For people living in areas with severe climate conditions, homeowner’s insurance policies come as a necessity. However, it is absolutely important that you select the right insurance policy. A lot of homeowners do not understand the nuances and coverage terms of such policies and as a result they fail to get the most out of their policies when the need arises.
As a matter of fact, getting coverage for all the damages caused to your property by natural disasters and unforeseen mishaps can prove to be tricky. At times the insurance company may offer you a partial compensation for such damages, citing policy terms and your condition specific norms etc. However, you should not always go blindly by the company decision when it comes to coverage and reimbursement. The fact that only a portion of policy holders take the legal route to settle a claim makes things trickier.
There are a handful of things you can do to ensure you get the maximum coverage by the insurance company when the mishaps do happen.
Review Coverage given by a Company with Care
Unlike some other homeowners, you should not wait till a quake or storm ravages you home to analyze the claim coverage. You should compare the coverage and cost of your existing policy with those of others carefully. Chances are there, you may find another policy that offers you more coverage for home and property for same cost. You may also consult with an insurance industry veteran before buying policy. You can find such experts online easily. The insurance company terms and limitation can be difficult for most people to grasp. It is important that you know what are not covered by your insurance to avoid complications later.
Keep Evidence on your side
To ensure the insurance company does not evade paying the damage recovery cost, you can keep image and videos of your property. Thanks to handheld video recorders and digital cameras you can take close up shots of your house and its various parts. When you offer the insurer with pictures of your abode before and after a disaster strike, you cannot lose.
Documenting the Damage is Necessary
It is helpful if you document the damage before making a claim. You can also make duplicate copies of all necessary documents as well. This will ensure the insurance company cannot get away by paying you a partial restoration amount.
Make Interim Repairs
Based on the type and extent of damage caused to your home, you may start amending some basic things like broken window panes or staircase. This may be a necessity to continue living. Even if your insurance company pays you full restoration mount, that processing may take some time. However, keep all the receipts and documents so that the refund can be obtained.
Consult with Industry Experts
At times, you may consult with insurance industry veterans before making a claim. If your walls are damaged by mold formation and the company does not cover mold infestation, you may still get recover some cost by proving it was caused by water leakage or flooding. You may get partial coverage but that is of course better than getting nothing at all.
Do not Fear Losing out after making a Claim
It is wrong to think that you will get into bad books of the insurance provider of you make a claim or take legal recourse to settle the dues. Insurance firms do not necessarily consider a customer who takes hard stance on claim settlement as a threat. It is only when your property is in vulnerable state or is located in damage prone zone, they see red.
Evans is a passionate blogger and he currently writes on different finance related topics. He is currently associated with Pittsburgh Independent Insurance Agency.
