Homeowner's insurance is something you must purchase if you own a home and have a loan on the house; however, people often have homeowner's insurance even when they do not owe money on the house. This type of insurance protects you in many ways, and it will help you pay for expenses due to certain types of damage to your home. If you recently experienced damage to your home and are not sure if you should file a claim, here are several factors to consider to help you decide:
Is This Type of Damage Covered Under Your Policy?
The first factor you should evaluate is the type of damage you experienced and whether or not your policy covers it. For example, if your home was damaged from a flood, your insurance policy would probably not cover the damages; standard insurance policies do not cover flood damage, but you can add flood damage coverage to your policy. If you are not sure if the damage you experienced is covered under your policy, you may want to contact your insurance company and ask an agent about it.
How Much Is Your Deductible and the Damages?
The second factor you should consider is the amount of damage as well as the amount of your deductible. The amount you must pay for your deductible is the first amount that gets paid when you make the necessary repairs. The average deductible for a home insurance policy is around $1,000. Secondly, look at the amount needed for the repairs. If the amount of the repairs is less than or equal to your deductible, it is pointless to file a claim for the damages. Instead, you should just pay the costs out of your pocket.
Will Your Insurance Policy Cover It?
Finally, you may want to evaluate the evidence with the situation to try to determine if your insurance company would even cover the damage that occurred. For example, if a tree fell on your house, there is a chance the insurance company would deny paying the claim. The insurance company would probably want to analyze the situation first, including to find out if the tree was dead. If it was dead and fell over, they would probably deny the claim because you should have taken the tree down to prevent it from falling.
If you currently do not have homeowner's insurance or are not happy with the policy you have, you should contact an insurance company to get a free quote for insurance on your home. Companies like Angel Auto Insurance can offer more information.
After we had kids, we realized that we needed to up the ante on our insurance coverage. While we had a policy in place, I knew that we had to do something to make sure that we were protected in any instance, which wasn't the case at the time. I began talking with different brokers about what we could do to improve our coverage, and they had some really great suggestions that seemed to help. This website is here to help other people to know how to purchase insurance, and what kinds of policies would work best for your special family.