Having home insurance doesn’t guarantee you coverage. Homeowners in Tampa who have gone through it know how true this is. The good news is, it’s possible to see your outcome from a mile away with the right bit of information. Be prepared for what’s to come the next time you file a damage claim by learning more about the 80% rule for home insurance!
For a team of public adjusters you can trust through thick and thin, Altieri Insurance Consultants Tampa is the partner property owners rely on! Call us today to schedule a consultation appointment.
Breaking Down the 80% Rule for Tampa Homeowners
Insurance providers use the 80% rule for home insurance as a way to determine whether or not a policyholder receives full coverage. The 80% rule states that the policy must cover at least 80% of the property’s total replacement cost, which would be the amount that it would take to rebuild the house from the ground up.
Many insurers in Tampa go by this rule, and it has been a point of contention with countless property owners in the area. Keep reading to find out why insurance companies are adamant about complying with this rule and what it means for your claim filing.
Why Does the 80% Rule for Home Insurance Exist?
You love your property just the way it is, and you’ll do what you can to restore it to exactly how it was before the damage. Imagine your disappointment when your insurer tells you that you need to let it go. This happens all the time, and it can be a tough pill to swallow. But the 80% rule isn’t here solely to put a damper on your day. This rule was actually implemented to prevent underpayment for your claims settlement.
Here’s how it works.
When your home insurance policy isn’t able to cover at least 80% of your recovery costs, you are underinsured. Insurance providers in Tampa will limit your payout, leaving you with the remainder of the high cost of various expenses. Repairs, replacements, and the like can tally up pretty fast, especially after a dreadful natural disaster. Placing this responsibility on your shoulders puts you on the path of financial hardship. Think of the 80% rule as your wake-up call to adjust your coverage as needed.
Hindsight is 20/20, and so it’s better to look into the details of your coverage before you need to file a claim.
Read our guide revealing other common ways that your insurance claim might get denied so you can ensure the payout you need for recovery.
Navigating Tampa Home Insurance Claims Under the 80% Rule
Your qualifications for the 80% rule can change in an instant. There are many discerning factors that can fluctuate on a dime, causing your home’s total cash value to teeter on the border of that 80% mark.
What can you do? A public adjuster in Tampa will be able to help you stay in line with your home insurance coverage, performing tasks like:
- Reviewing any current or past claims
- Identifying home improvements that can alter your property’s value and potentially lower premiums
- Calculating the potential cost of materials and labor for repairs
- Account for rising inflation and suggest adjustments to your policy
- Conduct a policy review to pinpoint any other discrepancies or gaps in coverage
Trust Altieri Insurance Consultants Tampa, the Partner Property Owners Rely On!
Are you prepared for your next home insurance claim? Our reputable team of public adjusters at Altieri Insurance Consultants Tampa is here to help you receive the correct amount for your damage claim so you can get your life back! Give us a call at (813) 247-4757 to schedule a consultation appointment.
