A new home is the most important investment you will make. The second most important part is homeowners insurance. So, before you buy that new flat screen television for the living room, look into what type of homeowners insurance is right for you. If you are not sure what the right insurance is or how much to buy, be sure to follow the tips below to begin protecting your investment.
UnderstandThe Claims Process
Two policies can promise the same amount of coverage while comparing insurance quotes, but they can be totally different when it comes to making you whole after a loss. Having the agent explain exactly how claims are handled especially when it comes to writing you a check. Do you receive your entire claim upfront, or just a fraction?
Does the company pay you for all the things you’ve lost or only those things that you replace? Some policies will give you the cash value of your possessions right after a loss, but wait to cover the replacement value until after you’ve replaced your items. This could be a problem if you’ve wiped out and have no cash reserves. Equally important is the timetable on replacement.
Filing a claim involves two steps. Proving you owned certain items and verifying their worth. This is a lot easier to do when you still have your things. Go through your home with a video camera. Walk through each room, do a quick sweep and get everything you own on tape. Don’t forget the attic, basement, closets and offset storage locker.
Or take the low-tech method. Make a list and shoot a few rolls of film. Stash your video or photos in a safety deposit box with a copy of your policy. If you keep your inventory at home, make a second copy to give a friend or keep at the office.
Whether is a home insurance policy, coverage of your property, or protecting your valuables while you’re deployed, there is a custom insurance policy that’s right for you and your family as well.