The worst thing you can do is put a claim into your insurance carrier for your homeowners, and have it denied, which may prevent you from filing that claim in the future, or even gaining coverages that may occur.
So, ultimately, we’d like to help you maximize the payment that you could receive under your policy.
That’s done in a lot of ways:
- Proper presentation,
- Proper policy language,
- Making sure you take advantage of all the coverages and endorsements you may have.
- Indeed, ensuring you have the right coverage in place before the event is a part of it.
We don’t sell insurance, but we know the best policies out there and we try to guide you that way!!!!
- There are some really complex provisions in homeowner policy; we help you to try and understand those.
- We spend an entire tip on each particular provision or even term to try and help you understand because they can be so complex and easy words, but they are what they sound like.
- So, when you make a good coverage decision. I know a lot of the commercials out there today say only what you need.
- But for the most part, what you need is what you don’t know you need, and reducing coverage in a homeowner policy over the fact that you don’t know if it may occur, probably is bad advice.
- It’s the biggest things that happen to people are things they would say they would have never thought could have happened.
- So coverage gap is a term that’s out there in the industry right now and coverage gaps are when you think you have coverage and you don’t, or when you think you have coverage and you have a huge deductible, or you think you have coverage and you have a very low limit inside of that policy for that specific loss.
- So we talk to you a lot about different coverage gaps and when you think properly about covering yourself, this is not like automobile insurance, which for the most part, the person you hit is who’s using your policy.
- Unless you have a rare collectible vehicle and you’re really concerned about its value, most people buy auto insurance for the potential of getting into a car accident and causing damage to somebody else.
- Well, guess what, the customer service issues and the problems with that land generally on the other driver.
But homeowners insurance is much like medical insurance, where you want good coverage to pay for the event when it occurs.
You don’t want to walk into the pharmacy and say that your deductible for your prescription is $1,000 when you thought it was 50 or 100 bucks. So, we’re going to help you with protecting that single largest asset and not having big out-of-pocket expenses that at least you didn’t know of, or weren’t aware of.
- So, make sure you insure what you want to insure.
- Most people don’t realize that when kids go to college and when people live in your home
- Your girlfriends, boyfriends, when you travel, and when you have personal property that’s not necessarily owned by you, you can really get into complex insurance situations.
- And when you have a large loss, everybody pretty much wants what’s theirs, and the policy doesn’t always say what is fair or reasonable.
So ultimately, our job is to get you indemnified. The only thing a homeowner policy does is indemnify you.
- The problem is, what is real indemnification?
- Is it putting the property back in pre-loss condition?
- Is it replacement cost? Or is it actual cash value?
- What if you have a limiting exclusion in the policy that says we only pay up to a couple of $1,000 for that type of loss?
- What if you had a percentage deductible and had no idea that your deductible was $10,000, $15,000, or even $50,000 because the policy just showed the percentage.?
You want to really be aware of and avoid what we call complete surprises. This industry is changing. It goes back and forth. Some companies that were good 20 years ago are difficult today. But there are a lot of changes in how these policies affect them.
You can see it with the marketing on television and the radio. So please stay tuned to our tips, and we’ll try and help you stay up on the latest coverage and industry changes.
Hopefully, that explains what we do in handling claims.
We will certainly perform a policy review and property inspection anytime you like. Our overall goal is to prevent the risk of that claim denial. Obviously, an annual policy review is something helpful.
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