As we observe the incredible destruction of Hurricane Harvey, one thing becomes remarkably apparent: homeowners insurance and condo insurance are an incredibly important factors not to be overlooked. Whether you live in a high-rise condo or a single family home in a gated community, homeowners/condo insurance is one of the best ways to protect one of the biggest investments of your life. In this blog, I would like to discuss the key reasons homeowners insurance can be of great value:

Unexpected Damage can be More Expensive than you Think:

As I stated previously, hurricane season makes homeowners insurance a necessity in South Florida. It’s not uncommon to have broken windows, ripped screens, missing roof shingles, and even more costly home fixes after an intense storm. Homeowners insurance prevents you from being forced to pay for such repairs out-of-pocket. Along those lines, those that own condos should also invest in condo insurance (the condo equivalent of homeowners insurance). It is a common misconception that an HOA will cover condo repairs, however this is not true. While the condo owner is not considered responsible for the outside land, condo building structure, and common building areas, they are solely responsible for the interior of the condo space and all repairs. And just as with homeowners, sometimes the damage to a condo can be of no fault of the actual owner. For example, if a neighbor’s hot water heater were to burst, it could potentially cause flooding and mold damage to individual units down multiple floors! As you can see, the monthly deductible of homeowners/condo insurance is much more affordable than fixing major home repairs, which can easily cost thousands of dollars. Wouldn’t you prefer only having to file a claim in an already stressful situation than also worrying about the financial burden?

It Might be Required: For homeowners who pay a mortgage, it should come as no surprise that some lenders require buyers to invest in homeowners insurance to ensure that their financial investment is adequately protected should the unthinkable happen. In fact, if their client does NOT have homeowners insurance, the lenders is allowed to buy it themselves and charge you for the cost, according to the Consumer Financial Protection Bureau. Take that power back into your own hands, and pick a homeowners policy within your budget and with the coverage of your choosing.

It can Offer Protection Beyond Your Home: For the most part, homeowners/condo insurance typically extends to more than just damage to your physical property. Take a look at the additional protection a homeowner’s policy can provide:

Home and Attached Structures: Homeowners insurance will often cover the home and anything attached, such as a deck or garage.

Other Structures: You can choose a policy that will also pay for repairs to detached structures on your property, such as a fence or shed.

Personal Property: Coverage can include the price to replace certain belongings such as furniture or electronics should they be damaged or even stolen.

You and Your Family: Should you or a family member accidentally damage someone else’s property, homeowners insurance can potentially pay for related repair costs, legal fees, and medical bills.

Guests: If a guest is accidentally injured in your home, your policy may help pay for resulting medical bills.

Additional Living Expenses: If you must leave your home after a covered risk, homeowners/condo insurance may pay for temporary living costs such as hotel bills.

As you can see, homeowners and condo insurance is extremely important. Make the responsible choice, and make sure you, your home, and your family are protected!

For any real estate inquiries, please contact Bozena Kaluza at 305-801-8363!