Home Insurance FAQ's
Q: |
What is homeowners insurance? |
A: |
Homeowners insurance is a form of personal lines property insurance. The typical homeowners policy has two main sections: |
Q: |
What do I need to know when purchasing homeowners insurance? |
A: |
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Q: |
What is "actual cash value"? |
A: |
When "actual cash value" is used in a policy, a policy owner is entitled to the depreciated value of the damaged property. |
Q: |
What is replacement cost"? |
A: |
When "replacement cost" coverage is used in a policy, a policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current prices. |
Q: |
Where and when is my personal property covered? |
A: |
Coverage C of a homeowners policy provides named perils coverage. This applies to all your personal property (except property that is specifically excluded). |
Q: |
Should I purchase sinkhole coverage? |
A: |
As the majority of Robinson Insurance customers are located in Melbourne or Indialantic in Brevard County Florida, sinkholes are not a major concern. However, it is comforting to know that every policy, as directed by Florida state legislature, includes catastrophic ground collapse coverage, which is what we consumers consider to be a legitemate "sinkhole." If you are purchasing in an area that has sinkhole history, it may be a good idea to also include the sinkole endorsement to your policy. |
Q: |
Should I purchase flood coverage? |
A: |
Yes, especially if your property lies in a flood plain as determined by US Government Flood Maps. Ask your Robinson Insurnace agent about a flood quote. Remember, flood coverage is never provided by a homeowners insurance policy. |