What is Covered and What is Not Under Your Home Insurance Policy

By
Real Estate Agent

Given all the different costs that come with being a homeowner, it is not natural to first think or consider if a homeowners insurance is something that you can fit into the family budget. Having homeowners insurance is not required by law; however. majority of mortgage lenders will ask if you have homeowners insurance before you can borrow money from them or get a loan from a financial institution.

Unforeseen Situations will Come

In times of unforeseen situations such as earthquake which could result in broken pipes causing water damage that requires, of course, plumbing afterwards will for sure require cost. What if we do not have a ready budget for such situation? This is where the insurance comes in. However, we have to communicate and clear with our public adjuster what the insurance can cover and up to what amount they can give. One thing is for sure, flood is not included in the insurance and you will have to apply for a separate one. Well, of course, flood nowadays is very frequent due to strong hurricanes that regularly visit the region. Whatever your plan may be, the important thing is you can file for a claim whenever something untoward happens to your home.

Who is the Public Adjuster?

A public adjuster is just an insurance claims adjuster who asks for the policyholder in assessing and negotiating a claim. A public adjuster will be most helpful when it is clear that the insurer will pay the claim and the only issue is the proper identification and valuation of the loss.

Some Friendly Reminders

Before getting into having an insurance for your home, make sure you know your house very well. Have it checked by somebody who is a professional in terms of structure, land, and even in terms of electricity. Assess your place as well if it is low-lying, if the place is frequently visited by hurricanes and inundated, or if it is somehow safe from burglars and other negative elements. If your house has had a history of being water damaged, you should take that into consideration. How far did the flooding reach? Asking these kinds of questions will offer you a better perspective of your home and the area where you live -- it will allow you to be better informed if and when you want to decide on a particular insurance provider.

What Impedes You to Get the Insurance?

There are some areas which have been marked as "high risk," such as an area that has severe weather conditions. Or, it could be a city or town that is known for a high incidence of crime and theft. If this is the case, insurance companies may decline to cover you. In that case, find out if there are any improvements you can make. An older home, for example will likely require plumbing uprades, heating as well as electrical systems sooner or later. For these reasons, an older house may not be considered for insurance coverage simply because of the threats they offer. Yes, these problems can be fixed, but it generally lowers the value of your home. Like what was previously said, you may ask a professional to assess your house so that your plan to get an insurance won't be jeopardized.

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