5 Things to know about home insurance claims

Bill Richards • October 19, 2021

5 Things to know about home insurance claims that many people do not understand.

OK, you have insurance from a reputable insurance company and the peace of mind that brings. But last night the storm did more than wake you up; you see water, and when you go outside there is roof damage and a tree limb is against the house. Time to call the office and report a claim. But is that all you need to do? Well, the short answer is no, but let’s look at the process and your responsibility as a property owner.

Some things are your responsibility

Did you know that you have a responsibility to actually read your insurance policy? Well, yes you do! Isn’t that why I have an agent, you may ask? Of course, having a good agent to help with questions and assist at the time of claim is an important element for your insurance planning. However, you do need to understand what your particular policy covers and how a claim will be paid when it occurs. There are many different types of property insurance policies with different levels of protection and reasons that each one exists. Everyone does not have the same type of home located in the same place and different insurance policies reflect that fact. But that variable and details are for another post.

Today let’s look at your responsibility as a property owner and review 5 things to know about home insurance claims even before a claim happens. These have a direct bearing on how a claim is resolved and whether you should report it in the first place.

  • Choose the  best policy for your property  in its current condition. Since all insurance policies aren’t created equal, be sure to compare more than price only.
  • Read your policy. You need to know what it covers and if you can’t make sense of it, ask for help from your agent. Better to have that discussion before a claim happens.
  • Prepare a home inventory. Any claims for personal property will only be paid for what you report as damaged, lost, or stolen, not a blanket policy amount.
  • Maintain your property and be sure it is in good condition. Insurance policies will not cover wear and tear. Roof leaks or water leaks that occur over time that cause wood to rot probably will not be covered. Having an annual inspection, even one you do yourself, can save you money and prevent claims.
  • Set your deductible a little higher and take care of small items yourself.

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