Best Homeowners Insurance Agencies in Clearwater

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• What are the “My Florida Safe Homes” grants given to Clearwater residents who need more affordable homeowners insurance?

  The “My Florida Safe Homes” program is a storm mitigation grant offered to Clearwater residents so that they can have lower homeowners insurance premiums. It provides a free wind mitigation home inspection and a maximum of 10,000 dollars for low-income homeowners. It was drafted during the first legislative insurance special session last year. Some changes have been proposed this year, such as re-funding the program for an additional 100 million dollars to see it through to 2024.

• Do the rising rates of homeowners insurance still plague Clearwater?

  The rising rates of homeowners insurance still plague Clearwater and the whole of Florida. The price of insurance premiums has increased by 50 to 100%, and this has been affecting not only homeowners but municipalities as well. This significant uptick in rates has been going on for the past five years. Property insurance in nearby St. Petersburg also increased up to 50% last year and replacement costs increased by 19%.

• Do Clearwater homeowners insurance policies cover one’s property for all damages?

  Standard Clearwater homeowners insurance policies do not cover floods or windstorm damage. Each insurance plan also differs, and homeowners should consider reviewing their policy’s limitations and exclusions prior to hurricane season. Flood insurance can be purchased via the Southern Oak Flood Endorsement or National Flood Insurance Program. The former may have lower costs and higher limits.

• Can Clearwater insurance companies take as much time as they want in responding to homeowners insurance claims?

  Clearwater insurance companies do not have the luxury of taking as much time as they want in responding to homeowners insurance claims. Most insurance firms have a deadline of two weeks to acknowledge a claim, starting from the date that the damage was reported. Following this, they only have 90 days to pay the undisputed payouts to the claimant.

• How can a Clearwater home inventory be made for purposes of a possible future homeowners insurance claim?

  You may take advantage of technology to make a Clearwater home inventory for a possible future homeowners insurance claim. Use worksheets, templates, and inventory checklists from Google, Microsoft Excel, Pinterest, and mobile apps. Document each room, closet, and drawer using photos and videos and record each valuable, including electronics, appliances, jewelry, firearms, antiques, tools, furniture, collectibles, artworks, rugs, couture, wine cellars, and liquor cabinets. List purchase dates, serial and model numbers, item descriptions, appraisals, and estimated values. Always save receipts.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.