We all buy homeowner’s insurance to cover losses and claims that arise out of home ownership. No one wants to hear the claim you have submitted is not covered. We have listed a few reasons why your claim may not be covered, with the desire of helping you make the proper changes to your coverage. It is not easy to understand your homeowner’s insurance, and that is why you need an independent agent to help you better understand your homeowner’s coverage.
Top Reasons Homeowner’s Insurance Coverage Is Denied or Limited
1.Incorrect limits- We always recommend you have replacement cost coverage on your policy. But you also need to have the correct valuation of your property, including personal property. It is important to update your personal property limits regularly to ensure you have enough coverage.
2.Exclusions- Every homeowner’s policy has exclusions. Some of the common ones are floods, earthquakes and wear and tear.
3.Expensive jewelry, guns and collections- Most homeowner’s policies will cover these items but may have limitations. One popular insurance company says that most policies cover between $500 and $2,000, but only if the item is stolen. We can help you make sure you have the correct limit.
What Can You Do?
- Don’t buy insurance from an online company where you have to be the expert.
- Call us. We can search the market to find the right combination of coverage, price and service.
- Make a home inventory and update it annually.
- Read your policy to understand what is covered and excluded.
- Make sure your home is valued at full replacement cost.
- Keep up with home maintenance; this will reduce the possibility of claims.