Does your home insurance cover
floods?
Floods cause over $2 billion of property damage every year. After experiencing a flood,
a lot of homeowners rush to file a property damage claim, only to find out it’s
not covered!
The majority of homeowner’s policies won’t cover any type of damage caused by floods. Instead, you have to purchase a separate flood policy through FEMA.
As a homeowner, it’s your job to
know what’s covered and what’s not. To help you out we’ve created this article
all bout the different types of property damage claims. We’ll also tell you
some of the best tips for filing your claim successfully.
Read on to learn all about property damage
claims for homeowners.
1.
Water Property Damage Claim
Water damage is first on our list of
property damage examples. Several situations can cause water damage, ranging
from frozen pipes to faulty plumbing systems. Water damage is one of the types
of property damage claims you have to be extra careful with. Insurance
companies are particularly wary of the risks water damage can bring.
Creating
a Claim History
Once you start filing a water damage
claim, even if it’s denied, it’ll be on your claim history. Having multiple
water damage claims on your home insurance can cause your rates to go up.
You’ll also have a difficult time switching insurance carriers if you have a
claim history that includes water damage.
Oftentimes, homeowners' policies
will cover water leak damage, however, you should double-check the details of
your policy before you start filing a claim.
Review
Your Policy
Call your insurance company and ask
them to go over exactly what type of water damages your policy will cover. You
can then hypothetically ask them about the situation you’re dealing with to
find out if it qualifies as a covered peril.
For instance, your policy will
likely cover a sudden leak, like if your pipes suddenly burst. However, if the
leak’s been gradual, your insurance carrier may consider the water damage to be
your responsibility. Since you knew the leak was there and didn’t do anything
to fix it, the insurance company wouldn’t be liable.
Seeking
Legal Help
The good news is that according to
property damage law, if your insurance company should cover your claim, but
they refuse to, you can get help. By reaching out to public adjusters you can fight to get the
compensation for damage to property that you deserve.
2.
Claims for Theft and Burglary
Moving on, it’s also helpful if you
prepare yourself for the steps involved in filing a theft or burglary claim.
For starters, you should document all of your big purchases, by saving things
like receipts. It’s also helpful if you take photos of your assets, and be sure
to include the serial number whenever possible.
For instance, you should keep track
of personal property such as your televisions, gaming systems, major
appliances, jewelry, and more. If you’ve been burglarized, you’ll want to take
a full inventory of exactly what the thieves took. Make sure you also write
down any property damage that took place, such as a broken window or bashed in
the front door.
You’ll also need to contact the
police right away and file a police report. Once the police leave, call your
insurance company and file your claim. Be sure to take photos of any damage
that took place, and fully answer any questions the insurance claims agent
asks.
The insurance company is going to
ask you where you bought the stolen items when you bought them, and what it
cost. Once your claim’s settled you’ll receive money for your losses, minus the
deductible.
Items
Stolen From Your Car
Depending on your policy, homeowners
coverages can also extend to cover stolen items from your car. For instance,
let’s say you had a laptop in your car and it was stolen. You could file a
claim, even if your car wasn’t home when the theft took place.
3.
Tips for Making Storm Damage Claims
Lastly, you may also find yourself
needing to file property damage following a major storm. Things like fire,
lightning, wind, and hail damage, are common types of property claims. Once you
notice the damage in your home, call your insurance company immediately. If you
need emergency service, such as fixed electrical wiring, be sure to make this
need known.
After you get off the phone with
your insurance provider, the next step is to start documenting the damage.
Using your smartphone, begin taking videos and photos of any interior or
exterior damage, and email them to yourself for safekeeping. Next, you’ll want
to sit down and write out a list of all the different types of damage you’ve
incurred.
Having a list will help simplify the
claims process when you need to reference specific areas of damage for
insurance adjusters. You’re also going to want to start a claim log. Anytime
you talk to someone at the insurance company about your claim document it.
Write down who you talked to when you talked, and what was discussed.
Finally, as hard as it’ll be, you’ll
need to resist doing any repairs yourself. Instead, follow your insurance
company’s instructions as you wait for qualified professionals to complete the
repairs. If you start trying to fix things yourself, you could wind up
invalidating your claim.
Handling
All Types of Property Damage Claims
Understanding the different types of
property damage claims means being able to recover from life’s curveballs.
Remember, no matter what type of damage you’re dealing with, once you start the
filing process, the claim will be on your insurance record forever.
The last thing you want to do is start filing a claim that’s going to be denied. To avoid messing up your insurance record, go ahead and call your insurance provider today and ask for a declaration of your coverages. For more articles like this one, check out the rest of this site.
