Little-Known Facts About Standard Home Insurance in Florida

The standard home insurance policy is something that many Fort Lauderdale residents are familiar with – but few know the complete details. The truth is that this standard policy can surprise you, and it makes sense to gain a complete understanding of it. Once you understand some of these little-known facts, it might be easier to avoid unnecessary losses and confidently file your next property insurance claim in Fort Lauderdale.

 Sinkhole Coverage Is Extra 

Almost everyone knows that hurricane flood damage is not covered by a standard homeowner’s insurance policy in Fort Lauderdale. But did you know that sinkhole damage isn’t covered, either? Florida is home to “sinkhole alley,” an area that stretches across the Tampa Bay Area. There are more sinkholes in Florida than in any other state, and it’s a real issue for many homeowners.

While sinkholes aren’t as common in Fort Lauderdale, they are not unheard of – and a major hole opened up on Commercial Boulevard in 2024. This might be something worth considering if you’re worried about a sinkhole affecting your home’s foundations.

 Normal “Wear and Tear” Is Not Covered

You should know that normal “wear and tear” is not covered by your standard homeowner’s insurance policy. But what exactly is the definition of “wear and tear?” Generally speaking, this includes a natural type of degradation that occurs over time – usually due to continual use by inhabitants. Examples include stains, fading colors, broken-down appliances, and much more. If your insurer has denied your claim due to the “wear and tear defense,” speak to a lawyer for further guidance.

 Some Floods Are Covered 

Although hurricane flood damage is never covered under a standard property insurance policy, this doesn’t mean that all floods aren’t covered. If the flood originated within your home, you can probably file a claim. Examples include broken pipes, leaking appliances, and so on.

 There’s a Difference Between “Actual Cash Value” and “Replacement Cost” 

You should know the differences between actual cash value and replacement cost. The actual cost value (ACV) is the price someone would be willing to pay when purchasing your lost or damaged items before the accident. In other words, this is the money you would receive if you sold these items at a yard sale before you lost them. In contrast, replacement cost is the amount you would pay to replace these items with newer, modern versions. Your policy might cover ACV or the replacement cost, depending on the circumstances.

 Can a Property Insurance Lawyer in Fort Lauderdale Help Me? 

At Geyer Fuxa Tyler, our legal team is made up of a diverse combination of attorneys who are well-positioned to protect the legal rights and financial interests of policyholders. If your property insurance claim was denied, we can help. For a free consultation, please call us today at (954) 990-5251. With an office in Sunrise, we represent policyholders in Broward County and throughout the state of Florida.

Sources: 

sun-sentinel.com/2024/02/02/sinkhole-affects-traffic-off-commercial-boulevard-in-fort-lauderdale/

allstate.com/resources/home-insurance/actual-cash-value-vs-replacement-cost