Best Homeowners Insurance Agencies in Lauderhill

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 is the difference between insuring your Lauderhill home for actual cash value (ACV) versus replacement cost value (RCV)?

  If your homeowners' insurance is based on ACV, the insurer will pay the value of the damaged item minus depreciation. For example, if your 10-year-old roof is damaged and has a life expectancy of 20 years, the insurer will only cover half of the cost of roof replacement. Meanwhile, if your Lauderhill home is protected by RCV, the insurer will cover the cost of roof replacement regardless of depreciation. RCV policies have higher premiums than ACV policies.

• Are the belongings of other people in your house also covered under your homeowners’ insurance policy in Lauderhill?

  Yes. Personal property coverage is also provided by homeowners' insurance for the policyholder's legal spouse, as well as other people living in the house who are the policyholder's relatives or are under the age of 21 and in the policyholder's care. Personal property coverage pays for the damaged belongings of the other resident, whether they are inside or outside your Lauderhill home.

• What is opening protection and how can it help you save on homeowners’ insurance costs in Lauderhill?

  Opening protection refers to the number of wind-resistant features in your Lauderhill home, such as reinforced garage doors, impact-resistant coverings, and hurricane shutters. If your home passes the Uniform Mitigation Verification Inspection with the required level of opening protection, you may be eligible for policy discounts. In Florida, all homeowners' insurance companies provide opening protection discounts. To pass, the features must be hurricane-rated and meet Florida Building Code requirements.

• When can you expect payment for your homeowners’ insurance claim in Lauderhill?

  Within 60 days of receiving your claim, you should receive payment or denial from the insurance company. This deadline may be extended only if the cause of the delay is beyond the insurer's control. If some of your claim is contested, your Lauderhill insurer should still pay for the remaining uncontested portions within the 60-day deadline.

• What details about your home can significantly affect your homeowners’ insurance policy in Lauderhill?

  Your home's roof type, construction material, distance to the nearest fire hydrant, and dog breed all have an impact on your insurance policy in Lauderhill. Insurers will offer discounts if you have a hip roof, which is more resistant to wind damage than a flat roof. A house with a restricted dog breed may only receive limited liability coverage. Meanwhile, a masonry home within 1,000 feet of a fire hydrant would command a lower price.

• 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.