When a storm crashes through your front door or a different catastrophe hits your home, the severity of the damage cannot be predicted. Picking up the pieces can be difficult sometimes, and the future of your home might be dependent on your choice of insurer.
Many homeowners look for insurance coverage at the onset of owning a new property and forget about the policy afterwards. This means users don't have any experience or first-hand knowledge of how insurance companies treat claims until they have an incident that requires them to put in a claim on their homeowner insurance policy. Below are some tips that’ll help you if you are filing a claim on your policy:
• Adjusting Your Claim
Get a claims adjuster that will inspect the damage to your home and offer you a settlement that will cover your repairs.
• What Happens To My Mortgage?
If you have a mortgaged house, you will receive a check that is made out to you and the mortgage lender. This means that the mortgage lender will have to endorse the check.
• How Do I Select a Contractor and Who Pays?
Using a reputable contractor to do your repairs is critical. Word of mouth is the best way to choose a contractor. Also, check with the area Home Builders Association, and make certain they are licensed and have adequate insurance coverage. Ensure you get more than one repair estimate and make sure everything is in writing.
• What Happens To My Personal Property?
First add up the value of everything in your home that was damaged in the disaster. Then review your personal items so you can figure out any missing items. When making a personal inventory list, remember those items that may be destroyed in the attic, basement, outhouses, etc.
• How to Get Payment?
If you own a replacement policy, you will be refunded for the cost of purchasing new items. An actual cash value policy will repay you for the value of all damaged items less the cost of depreciation. Some insurance companies will need you to buy these items before you get a reimbursement.
• Expenses during Renovations and Construction.
You should receive a check in your name for additional living expenses. This money is not for the repairs to your home and is intended to cover your personal expenses for car rentals, hotels, and other bills you may incur during the repair period.
• Rebuilding Options
There are several options available to you when your home is about to be rebuilt. Rebuild your home on the same site or to start a new structure at a different location. The amount you will receive from your insurer will be determined by the state's law, or what the court ruled on the case. If you choose not to rebuild, examine your homeowner policy and ask your insurer or insurance representative what the compensation amount will be.