How To Get More Money From Home Insurance Claim
How To Get More Money From Home Insurance Claim
Understand What Home Insurance Covers
Having a home insurance policy is a great way to protect your home and personal belongings from damage or loss. Knowing what your policy covers is essential for getting the most out of your claim. A home insurance policy typically covers damage to the home and its contents, liability for people who get injured on your property, and additional living expenses if your home becomes uninhabitable due to a covered event. Most policies also include personal belongings coverage, which covers items such as furniture, electronics, clothing, and jewelry.
Take Photos and Make Records of Your Valuables
It is important to document the contents of your home before you make an insurance claim. Taking photos of your valuables and keeping records of their original purchase price, date of purchase, and serial number will help you get the most out of your claim. This is especially important for things like electronics and jewelry, as it will be easier to prove how much each item is worth. You should also keep receipts for any repairs or renovations you make to your home to make sure your claim covers the full cost of the repair.
Know the Difference Between Replacement Cost and Actual Cash Value
When making a home insurance claim, you may be offered either a replacement cost or an actual cash value. Replacement cost is the amount it would cost to replace the item if it were destroyed, while actual cash value is the cost of the item minus depreciation. Since replacement cost is usually higher than actual cash value, it is important to ask your insurance company which option they offer.
Know Your Deductible
Your home insurance policy will usually have a deductible, which is the amount of money you are responsible for paying out of pocket before the insurance company will pay for the rest of the claim. Knowing your deductible and how much you can expect to pay out of pocket can help you budget for the cost of making a claim.
Know How to File a Claim
Once you understand what your home insurance policy covers and how much your deductible is, you can start the process of filing a claim. The first step is to contact your insurance company to report the damage. They will then assign an adjuster to your claim who will assess the damage and determine the amount of coverage you are eligible for. You should also make sure to contact your local authorities to report the damage and get a copy of the police report.
Be Prepared to Negotiate
Once the adjuster has assessed the damage and determined the amount of coverage you are eligible for, you should negotiate with your insurance company to get the most out of your claim. This is where having records of your valuables and receipts for repairs and renovations comes in handy, as you can use these to prove the value of your claim and get the most money out of it.
Know When to Seek Legal Help
If your insurance company is not willing to offer you a fair amount for your claim, you may need to seek legal help. An attorney who specializes in insurance law can help you negotiate with your insurance company and get the compensation you deserve. They can also help you understand the legal aspects of making a home insurance claim and make sure you are not taken advantage of.
