What It Covers
Most home insurance policies for damage to your home & possessions in the events of storms, fire, theft, or vandalism. Home insurance also provides liability insurance if someone gets hurt on your property liability insurance if someone gets hurt on your property and decides to file a lawsuit. Home insurance can also cover the costs of a hotel if you are temporarily displaced from your home.
What It Does Not Cover
Standards policies have exclusions, including: earthquake, power failure, war, nuclear hazard government action, faulty zoning, bad repair or workmanship, and defective maintenance. Flooding and water damage are usually only covered in certain conditions. As a rule of thumb, water from above – like a burst pipe in the ceiling – is covered. Even water from below the ceiling – is covered. But, water from below – like a backed up sewer – usually isn’t. Be sure to talk to your insurance agent about the details of your policy. You may want to consider purchasing supplemental coverage.
You should Shop Around
Take the time to research your agencies before you commit to a policy. Read reviews and consider recommendations from friends and family. Finding a cheap rate is great – but remember that in the case of an emergency you will need to be dealing with the insurance company directly. Having an insurance company with great customer service can really help alleviate some of the stress in an already stressful situation with your home.
How to Lower Your Rates
Did you know that having things like a working smoke detector and burglar alarms can lower your rates. Preventive actions can reduce premium. Insurance agents typically price your premium based on how much risk they foresee. So, by reducing your liability risks, you can qualify for lower rates.
You may also save some money by bundling your other insurance policies, like car of life insurance policies, like car or life insurance, with your home owners.
Don’t Wait To File A Claim
Make sure you repeat any possible claims as soon as possible. Many insurance companies have a time limit for reporting claims. If you wait too long, you may not be eligible for benefits, especially if waiting has caused the problem to worsen. This is especially true in insurance of water damage – where mold can set it quickly and raise the costs of repair.
Keep A Record
It is important to document everything that occurs during a loss. Write down the damages, and what you have done to help mitigate the damages.
In addition to saving receipts, contracts, and appraisals, document phone calls by writing down who you spoke to and when. Insurance claims can be cumbersome and confusing. Don’t depend on your memory alone to remember all the details.
How Jewelry Is Covered
Jewelry is usually covered in a homeowner’s policy – but bewares – it is typically only covered to a certain amount. When you sign up for homeowner’s insurance, be sure to ask your agent about the limits. If you own jewelry which has a value that exceeds that standard policy, you may want to consider buying supplemental insurance so that incase it is lost or stolen – you are covered 100%.
For more great resources for homeowners, visit OnlyLondon Properties.