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EDISON BLOG

Category: Homeowners Insurance 101

What a Homeowners Policy Typically Covers



 


 A typical homeowners policy from Edison Insurance Company provides coverage in the event an unexpected (sudden and accidental) loss occurs due to; fire, lightning, vandalism, theft, liability, and hurricanes. Damage suffered to the home due to poor, or lack of maintenance, is not covered by a homeowners insurance policy.  Keeping up with yearly maintenance is the key to a safe and happy home.

Additional coverage options are available through most carriers, for things such as dog bites via Animal Liability coverage, jewelry, and furs, screen enclosures, flood coverage, etc. One important coverage often overlooked is flood.  Flood coverage is typically not included in your homeowners insurance policy, however, Edison Insurance Company offers an endorsement to qualifying homes which allows the addition of this protection.
 
Flooding is the number one disaster in the United States, causing millions of dollars in damages each year. Fortunately, Edison’s flood endorsement can provide you with peace of mind should an unexpected flood occur. Our flood endorsement is designed to cover your personal possessions up to your selected coverage amount and eliminates the need for a standalone flood insurance policy. Should your property not qualify for Edison Insurance Company’s flood endorsement, speak to with your agent about obtaining flood coverage through the Nation Flood Insurance Program (NFIP).
 
 
 
As a Florida homeowner, it is important to protect your property should the unexpected occur. Sufficient insurance coverage to fit the needs of your family is available through Edison Insurance Company. Should you have any questions or concerns about your policy, contact your agent, or call us at 866-568-8922. 

 

What is a Covered Loss?



 


Your homeowners insurance policy consists of coverages which may help in repairing or replacing your home and belongings should they be damaged by certain perils, such as a windstorm, fire, or theft. Each insurance policy is different, and it is imperative you understand what your policy covers in the event of a loss.
 
The easiest way to determine the difference between a covered loss and a maintenance related issue is to remember the general principles which govern an auto insurance policy. Auto carriers provide coverage in the in event of an unexpected or accidental event, not the general wear and tear associated with daily use such as; tires, brakes, and oil changes. For instances, should a pipe in your home leak for months, resulting in major water damage, the loss will not be considered a covered loss, as it was not accidental or unexpected.
 
In many cases, taking measures to prevent further damage can save you time, effort, and money. Take some time to inspect your home and make repairs to effectively prevent further damage. Should you wish not to partake in routine maintenance yourself, several companies offer maintenance repair contracts for your home and appliances.
 
Remember, your homeowners insurance carrier may deny a claim if damages were caused by lack of maintenance or wear and tear. Therefore, it is crucial for you to report damage to your property the moment it presents itself and to not wait until the problem becomes worse. Should a claim arise, report it to Edison Insurance Company immediately by calling 888-683-7971.
 
 
 
The safety of you and your family is Edison Insurance Company’s top priority. Our mission is to provide quality coverage at competitive rates while providing exceptional service. For more information on homeowners insurance in Florida, or to get a quote, call us at 866-568-8922. 

Understanding Your Home’s Worth


 

Have you ever wondered what your home is worth? Nearly all homeowners know what they paid for their home, but this does not always translate to the amount it will cost to rebuild the home.  The cost to rebuild is the true value of your home and will guide you when obtaining the proper coverage for your home.
 

What is the difference between Market Value and Replacement Costs?

Estimating the market value of your home is necessary for financing, investment purposes, and sales listing.  Many homeowners keep track of changes in the market value of their home whether they are selling or staying. Often times, homeowners will hire a professional appraiser, or do their own research online.

There are several benefits to knowing the value of your home such as, when you are considering refinancing, making home improvements, renting, or selling your home.
 

Understanding the cost of rebuilding your home is completely different.  The market value of a home is dictated by completely different variables than the ones dictating the cost to rebuild your home.  These factors also influence your homeowners insurance coverage and premium.


Replacement costs are based on the material and labor costs associated with rebuilding or replacing your property. When insuring your home, your dwelling coverage should equal the cost of replacing your home in the event of a total loss, at today’s labor and construction prices. Speak with your Edison Insurance agent if you have questions about your insurance limits. Remember, when making coverage decisions, you should consider selecting coverages which will provide you enough protection to rebuild your home at today's cost. 
 


Keeping your family and home safe and protected is Edison Home Insurance Company’s number one priority. We have taken a bright and innovative approach to FL homeowners insurance with coverage options allowing you to customize a policy to best fit your needs. To learn more about Edison Insurance Company, or to get a personalized quote, click here.

 

Why You Should Get Mover’s Insurance


 

Moving costs can get pretty expensive. Some people prefer to load the truck themselves, others prefer to leave it in the hands of professionals. When you finally secure a move-out date and you’re calling to schedule the appointment for the movers to arrive, be sure to keep these things in mind when deciding to accept or decline mover’s insurance:
 

  • Beware of “Mover’s Liability”: This is not insurance. Most moving companies will offer 60-cents on the pound if they are at fault for the damage.  This is standard coverage which movers are required to have, but think about it carefully. If your movers destroy your $2,000 couch which weighs 350 pounds, it means they are only required to pay you $250 in total if you can prove they are at fault.

 

  • Mover’s Insurance through the moving company: If you are taking this route, be sure the policy benefits you and not just them. They will be required to send you a copy of the policy and any other evidence sufficient enough to prove the insurance was purchased by you.

 

  • Personal mover’s insurance: Start by choosing the company of your liking. You’ll know exactly what you’re getting and how you will be protected.

 

  • Claims: If there are any disputes during the moving process, you will have to file a written claim with the mover within a certain time-frame of the delivery date. Provide as much information as you can so the company can fully investigate your claim, such as an accurate description of what happened along with multiple photographs.

 

  • Listen carefully: Most of the time, when you call to schedule these appointments, the person on the phone will be a fast-talker, due to so much information needing to be relayed. Be sure to ask any questions you may have and make sure they are answered completely before you make your deposit. It also helps to have something sent to you in writing so you can go over it on your own and spot anything you may have missed. Some people are more focused on getting their preferred moving date, and they wind up in a hurry to make a deposit. This is something on which you should really take your time.

 

  • Take photos of everything: This is the most important task before the movers arrive. Make sure you take timestamped photos of everything the movers will be taking with them on the morning of the move. Once you have these photos, store them in a safe place and if you notice any damage afterwards, you will be able to prove what the condition of the item was before the move.

 
Getting mover’s insurance will definitely cost you more for your move, but you must remember, the movers are human, just like you. Things may drop, get scratched or dented and you should be prepared for anything to happen. If you are insured, then a drop, bump or scratch won’t give you such a headache. Happy moving.


Thank you for visiting our blog. Hopefully, you came away with some great home insurance and safety tips. Edison Insurance Company’s mission is to provide quality coverage at competitive rates while providing exceptional service.  For more information on Florida homeowners insurance or to get a quote, please call (866) 568-8922.

 

Understanding Flood Insurance


 

One of the best ways to learn is to follow by example. The photo below is a home affected by a disastrous flood. As you can see, a majority of the home is destroyed, and will require major repair in order for the homeowners to live here again. Now, imagine if this was your home, and you found out none of this damage was going to be covered by insurance. First-time homeowners usually assume homeowners insurance covers everything. Here are some common questions people would ask when found in this situation:
 
 
 
“I have homeowners insurance. The flood happened in my home, so why isn’t it covered?”
  • A typical homeowners insurance policy does not include flood coverage. In the aftermath of Hurricane Katrina in 2005, this fact gained publicity when thousands of homeowners submitted claims to their insurance providers and learned the damage would not be covered because it had been caused by a flood. The debate back then was, the damage was caused by wind and not water.
 
  • An easy rule to remember is, flood is damage from the floor, up and wind is damage from the roof, down. It is important to speak to your agent about your coverage to make sure you have everything you could possibly need.
 
“Is water damage covered at all?”
  • In terms of insurance, the definition of flood is rising water. Any damage caused by rising water will require its own flood insurance. Damage caused by broken pipes or overflow would more than likely be covered by homeowners insurance, but not because of a natural disaster.


As a homeowner, it is important to know what is covered under your policy and what isn’t. Standard homeowners and renter’s insurance does not cover flood damage. Flood coverage, however, is available in the form of a separate policy from Edison Insurance Company. 


Edison Insurance Company’s mission is to provide quality coverage at competitive rates while providing exceptional service.  For more information on Flood Insurance, or to get a quote, please call (866) 568-8922.

 

How Often Should You Review Your Insurance Policy?


Think you’ve done adequate review of your insurance policy? Well, think again. Reading through your insurance policy and benefits before signing and submitting just isn’t enough. We all go through many life changes each year, which could have a significant impact on your insurance needs. Here are a few changes which could occur which may show you why you may want to take another look at your policy:
 

  • Marriage or divorce

 

  • A child or grandchild who is born or adopted

 

  • Significant changes in your health or spouse’s health

 

  • Purchasing refinancing a home

 

  • Coming into an inheritance

 

  • Family members in need of long-term care or taking on the financial responsibility of an aging parent

 
There are many other changes which could occur in one’s life. In order to be sure you are protected, it may be best to take a few moments to review your policy or speak to your agent so you can obtain the coverage which suits you best.


Keeping your family and home safe and protected is Edison Home Insurance Company’s number one priority. We have taken a bright and innovative approach to FL homeowners insurance with coverage options allowing you to customize a policy to best fit your needs. To learn more about Edison Insurance Company, or to get a personalized quote, call us at (866) 568-8922.

Choosing a Homeowners Insurance Carrier


 
Purchasing a new home is a major investment, therefore, choosing a dependable homeowners insurance company should be one of the first decisions you make. During your decision-making process, it is important to keep a few things in mind:
 
  • Years in business: Do a little research on the company and find out how many years they have been in business. Some people feel more comfortable than others when it comes to investing in a newer business. Although a newer business isn’t necessarily better than an older one, you may be able to get a better idea of their track record.
 
  • Financial Stability: Financial Stability Ratings® (FSRs) are useful when comparing insurers - the higher the rating, the greater the company's financial stability and capability to fulfill their financial obligations to you - the policyholder. Educating yourself about a company’s financial strength is very important, since this will be the company in which you are placing your trust.
 
  • Customer Satisfaction Ratings: Hearing what previous/current customers have to say about their insurance company can be extremely beneficial. You can see through the customers’ eyes based on their experience and satisfaction with the company. This shouldn’t be the only method you use during your decision-making process, but it should give you a good idea on how the company treats its customers.
 
 
The most important thing is to do your research. Choosing a homeowners insurance carrier based on popularity or what you’ve heard on TV or the radio isn’t the best idea. You deserve the peace of mind which only comes from knowing your biggest investment is protected by a strong, solid carrier. 


Edison Insurance Company’s mission is to provide quality coverage at competitive rates while providing exceptional service.  For more information on Florida home insurance or to get a quote, please call (866) 568-8922.
 

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