“He clothes his hands with lightning and commands it to strike its mark.” Job 36:32
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Having a comprehensive homeowners insurance policy in place is crucial for a homeowner. In fact, during the homebuying process and loan approval, some lenders will require the buyer to secure a policy before even closing on the house. If your home suffers damages covered by the policy, homeowners’ insurance should cover the costs.
Whether you’re looking to buy a home for the first time or want to give your current policy a review, read on for what you’ll typically find in a homeowners insurance policy and what to do if a claim is ever denied.
Levels of coverage
Homeowner policies vary in levels, with the least costly usually yielding the least amount of coverage. The first is actual cash value, which takes into account how much your property is worth and not how much you paid for it or how much it costs to replace. The second is replacement cost, which will cover the replacement cost value of your property without depreciation.
Coverage for the interior and exterior
Not all policies are the same, but homeowners’ policies usually cover interior and exterior damage. You’ll typically get coverage for disasters like fires, storms, lightning, among others. You may also be covered for vandalism. Situations such as floods are not usually covered in standard policies, so you’ll likely need a separate flood policy based on where you live and the risk level.
Personal liability coverage
Most homeowners insurance policies include personal liability coverage. This can include coverage for injuries that take place in the home, injuries caused by the homeowner’s negligence in the home, and even incidents involving pets such as dog bites or property damage. This wouldn’t cover intentional harm or injury.
When a claim is denied
Unfortunately, damage does occur and you could find yourself having to file an insurance claim for your house. If the time comes when you need to file a claim with your insurer, you’ll no doubt expect them to be there for you, especially if what you report is outlined in your policy. You may be surprised to learn that sometimes insurers will deny valid claims.
Filing a home insurance claim and being denied is a stressful, discouraging, and potentially disastrous scenario. Between suffering damage to the home, which in some cases may leave it unhabitable, to dealing with mounting bills, a homeowner in this situation doesn’t need to just accept the denial. If this happens to you, be sure to consult with an experienced insurance attorney, who will help you seek action against the insurer to get your compensation.
Brooke Boltz knows insurance
Brooke Boltz knows better than anyone how to stand up to the large insurance companies and win for her clients. If you’re facing a delayed, denied, or partially paid claim, get in touch with Brooke today.