Five Common Homeowner Insurance Mistakes
Homeowner’s insurance is not required by law in Florida, but most lenders require it when purchasing property. It protects you in the event of fires, theft, or natural disasters, reimbursing you for the cost of losses and repairs. When filing a property damage claim in Daytona Beach, you are limited by the terms of your policy. The following are five common homeowner insurance mistakes that could leave you paying out of pocket.
- Not having the right coverage.
Forbes advises that one of the biggest mistakes homeowners make when purchasing property damage insurance is not getting the right type of protection. A common example is policies that pay cash value for losses you suffer, rather than the full replacement costs. With weather conditions in our area and the likelihood of tropical storms and hurricanes each summer, you also want to make sure property damage insurance in Daytona Beach includes provisions covering wind, hail, and flood damage.
- Not reading your policy.
Considering the complexity of the language insurers use when writing policies, the repetitive phrasing and overall length of these documents, it is not uncommon for homeowners to bypass a thorough reading. This is a common mistake that could cause serious problems when it comes to filing a claim, as you may not be aware of policy terms, limits, or common exclusions in regards to your coverage.
- Not making a home inventory.
Problems can arise when filing a property damage claim if you have not taken the time in advance to complete a thorough home property inventory. The Insurance Information Institute (III) advises homeowners to make a list of personal property, structures, and unique features in and around their home and on their land when first purchasing a property damage policy and to make sure it is updated regularly.
- Not properly maintaining your property.
Performing maintenance tasks around your property and making needed repairs can protect you in the event you have to file a property damage claim. For example, your insurer may not cover water damage if they can show your water pipes were old and rusted or that your roof sustained prior damage.
- Not getting help with filing your claim.
Insurance companies are for-profit businesses and have a financial motive to either deny or downplay your claim. Having an experienced property damage claims attorney on your side can protect your rights and helps in ensuring the best possible settlement.
Let Us Help You Today
You invest major amounts of money in your home and in maintaining property damage insurance. When it comes time to file a claim for needed repairs or replacement costs, Bundza & Rodriguez acts as a strong legal ally on your side, making sure your rights are protected. Before making any statements to insurers or settling for less than what you are entitled to, call or contact our Daytona Beach residential & commercial property damage attorneys online and request a consultation first.
Resource:
forbes.com/advisor/homeowners-insurance/claim-mistakes/
