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Three Things You Need To Know About Your Homeowner's Policy


Three Things You Need To Know About Your Homeowner's Policy

The first thing we all need to find out is what type of policy we have. There are three common types of policies.

Basic Policy, which is exactly like it sounds. This policy covers ten named "perils" and nothing else. Note: A peril is physical damage.
Broad Policy, which covers the ten "perils" plus six more. Sixteen total.
All Risk or Open Policy, this is the most common type of policy, which covers any sudden and accidental event that is not specifically excluded. In other words, not wear and tear or things that happen over time. There are other exclusions that are named in the policy.

The second thing we need to understand is the amount of coverage we have. There are amounts for our dwelling, other structures (Ex: detached garage, fences, gazebos etc.), personal property, and loss of use. These will vary depending on individual needs. There are also many endorsements that we may or may not have again depending on our needs. Endorsements will cost more, usually a nominal amount compared to what they will cover you for. Another important thing that sort of falls under amounts is whether we have "Replacement Cost Value" or "Actual Cash Value." This can affect your settlement greatly.

The third thing we need to understand is that our insurance policy is a contract. Within that contract there are certain obligations that fall on the homeowner. Ex: When filing a claim the "burden of proof" is on the homeowner NOT the insurance company. Another is as homeowners we must protect our property from further damage. Sounds simple but if not done properly and in a timely manner it could cause a denial for our claim. Also, it is the homeowners' responsibility to notify of damage in a timely manner.

In closing, back in September 2011, my local area experienced a hurricane and several severe rainstorms. You may have as well. Like many, you may have found out the hard way that you did not have the proper insurance coverage. Unfortunately, many people purchase homeowners insurance and do not know what is covered. When damage occurs, this is Not the time to find out you don't have the proper coverage.

All policies and contracts can vary. I am in no way saying they are all the same. Nor am I a lawyer. I simply have learned some interesting things reading many policies over the past years.

If you are interested in learning more about your insurance coverage, or want a free home inspection. please contact Jeffrey Wagner, Licensed Public Adjuster @ 267-265-5137 Jeff's Email: paa66jw@gmail.com

Working for you every step of the way! For more information see our website LINK or go to our Facebook page for more information. To learn more about the Value of Hiring a Public Adjuster - please watch this short video.

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Article Source: http://EzineArticles.com/?expert=Jeffrey_W_Wagner by Jeffrey W. Wagner, Insurance Claims Negotiator

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