3 Questions to Guide You When Filing a Property Claim
By Author 90
Every homeowner knows the benefit of having insurance to protect their house and valuables. If your home gets damaged or you are a victim of theft, homeowners insurance can help replace stolen items, cover repair costs, and more. For instance, you can file a property claim via your homeowners’ policy if your roof gets damaged by natural causes like wind or trees. But what happens in situations where you are not sure about filing a claim? You might be confused about what your policy covers and what aspect of the damage is paid. Below are three questions highlighted to help you determine when to file a property claim.
Does my policy cover my loss?
When filing a property insurance claim, you must understand what caused the damages to your belongings and home and check if that damage is covered under your current insurance policy. According to the Insurance Information Institute(III) statistics, wind and hail damage are standard homeowner’s claims.
Ensure that you read your policy document carefully; your insurance policy explains what is covered and to what extent the coverage goes. When you understand the cause of the damage, you can be sure if they are covered by your policy or not. Some common causes of damage include but are not limited to wind, hail, vandalism, burst pipe, fire, and theft. Usually, floods, wear and tear, and the typical homeowners’ policy do not cover earth movement.
How much deductible do I pay?
Sometimes when damage occurs, the repair cost may not exceed your deductible, so you might pass on filing a claim. Sometimes minor damage to a part of your house caused by wind will cost less than the total amount of your deductibles to repair. Remember that filing a paid claim involves your deductibles being subtracted from the amount used to cover your loss.
Will any special policy limit apply to my loss?
Some properties have a particular limit applied to the payment for their damage. For example, comic books, jewelry, collectibles, or other valuables can be limited. These sub-limits can be lower than the final amount of damage to that property. It would be best if you considered this anytime you need to file a claim.
When you file a claim
After going through all the causes for damages and what your policy covers and you decide to file a claim, you must notify your insurance company early. This will ensure that the process is started fast, and this saves time for you. However, always keep the receipts for your claim professional to work with it when you carry out repairs. This serves as evidence for both the damage and temporary fix.
It is normal to feel confused about your policy’s coverage when there is any damage to your home. You might have constant “is this covered?” questions when dealing with injuries. You can always reach out to your insurance agent about the extent of the damage if you are unsure. They will be happy to assist you. Reach out to our agents if you need a place to start with it.