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Are you covered by your Insurance?

2/22/2021 (Permalink)

hand writing on a window over orange paint streak, "Are You Covered" If disaster strikes SERVPRO can help by working with your Insurance agent or adjuster.

A question everyone should ask themselves, "Do I understand my homeowner’s insurance?"

This is a question everyone should ask themselves, Do I understand my homeowner’s insurance Policy? 

SERVPRO of West Riverside City has witnessed many who have a misunderstanding of how insurance coverage works or what is covered.  Protecting your home and valuables with coverage will give you more security if you have a good understanding.  Many policies are different and insurance carriers also have different guidelines or stipulations that you should be aware of.  After reviewing this article from Investopedia make an appointment with your insurance agent and have them go over your policy.  You will feel more at ease if damage occurs to you home or you experience water or fire loss and you understand exactly what is covered. 

Here are a few tips from Investopedia  Homeowners Insurance Guide:  A Beginners Overview-by Troy Segal:

  • Homeowners insurance policies generally cover destruction and damage to a residence's interior and exterior, the loss or theft of possessions, and personal liability for harm to others.
  • Three basic levels of coverage exist: actual cash value, replacement cost, and extended replacement cost/value.
  • Policy rates are largely determined by the insurer's risk that you'll file a claim; they assess this risk based on past claim history associated with the home, the neighborhood, and the home's condition.
  • In shopping for a policy, get quotes from at least five companies, and definitely check with any insurer you already work with—current clients often get better deals.

The article covers "What a Homeowner Policy Provides"

Some key takeaways:

  • If you experience damage from fire, lightening, vandalism and other covered disasters you can be compensated for repairs or rebuild. 
  • If maintenance on your property is lacking it can impact coverage, such as roofing that may need to be replaced.  If rain causes a leak due to this, it may not be covered.  It is important to keep up the maintenance of your home and keep records of those updates. 
  • Most contents within the home would be covered if destroyed or damaged. 
  • It is advised that you check with your insurance agent regarding coverage for valuables such as jewelry.  There may be a dollar limit and additional coverage may be needed. 

The article also discusses the "Different Types of Homeowners Coverage":

There are essentially three levels of coverage.

Actual cash value

Actual cash value covers the cost of the house plus the value of your belongings after deducting depreciation (i.e., how much the items are currently worth, not how much you paid for them).

Replacement cost

Replacement value policies cover the actual cash value of your home and possessions without the deduction for depreciation, so you would be able to repair or rebuild your home up to the original value.

Guaranteed (or extended) replacement cost/value

The most comprehensive, this inflation-buffer policy pays for whatever it costs to repair or rebuild your home—even if it's more than your policy limit. Certain insurers offer an extended replacement, meaning it offers more coverage than you purchased, but there is a ceiling; typically, it is 20% to 25% higher than the limit.

It’s a good idea to compare coverage with different Insurance companies.  If premiums seem cheaper with one company, it could mean some coverage may be lacking.  It's important to compare prices and coverage!

Should you experience damage from water or fire, remember to contact SERVPRO of West Riverside City before submitting a claim.  We can help determine from our free inspection whether the damage might be covered by your insurance and if it is worth the claim based on your deductible.  We are here to help.  We can make it, "Like it never even happened."

SERVPRO of West Riverside City


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