Choosing More Coverage

Posted on: 17 March 2023

You pay your homeowners insurance to ensure you have coverage when something happens. But when a peril takes place, no one wants to file a claim with their homeowner's insurance provider. But when you do, you want to ensure the company has all the information they need to handle your claim as quickly as possible. But what do you need to know, and what do you need to submit to expedite your claim? Here is some information to help you.

1. Know The Extent of Your Damage

One of the first things you must do is assess the extent of the damage to your home. This assessment can sometimes be challenging. Take an inventory of the damaged property along with photos and videos. You will not only need this information for your records but you will also need it for your insurance adjuster.

2. Know What Your Insurance Policy Covers

Review your insurance policy to see what is covered and what is not covered. Your policy may cover destruction and damage to your home's interior and exterior, but it may not cover damage that happens in specific ways. For example, although your policy may cover water damage, it may only cover flood damage if you have flood insurance. 

Contact your homeowner's insurance provider if you have any doubts about your coverage. An agent can walk you through your policy to ensure your understanding.

3. Know Your Deductible

Every insurance policy has a deductible. You must pay this amount before the insurance company addresses your claim. Deductibles can vary from policy to policy. Some deductibles can cost a few hundred dollars, while others may cost thousands.

If you have a high deductible and what appears to be a small claim, it may not be worth filing a claim against your insurance. You may be better off paying for the damages out of your pocket. Filing a claim may result in a higher premium in the future. 

4. Know Your Costs

While you may not know precisely how much your repairs will cost, you need a ballpark idea. You can get this by collecting a couple of estimates for your repairs. These estimates will provide you with an approximate cost before the adjuster arrives.

If the adjuster's estimate varies significantly from the other estimates you have collected, you will have negotiating power to discuss the differences with the insurance company. Your providers may have seen damages or cost-out repairs that your adjuster did not. 

Contact a homeowners insurance provider in your area to learn more.