damage from a pipe burst, is the most common type of claim. Ensure you find a policy that fits your needs, and shopping around for a policy is an excellent way to start. Property insurance claims can range from a cracked foundation to a hailstorm that wreaks havoc on your home. The most common property insurance claims can be prevented with upkeep. You also want to be sure you’re filing your claims correctly. For any questions in Pinecrest, FL, contact Hamilton Fox & Company Inc.

Whether you’re buying home insurance for the first time or the fifth time in Pinecrest, FL, assessing your needs is a top priority. You want to make sure that your valuable investment and family are covered if a disaster strikes.  At Hamilton Fox & Company Inc. we recommend learning about your policy, limits, terms and coverage before buying a home insurance policy.

So, how do you assess your needs to know how much home insurance to buy? This article explains ways you can check your home insurance needs.

Determine the cost of rebuilding your home

The value of your home keeps changing, which makes it unreliable when determining the actual cost of your home. To know the real value of your home, check the cost of materials, size and labor in your area. A Pinecrest, FL contractor can help you get the estimate.

Calculate the value of your personal belongings

Your home is made up of your personal belongings–the furniture, electronics, appliances, clothes, shoes, curtains and other items. Calculate the value of all items and come up with a figure that you will use when buying a personal belonging coverage.

Do you have costly items?

If you have pricey items in your home, you may want to budget for a separate policy as home insurance does not cover expensive artwork, jewelry, and fur. Be sure to enquire about the items when buying your policy.

Check how much additional living expenses(ALE) you will need

When your home is destroyed and becomes inhabitable, your additional living expenses coverage will pay for your temporary living arrangement. The policy primarily covers hotel stays, meals and other living expenses. If you have a big family, you may want to make sure that your coverage is adequate to meet all their needs.

Your home insurance is the only investment that can protect your home in the event of a disaster. Make sure you are adequately covered. If you need help assessing your needs, feel free to contact Hamilton Fox & Company Inc. for guidance.

Buying your piece of the American dream can be very stressful. You need to have the right home insurance to protect your dream. But how much home insurance do you need?  If you have an insurance agent you trust you will be able to get the correct amount to be confident of your security. At Hamilton Fox & Company Inc. in Pinecrest, FL, we are committed to providing our clients with personalized service and insurance that is just what they need. 

Home insurance isn’t just one element; it is made up of several elements. Each one needs to be rated separately when deciding how much you need. Start by deciding what your liability comfort level is. You need enough liability insurance to protect your assets in the event you are sued. You may think it is unlikely you will be sued, but that is not the case, it is quite common. If you need extra liability coverage, it may be a good idea to get an umbrella policy that will cover you across all your insurance policies.

When it comes to the value of your home, remember the figure is not the sales value of your home but the amount it would cost to rebuild your home if it was destroyed. If the figure you are given seems low or inappropriate for your neighborhood, don’t be afraid to question the amount with your agent. 

Content is the tricky part. Take a good look at the limits for different types of personal items. Jewelry is one to take note of as are electronics. If the figures don’t make sense with what you have you may need to add a rider to give you the amount of coverage you need. 

Contact Hamilton Fox & Company Inc. in Pinecrest, FL for all your home insurance needs.