Protection of your real estate in times of disaster should be your top priority. Since you have invested a significant amount of money in buying the house, remodeling or upgrading it, you will need to take the proper precautions to save the property at all times. This is why you need home insurance. Finding the right home insurance for your needs and budget can make all the difference between a successful life or disaster. Here, we will look at some of the aspects of a home insurance policy in detail.
1) The Home Insurance Claim Process And How To Avoid Denial
The home insurance claim process is simple and straightforward. Most insurance companies will allow you to file a claim on their official websites. All you have to do is sign up on your insurance company website with your file or account number, personal information as well as property details. When there is a claim, simply fill out the relevant form and submit as directed. You will either hear from the customer support representative from the company immediately upon submission or from a claims adjuster within a specified number of days. The insurance claims adjuster will arrive at your door to gauge the property and determine the extent and cost of the repair or renovation needed. Following this, you will then be required to keep in touch with both the adjuster and your insurance company until the project is complete.
Once you receive an estimate for the cost of repair from either the adjuster or the company, you have the authority to make decision regarding whom you choose as a contractor. Your insurance company or adjuster will suggest a few professionals for the task. However, most insurance companies offer you the liberty to choose the contractor of your liking. Again, your insurance company may offer flexibility on how the final payment is made, either directly to the contractor or to you in the form of a refund. So, if you have a good insurance policy in Ontario that would pay for potential accidents, natural disasters and many other issues related to expected and unexpected circumstances, more power to you. Otherwise it is time to shop for one. Or even compare home insurance available in Ontario. One of the most rewarding aspects of having home insurance is getting coverage for things that you can’t afford. You never want to be in a situation where you have to scurry around, ask help from friends, family or community or borrow a huge loan in the middle of a disaster.
However, when it comes to claims, sometimes things may go wrong and against your situation. For example, a plumbing incident that you thought your policy would cover without question may be denied coverage. Your insurance company would refuse paying for a sewer repair citing the reason of negligence or failure to maintain the system as required. At this point, you should be able to convince your insurer that the damage is real and caused by elements that you have no control over. Another thing to consider here is to make sure that you have enough evidence to prove your case. In any case, you don’t want to be back at square one. The better your policy is after you compare home insurance in Ontario, the faster you will get assistance that you need. Keeping in touch with your insurance agent is another step to take to make sure that everything is in order. Once you have got your arsenal lined up, only then you can be sure that the policy will work in your favor.
2) How To Deal With A Home Insurance Claims Adjuster
This step in the claim process requires you to ask a variety of deliberate questions to inquire about the issue that needs to be resolved. For example, if a plumbing pipe is broken or corroded, you will need to find out as to whether the property was in disrepair or in need of updates before you moved into the house. Conventional home inspection done when you bought the house may not have discovered the issue. The person who had lived in the home for years before you moved in may not have disclosed everything on the paper. In cases like this, it is important to understand your course of action and ask your claims adjuster for assistance. So, if it happened to be the fault of previous owners or as mentioned above, an undisclosed item on the sale document, you have every right to obtain fund from the insurance company for the needed repair work. If it is a case of negligence on your part, your insurance claims adjuster will notice this and talk to you about it. Your policy details will also tell you whether or not you should even more forward with the next step of dealing with the claim.
Another easiest way to be successful during a claim process is to be prepared before meeting the claims adjuster. Once you have completed reading the policy document and doing your walk-in analysis, make sure to re-analyze the worth of the repair. Consider what deductible you are paying and if it is worth going through the insurance company in the first place. While talking to the adjuster, it is important to check for inconsistencies with the property as well. You may discover that the house needs far more work than a simple as-is repair. You will also find out what your policy will cover and not cover related to the issue.
Dealing with an unruly claims adjuster is another thing you should be prepared for when you have filed a claim with your insurance company. Rude adjusters may take a number of missteps in deciding the extent of damage or notifying the insurer. The adjuster may tell you that your claim is more inclined to be denied or not worth pursuing. They may also call you frequently or persuade to sign a release form that makes you responsible for paying any potential cost of repair. Remember that, these high pressure tactics could be against the law and you have every right to defend your stand. If you are uncomfortable talking to the assigned claims adjuster, you can always request your insurer for a replacement. If nothing works, ask for a lawyer. But before that make sure that you have taken adequate steps to come across as reasonable, such as
- Asking the adjuster’s supervisor for a different professional.
- Preparing yourself in advance about the coverage, cost and any matters related to the claim.
- Insisting that everything be in writing.
- Accepting calls when it is convenient to you and not to the adjuster.
- Requesting the insurer to directly communicate with the adjuster and so on.
3) Avoiding Violation of Non-Disclosure During Renovations and Upgrades
The purpose of a disclosure form during home buying or selling is to protect the parties involved in the transaction. It is important to remember that any violation to this agreement should be avoided at all cost even if it is in the best interest of everyone. This agreement is in place to inform the seller or buyer about the existing or previous issues with the house or property so the other party can decide whether or not to take on or pay for the issue.
So, when you are dealing with an insurance claim for a damage that occurs within the property, it is required that you disclose this issue and the relevant measures taken to resolve those issues on the sale documents. All these matters should be specified clearly in writing so that the buyer knows what he or she is getting into. Again, whether or not to include things like updated plumbing system, water damage repair or mold removal varies from state to state. The disclosure agreement exists to protect the seller from potential lawsuit as well as the buyer from potential damage to the house. Because the parties involved have their names signed on these documents, the responsibilities of each side are clear.
Here is a list of a few things that need to be disclosed as a part of sale in most states :
- Roof leaks, window and door leaks and any repair undertaken as a result of it
- Construction performed without city permit
- Installation, repair or replacement of equipment that need a permit, such as water heater and HVAC units
- Presence of asbestos, lead paint or mold as well as any resolution procedure performed during the stay
- Environmental hazards and related reports
- Past flooding, water damage in and around the house
- Issues with plumbing and electrical systems
- Structural damage, cracks in the ceiling or walls
In essence, anything that could potentially pose a risk to life, health and property should be disclosed to the concerned party during sale along with details of work performed in resolving or repairing those problems.
Finding the right Insurance can be some time a hectic job if you don’t have that much time to devote in the research of one. My Insurance broker can be a great option to go for when you are on the quest of best insurance product and company. Just remember you are just a click and call away.