Homeowners’ insurance exists to protect your investment. However, it can seem complicated, especially if you are a new property owner.
Even if you diligently pay for your insurance coverage, you might find yourself in a tight spot if you unknowingly make mistakes, affecting your ability to recover from damages after a fire, a storm or a break-in. Here are typical homeowners’ insurance errors you should avoid:
- Not reading a policy thoroughly enough and missing critical details about your coverage
- Purchasing insurance without considering add-on coverages that might be appropriate based on your location
- Neglecting property maintenance, which can be a factor when seeking approval
- Failing to create a home inventory and track recoverable losses
- Not describing property damage clearly in a claim
- Delaying your claim for too long
- Failing to take photos or videos of your damaged property
- Filing a claim without professional advice for large-value cases
- Cleaning up the property too soon after a fire or flood without documenting the scene sufficiently
- Filing too many claims that could affect your premium
Committing these mistakes could put you in difficult situations, such as accidentally excluding damages from your list or increasing the risk of denial.
Essential information for your claim
Additionally, you could speed up your claim’s processing time and improve your chances of approval by including all the essential information. These vital details include:
- Policy information
- Reports from authorities or professionals
- Receipts of repairs you made after the incident
- Comprehensive information on property damage
Preparing the paperwork in advance could save you time and trouble when they suddenly ask you for supporting documents related to your claim later in the process.