Your home is your most valuable asset, and homeowner’s insurance allows you to protect it in the case of extreme accidents that cause significant financial damage. However, claiming these benefits from your insurance is not always easy, and you may be missing out on money by not taking full advantage of what you deserve based on your policy. Hopefully, you won’t need to use your homeowner’s insurance for any major issues this year, but you should always be prepared. Here are some mistakes you might make when filing a homeowner’s claim for insurance reimbursement.
Mistake #1 – Not Having Adequate Coverage
The location of your house, even down to the street, might affect what kind of coverage you need. The Federal Emergency Management Agency (FEMA) provides a fantastic tool to check the risk of floods at your address, and you can use this information to see if your homeowner’s insurance includes this protection (which it likely does not by default.)
You should never assume that the coverage you purchase will give you favorable terms for every single claim you make if you go with the minimum amount of insurance. Determine your risk levels, review your coverage, and decide if increasing your level of homeowner’s insurance is a good choice for your situation.
Mistake #2 – Missing Home Inventory
Home inventories are one of the most vital ways for homeowners to be proactive about protecting their homes from damage and loss. An inventory is a record of the items in your home and their value and is a valuable tool for later claims. Without a total inventory, there will be countless items that you forget when it comes to filing a homeowner’s claim. If your home is ever seriously damaged in a storm, hurricane, or flood, you want to make an insurance claim and start your new life on the right foot. Don’t let your forgetfulness lead to financial struggles.
Mistake #3 – Not Asking Questions About Coverage
The monetary obligations that insurance companies have when you file a valid claim are sometimes ginormous, and they don’t want to pay any more than they have to. At the same time, they want to have a clear contract and written agreement that lays out exactly what each policy covers. These terms are not always straightforward, and the best way to understand the intricacies of your policy is to talk to your local insurance agent for a layman’s explanation of the policy specifics.
Mistake #4 – Delays
If your home is destroyed or major damage occurs, you may be preoccupied with life to immediately worry about filing a homeowner’s claim or collecting evidence for an insurance company. But delaying your claims can hurt you much more than you think. Besides the obvious fact that you can’t receive financial help or repairs until you file a claim, damage can worsen if left unfixed. Furthermore, your insurance may restrict how long they will accept a claim. It is doubtful that you would wait an entire year or more in the event of a total house disaster, but you should also file claims for more minor damages as soon as you become aware of them.
Anderson & Associates Insurance Group has been assisting residents of South Florida in obtaining the most comprehensive coverage for their home, auto, and health for years. Call us today for a free, no-obligation quote and a discussion on how we can start helping you save money.
