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Homeowners Lose Big Without Adequate Insurance

Posted by Joe Brennan | Posted in Homeowners Insurance, Insurance Advice, Insurance Claims Help, Insurance Dispute | Posted on 05-30-2010


Homeowners Insurance ClaimsToo many homeowners buy insurance without reflecting much about what they are actually buying. Naturally, one thing is the premium or cost you pay for it. The cost is the single biggest cause of the insurance coverage purchase that seems to concern most buyers. When it comes to other parts of the insurance policies you purchase, the concerns are almost absent. Most buyers seem to unknowingly think that the insurance policy we purchase is the same, no matter which companies you buy it from. This type of attitude is based upon a fundamental misinterpretation of what the insurance policy is – and how the insurance industry runs. It can also cause insurance disputes.

Of course it is critical not to pay more for a homeowners insurance policy than necessary. However, sometimes we’re unaware of what coverage we have under our policy until we file a claim. That’s when you discover that there was not an efficient amount of coverage available for a particular loss. Unfortunately, the majority of individuals find this out only after it is too late. Tens or hundreds of thousands can be lost with the more devastating losses like fire damage or flooding that can quickly spiral into very costly repairs. Owners of motorcycles, boats and motor-homes will be surprised to learn that neither their homeowners insurance, nor their auto policy, provides coverage for any loss connected with these items.

Non-traditional coverage (or inland marine as some policies are called)  falls under a custom sector of insurance. Such types of insurance deal with property and items that wouldn’t traditionally fall under homeowners or automobile coverage. These items may include boats, snowmobiles, ATV’s and individual watercraft. You may find that your current insurance company will not even offer policies for these types of items, in such a case you will need to interview a specialty insurance company.

Insurance losses are going to happen, be it in your home, automobile, or riding an ATV. By being sure you’re covered you can prevent a small claim from causing financial hardship. Imagine having a fire or tornado claim that cost $250,000… and only being covered for $150,000. Unfortunately we see such tragic situations everyday that we assist people with their insurance disputes.

Educating yourself on what your homeowners policy covers, as well as what it does not, can ensure you avoid costly situations at a later on date.

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(C) Joe Brennan is President and owner/operator of Insurance Claims Group, Inc., a national independent adjusting, appraisal, and umpiring firm. We will answer your claim questions FREE as part of our FREE Insurance Advice and Insurance Claim Consulting Services.

Insurance Claims Group, Inc.
Joe Brennan
Ph: 919-669-9111
Fx: 919-573-9595

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