Miami, a city known for its beautiful climate and stunning waterfront properties, is no stranger to the forces of nature. The elements that make Miami appealing can also pose significant risks to homeowners. Water, wind, and fire damage are among the most common threats residents face in this vibrant coastal city.
What is first-party insurance coverage?
First-party insurance coverage is a form of insurance that provides financial protection to policyholders in the event of damage or loss to their property. It is a contractual agreement between the policyholder and the insurance company, where the insurer agrees to compensate the policyholder for covered losses as outlined in the policy. In the context of property insurance, first-party coverage applies when the policyholder’s property suffers damage or loss due to specified perils, such as water, wind, or fire damage.