Home insurance is designed to help cover costs associated with lawsuits, medical expenses after an injury, or damage to your home or covered structures. These tips can help you make the most of your policy in the event that you must file home insurance claims.
Understand Your Coverage Limits
A home insurance policy has several types of coverage, and each one has a set of limits and deductibles. You should know what these amounts are when you take out the policy. If you have any questions, ask your insurance agent to explain the policy to you in more detail.
Know When To File Home Insurance Claims
Claim history will affect future premiums, but you shouldn’t avoid using your policy out of fear. After all, that defeats the purpose of having it in the first place. The key is to know filing a claim makes sense. The answer in most cases is that you should consider using your insurance if damages are in excess of deductible amounts.
If you do file a claim, follow these steps to make it as simple as possible:
- Contact your insurance agent as soon as possible
- Report any illegal activity to the appropriate authorities
- Fill out any required paperwork
- File claims and damage reports in a timely manner
Your homeowner’s insurance is a valuable tool in your financial portfolio. Understand your coverage levels to make the most of your policy and know when to file a claim.