What to expect after a homeowners insurance claim?
What to expect after a homeowners insurance claim? Some homeowners when making a claim with their insurance company are amazed at the costs associated with it, and the money they receive from the company.
Roberto, after a storm passed, detected that the strong wind knocked down a tree that, during the fall, broke several tiles on the roof of his house and caused a leak. When claiming, the insurer reminded him that he had to pay the deductible in order to start the claim resolution process. That is, Roberto had to disburse 3,000 dollars.
This man who was unaware of that reality was very angry. “One pays and pays and when he has to claim, he has to continue paying,” he said. The thing is that when we buy a policy we have to pay attention to its details and understand the consequences of the contract we are signing.
Knowing the coverage limit, deductible, and contract exclusions are critical details of a typical HO-3 homeowners insurance policy. In addition, it is very important to understand the different coverages that make it up, such as Part A, homeowners coverage, Part B separate structures coverage, Part C, personal belongings coverage, Part D, loss of use coverage, Part E, liability personal and Part F or medical expenses coverage.
The deductible is the minimum amount that the client will pay whenever they make a claim. That is if a thief trying to break into his house breaks a window whose replacement value is $2,900 and the deductible you would have to pay when claiming is $3,000. That is, it is not worth making the claim.
The same happens with the limit of insurance. Never expect the insurance company to pay you more than that amount in the event of a catastrophe that destroys your entire home. In addition, in general, the coverage limit is the guide to establish the following coverages. For example, 10% of the coverage limit is equal to Part B coverage -separate structures- and 50 to 70% is equal to Part C coverage -losses of personal belongings-.
If someone does not understand your insurance policy, it is essential that you talk to their agent so that they can explain how it works and what to expect after an insurance claim. What to expect after a homeowners insurance claim?