The phrase “home insurance” suggests total protection and comfort. Your home is insured, so if something goes wrong, your home insurance will cover it, right? Wrong!
When it comes to home insurance, the devil is in the details. Let’s check out the type of errors homeowners should avoid by familiarizing themselves with their home insurance policy’s fine print.
Not All Water Damage is the Same
Knowing what your insurance claim covers and what it doesn’t is not just about knowing what elements you’re safe against. For example, water damage from a leaky pipe is categorically different than rising water levels from a nearby river. In both cases, it may be water that is damaging your home and your property, but because the source of the water is very different, they are treated entirely differently. Your policy is full of technical details to limit the coverage available to you.
Keep your home in a good state of repair to prevent water damage from pipes. You should also be aware of whether your home is in a flood zone and get suitable insurance.
Insurance Companies Know the Technicalities
The insurance claims process is anything but automatic. People buy home insurance for the peace of mind, to know that even if disaster strikes, they’ll be OK. However, insurance companies often try to find technical ways to minimize payments or avoid them altogether.
They may hope that you file your paperwork incorrectly or that it is submitted after key deadlines, so they can void your claim. Maybe they’ll try claiming you didn’t contact them in the immediate aftermath of the fire or flood, undervalue the damage, or claim that a bad state of disrepair caused the damage.
Home Insurance Lawyers Fight Back
Homeowners are hiring home insurance lawyers to simplify and improve the claims process. These lawyers are deeply familiar with the claims process and know the tricks companies use to lessen payments.
They’ll ensure all the paperwork is flawless and submitted promptly. If the insurer tries to use a contractor that undervalues the damage, they can negotiate with the insurer to have the most accurate bid for the repairs and/or rebuild approved.
Sometimes, insurance companies hope that you’re so desperate for money right after a disaster that you’ll settle for one lump sum payment rather than get the larger amount over time. It’s easy to fall for such a mistake because people are inevitably anxious and emotional after a disaster and eager to move forward. Insurance companies like to impose “deadlines” on you to accept settlement in short amounts of time, when there is no legal basis for such a deadline.
Having an insurance lawyer at your side protects you from threats you may not perceive, even after they have harmed you.
Know the Details
Homeowners should be familiar with the specific terms in their insurance policies. Otherwise, they could have less coverage than they think, but only learn this fact after it’s too late. Everyone has their own temperament and risk tolerance, but ideally, you should understand the specifics of your insurance policy and if there are any risks your home presents. Hiring an insurance lawyer to ensure your policy gets upheld to the maximum is a great way to enjoy the peace of mind most people expect to have after buying home insurance, especially given the high price of premiums. Be sure you are paying for the protection you expect.
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