Most homeowners spend their lives building their “nest” collecting large sums of valuables. In this piece, we explore the basics of home insurance and share a tip that may save you thousands should you ever have to file a claim.
Home insurance is insurance that combines insurance for both your physical home and its contents. In the event of something happening, such as flood, fire, vandalism, theft, etc., you, as the owner, will recover everything, including your damaged home and valuable contents in accordance with the policy restrictions. Buffalo, NY Foundation Repair has handled many insurance claims when damage has been done to basement walls.
Of course, we all hope and intend never to have a complaint. However, if you are prepared to file a claim one day, in the worst case scenario, you will save a lot of time, money and frustration if you need help from your insurance company. With most of the major insurance companies operating online, it is now relatively easy for many people to shop around and get a home insurance quote.
Any home insurance policy covers two main basic areas, namely, property with physical contents and liability or damage to you and others. As a homeowner, if you are liable for accidental injuries or property damage to others, your policy will also protect you against paying damages to others. Obviously, if the insurance company finds out that you’ve made a mistake, the chances of filing a claim are pretty slim and you may have to move.
The main advantages of home insurance
- In the event of damage to the physical home, the damaged amount will be reimbursed to the homeowner’s insurance holder.
- The owner’s legal obligations are reimbursed.
- Temporary living expenses are also indicated in case the owner has to leave his accommodation due to serious damage to his accommodation.
- The guidelines cover your losses, whether or not you are physically home during the incident.
- Home insurance covers damage to the home due to various natural disasters such as hurricanes, tornadoes, floods, and earthquakes. However, they are generally excluded from standard insurance. If you live in areas with a high level of natural disasters, many insurance companies offer this type of insurance for an additional fee.
- A policy can also include items that you remove from the home.
The only advice every homeowner should do
We absolutely hope you never have to submit an insurance claim, but in case you do, this is advice that will save you hours and hours of frustration.
There is a big problem that often arises when someone has to make a claim. The insurance company wants to know what you had and how much it was worth. Well that’s fine, as long as they take their word for it, but most of them will want to see proof in the form of receipts.
I’m sure most of you are already following my line. How are receipts created if they have just been lost in a flood or fire? Or what if you can’t reveal the receipt because it got lost somehow? An insurance claim can get very complicated at this point as it becomes your word without any proof of your previous articles. This has been a big problem for insurance companies and homeowners.
How technology came to the rescue
Most people have a video camera at home or know someone who does, and if they don’t, they can probably find a business that rents it out. To make claiming insurance easier, most homeowners insurers suggest recording a home video of each content space in your home and keeping the video offline.
When you think about it, it works really well; There are even some home inventory companies that are doing this all day and keeping the videos in a safe place for you. Insurance companies love this because they can now see first-hand what you are trying to claim and it is much easier to determine the value of the items when they can easily see the make and model through video.
The benefits to you as a homeowner are huge too. This is known to shorten a claim.
