Home insurance is required by your mortgage lender, and once your home is paid off, it may be required by your state. Even if you don't need to have home insurance, it's still a good idea to maintain coverage. A fire or bad storm could cause significant damage and cause you to lose your investment if you don't have insurance. Here are some things home insurance covers and how you file a claim.
Home Insurance Covers More Than Your House
Your insurance policy covers damage to your house caused by wind and fire, but it typically doesn't cover flood damage unless you specifically add flood coverage. The insurance also covers things like tree or HVAC damage. However, you should read your policy as soon as you get it so you know exactly what's covered and the type of damage that's included. For instance, a claim made for damage due to neglect might be rejected.
Your personal property is also covered. If someone breaks into your house and steals your jewelry, you might be reimbursed by your insurance policy. If you have expensive jewelry or artwork, you may need to add riders so they're covered. Otherwise, your policy will have a maximum limit it pays.
A homeowner's policy also provides liability protection. This is an important type of insurance to have, especially if you have pets. If your dog bites a neighbor, your insurance policy may pay for their medical care. Liability insurance may even help you pay for a lawsuit.
Your Insurance Agent Helps With Your Claim
As soon as an incident occurs and your property has damage or loss, call your insurance agent. They'll help you through the process of filing a claim. You might be able to file your claim online or on the phone. You'll want to call the police in the event of vandalism or theft so the insurance company can review the police report.
You may want to take pictures of the damage right away, and not disturb anything until you talk to your agent. Your insurance company may send an adjuster to your home to verify the damage and investigate what happened.
You May Have A Limited Time To File
The damage isn't always obvious. For instance, hail damage to your roof may not be easy for you to notice from your yard. However, you'll need to file a claim within the time frame set by your insurance company or your claim will be rejected.
Also, consider if it's worth filing a claim. If the damage is less than your deductible, the insurance company won't pay for the claim anyway. You may want to save your insurance for big expenses like paying for a new roof or repairing fire damage.
To learn more, contact a home insurance provider in your area such as Oliveira Insurance Agency.