How Good is Your Homeowners’ Insurance?

by Jorge A. Gonzalez, PA 09/08/2019

You found the right house, put in the new carpet, buffed the wood floors and moved in all your belongings. Then one day after being out with your family, you come home to find all your sewer pipes backed up and an inch of water in the bathroom and creeping out into that new carpet. You have company coming this weekend, but it’s okay, you just call Hank your insurance agent, and it will all be taken care of, right? Wrong. Most policies don’t actually cover sewer damage. 

That’s Right! No Coverage

Reading through the fine print of your insurance policy is important. Many things that new homeowners assume are covered turn out to be extra or not even available in the first place.

  • Sewer Backup: As a sewer system ages it becomes more prone to blockages and bursting pipes which can leave you in the lurch. Sewage issues are rarely covered in homeowners’ insurance and usually require an extra specific endorsement. If you don’t have that additional coverage, all those repair and replacement costs will come out of your own pocket.
  • Termites: Termites love wood. When they move into your home, they eat away at walls, support beams and any other wooden parts of your home. Termites cause over $5 billion in damage across the united states each year. It’s next to impossible to get a policy that covers termites, so keep an eye out for the signs and practice preventative pest control.
  • Mold: Underneath the paint, behind the tub, around the floorboards – there are many places that mold likes to make its home. Over a thousand varieties, with some causing significant health risks like black mold, everyone is susceptible to a mold infestation. Most policies that include mold coverage have severe restrictions on its possible sources and max out at around $10,000 or so in coverage. That may sound like a lot, but mold damage can easily be more than that. Just think about replacing half the walls in your home in addition to the expensive treatment that prevents it from coming back.
  • Flooding: A variety of water-related issues can cause flooding in your home. Some of them are covered, but flooding from hurricanes, heavy rain or tropical storms is usually not included. If you live in a storm-prone area, check to see if your community participates in NFIP, the National Flood Insurance Program. NFIP municipalities are required to meet FEMA preparedness requirements by putting resources into flood prevention. If your community participates, you are eligible for the NFIP coverage.
  • Earthquakes and Sinkholes: Earthquakes and other ground movement such as sinkholes are not covered by the majority of policies. If you live near a water table, or on top of certain kinds of rock, your property may be prone to sinkholes. If one opens up beneath your home, the damage can be incredible. Check with your policyholder to see if additional earthquake and ground movement coverage is available for your property.

Make sure to talk to your insurance agent about all your needs and questions to get the right policy for your situation. Not sure what questions to ask? Your real estate agent will know what dangers your property is prone to.

About the Author
Author

Jorge A. Gonzalez, PA

Jorge Gonzalez and his “Team Dad of Eight" will help you sell your home in a way that accomplishes your personal and financial goals by making the best use of technology to create massive market exposure and secure the highest price and best terms for the sale of your home in the shortest possible time. If you are looking to buy, then he will use his strong negotiation skills to get you the best deal possible on the property that you purchase.

Experience & Education

Jorge has been selling, managing and investing in both residential and commercial real estate since 1986 and has worked with Buyers and Sellers to navigate them through hundreds of transactions. Jorge's education and proven experience have earned him the distinguished CRS Designation - "Certified Residential Specialist" - which is achieved by only 3% of all Realtors in the country.

Jorge earned his Bachelor of Business Administration with a focus on Finance and International Business from Florida International University in 1990.

International Reach

Jorge is a Keller Williams Global Property Specialist and has earned the internationally recognized Certified International Property Specialist (CIPS) designation from the National Association of Realtors. This designation is evidence of Jorge’s training and experience working with Foreign Nationals in the purchase, sale and investment in properties throughout South Florida and abroad.

Technology

Jorge maximizes the leverage that the internet provides by marketing your home to buyers through over 300 local,  national, and international real estate  listing websites.

Expertise

Jorge specializes in the sale of the finer homes of Greater Miami. Especially in Coral Gables, East Kendall, Sunset, South Miami, Pinecrest, Palmetto Bay, Coconut Grove, Brickell Area, Downtown and Key Biscayne.

Communication

Jorge cares about being very accessible to his customers. He believes that it is important to establish clear expectations for effective communication to deal with issues as they come, and out of mutual respect for business and personal time.

Personal

Yes, Jorge actually is the Dad of EIGHT children and has been married to Eva - Mom of 8 - since 1985. Jorge and Eva are actively involved in their faith community and ministry to women in crisis pregnancies, marriage preparation, and the poor in the Miami area and in the island nations of the Caribbean.

Our Commitment to You

Jorge and his team are committed to earning your confidence to refer them to your family and friends, or you may cancel your listing agreement "at will“.