Home Insurance: Getting Want You Paid For

It can never be stressed enough how important it is to have a home insurance that will ensure protection against damages or losses resulting from natural disasters, theft or fires.

But a lot of homeowners are not fully aware of what they are paying for and fail to practice their rights as policy holders, particularly when making a claim.

If you need a guide and would love to know how you can maximize your house insurance payments, consider the following points:

Loss Due to Theft
Among the many insurance claims, this is perhaps the most popular. Usually, the real estate insurance adjuster will inquire about the items taken as well as the receipt for ownership verification. Of course, meeting this requirement can be difficult if the item was a gift.

However, you can go around this by asking the person who gave you the gift for a letter containing the description of the item and where it was bought. Even your neighbors can provide statements that will establish the existence of such items.

On the other hand, if the item is jewelry, you should be aware that your homeowner insurance policy might have a limitation when it comes to the settlement amount. In order to avoid being in such a situation, you might want to put your more expensive jewelries in a safety deposit box.

In addition to these items, you might also want to check the damages resulting from the theft. You will want to report to your insurance carrier any repairs needed whether it involves a broken window, damaged door, ripped carpet or ruined furniture.

Lastly, you should make sure to inquire with your claims adjuster if they could apply the policy’s deductible against the limit amount. If for instance $5,000 worth of jewelry was taken and you only have a $2,000 jewelry limit, ask if you can use your $1000 deductible.

It does not matter if you are under-insured; the important thing is that when you file a legitimate claim, you get what is within your right as a home insurance policy holder.