One of the best things that a homeowner can do is to purchase insurance on their investment. Not only does it protect the structure, the policy can offer a lot of other benefits and coverages. It is imperative that anyone with this type of insurance knows some basic points.
It is a good idea to grab your policy and read over it. One of the primary considerations that you will have is the deductible and coverage limits. This very important information can have a big impact on what you are able to do when you make a claim.
Here are a few other pointers for homeowners who need to file an insurance claim:
Know the exclusions
All insurance policies have exclusions as to what they will cover. Almost no homeowner's insurance policies will cover flooding. Other exceptions are possible, so be sure that you have read over the policy so that you know when you need to make a claim.
List everything you lose
When your claim includes losing things of value, you need to make a list of what is lost. Until you meet with the insurance adjuster, don't throw anything away. You might want to take some pictures since this may help with your claim. While you are making this list, jot down other vital information about the incident. These include:
- Date of the incident
- Location of damage
- Condition of the home
- Type of damages or losses
- Repairs that are needed
- Description of the damaged items
- Names of anyone else involved
- A copy of the police report
Ask about an advance
When you have to leave your home quickly, you might not be able to get everything that you will need. You may be able to stay at a hotel on the insurance company's dime since most companies cover shelter costs.
There is a chance that you will be able to get an advance payment on your claim. Just remember that this money goes against your limit and what you will receive. If you aren't eligible for an advance, keep receipts for anything you buy. Additionally, remember that you should be prudent and frugal with what you spend. Your insurance might not be willing to refund you anything for extravagant purchases.
Insurance claims are time-sensitive. You don't have time to waste when something happens. Remember that the insurance company is out to make money, so it may minimize claim amounts. Protect yourself if this happens.