Avoid home insurance claim surprises

DATE | 12/06/21
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When you have to make a claim on your home insurance, you’re already stressed enough. Here are a few things you can do to help the process go smoothly and avoid any unwelcome surprises.

Read your policy

Ok, most people don’t actually read their home insurance policy—it’s complicated. But make sure you do understand what coverages you do and do not have and what they mean. Misunderstanding your policy can have negative financial consequences you weren’t expecting.

The consultants at Member Benefits are happy to go through your policy with you and answer your coverage questions.

Maintain your property

Home insurance covers sudden and accidental damage, not damage from wear and tear over time. Neglecting to maintain your home won’t be covered by insurance.

Have appropriate coverage

Without the right coverage, you may find yourself owing more than you expected. Insurance is an important part of your financial security. Don’t leave yourself (and your family) exposed to financial loss or purchase coverages you don’t need.

Talk to a Personal Insurance Consultant at Member Benefits. We can help you create a policy that meets your needs.

Don’t clean up too fast

When you experience damage to your home, you may feel in a rush to clean up the mess. Don’t—it can be a financial mistake. You may end up throwing away damaged items before the total damage is documented or lose receipts you need to file a claim. Keep important documentation such as photos and repair estimates, and leave yourself a clear paper trail.

Document, document, document

One common mistake people make when filing a claim is not documenting the damage. Take photos as soon as you discover the damage. If you have some before and after photos, that’s even better.

In the event of a covered loss, you’ll need to provide a list of all of your personal property that was damaged or stolen, along with its estimated value and age at the time of loss. If you’re like most people, it would be hard to remember all of your possessions. This is where a home inventory can come in handy. An accurate inventory and proof of ownership can make the claim settlement process easier and faster.

Download and print your free Personal Property Home Inventory eBook. It has helpful tips as well as fill-in-the-blank listings room by room.

Don’t file too many claims

Insurers look at claims history when setting rates. The more you have, the higher your premiums will be because insurers correlate the number of claims to a higher risk of filing more claims in the future. Consider carefully before claiming smaller repairs you could take care of yourself.

Not realizing your house could be underinsured

Did you know Member Benefits offers Guaranteed Replacement Cost for homes built during or after 1950? This coverage is rarely offered by insurance companies today. With Guaranteed Replacement Cost, we will pay the full cost to repair or replace your home with materials of like kind and quality without the limits imposed by most other insurers.

Contact us—we can help you discover what kind of coverage your current policy offers.

Avoid unwelcome surprises…talk to us!

Set up a free consultation with one of our Personal Insurance Consultants. They can help you learn to be a better insurance consumer, review your policy thoroughly, and offer help and advice. Or get a home insurance quote. • 1-800-279-4030

Source: Forbes Advisor.