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A Practical Guide for Realtors, Mortgage Brokers and Homeowners
1. Policy Types
●Understanding HO-3, HO-6, HO-4 and dwelling-fire policies
●Replacement cost vs. actual cash value
●Citizens vs. private-market insurance
●Windstorm and hurricane coverage
●Deductibles, exclusions and coverage limitations
●Roof age, water-heater age and property eligibility
●Builders risk, vacant-home and renovation policies
●Optional coverages: water backup, equipment breakdown and service lines
●Why the lowest premium may not provide the best protection
2. Inspections
●Four-point inspections
●Wind-mitigation inspections and available discounts
●Roof-condition and remaining-useful-life requirements
●Electrical, plumbing, HVAC and water-heater concerns
●Permits and unpermitted improvements
●Open claims and prior property damage
●Common inspection issues that affect eligibility or delay coverage
●When repairs must be completed before binding
●Why insurance concerns should be reviewed during the inspection period
3. Flood Insurance
●Homeowners insurance does not cover flooding
●Flood zones vs. actual flood risk
●NFIP vs. private flood insurance
●Required vs. recommended flood coverage
●Elevation certificates and when they are helpful
●Building, contents and loss-of-use coverage
●Flood insurance waiting periods
●Transferable and assumable flood policies
●Prior flood claims and repetitive-loss properties
●Why properties outside high-risk flood zones may still need coverage
4. The Claims Process
●What to do immediately after a loss
●Protecting the property from further damage
●Documenting damage with photos, videos and receipts
●Reporting the claim and understanding the adjuster’s role
●Deductibles and out-of-pocket expenses
●Emergency mitigation vs. permanent repairs
●Choosing and working with contractors
●Understanding estimates and claim payments
●Recoverable depreciation and replacement-cost payments
●Supplemental claims for hidden or additional damage
●Mortgage-company involvement with claim checks
●Avoiding contractor fraud and assignment-of-benefits concerns
●How claims history can affect future premiums and insurability
