Becoming a homeowner and deciding how and when to use your insurance can be a daunting task for any person. Here are some of the things insurance agents want you to keep in mind when thinking about what types of insurance to get and when to use it.
When Buying Insurance
When shopping for insurance, don’t just choose what’s cheapest because you feel overwhelmed. Take the time to hear exactly what is and is not covered by your agent and ask questions. Choosing the right insurance is about what is going to protect your valuables best in your area.
For example, a standard policy usually does not cover water damage caused by floods, sump pump failures, or seepage through the foundation. So if you live in an area prone to flooding and water damage, you should look into flood insurance or adding an endorsement to your insurance. Water coming in your home from large downpours or backed-up sewers and drains isn’t usually included in homeowners insurance policies by themselves.
Before Making a Claim
Claims are meant to be made in cases of severe emergency. Too many claims on your file could lead to higher premium costs and even cancelling your coverage altogether.
So how do you know when to make a claim?
Situations Not to Claim
- Pest Infestation/Mice: It is the homeowners responsibility to take care of any mice, bedbugs, or pest infestation in the home. Unfortunately, this situation is not covered by homeowners insurance but can cause a lot of damage if not handled well.
- General Deterioration: You, the homeowner, are held responsible for maintaining your property and making repairs when needed. Insurance is not meant to cover the cost of up-keep, so things like your roof, fences, plumbing, heating, and ventilation are to be kept in good condition by you. Luckily, Intek helps with all of that.
Situations you can make a claim for depend on your policy, but make sure to review what is all covered before making the claim. An important coverage type is your personal property coverage and that will cover repairing and replacing any clothes, jewelry, electronics, furniture, or any other valuables you include.
Keeping a list of what you claim and your valuable items will help both you and your insurance agent if anything were to happen.
If you find mold in your house, don’t automatically assume your insurance will cover it.
Mold is usually caused by moisture or some type of water damage, but homeowners insurance won’t cover mold damage or clean up if it is clear that it was brought on by poor maintenance or a construction defect. A general policy might cover mold damage resulting from burst pipes or other special situations, so make sure to check with your insurance agent first.
If you do end up dealing with mold in your home or business, contact our experts for mold remediation services.
A home remodel can be a big project. Before you start swinging the sledgehammer or digging for a pool, give your insurance agent a heads up.
Depending on the project, your policy will need to be adjusted if value is added to your property or to cover any damage that could happen during the process. Some additions, like that pool you’ve been thinking about, will cause your premiums to go up in cost.
Before Any Panic
Most importantly, insurance agents want homeowners to know that they are only presenting and interpreting your options to you —not setting the plans or prices. Let them answer any of your questions and make sure your assets are safe and protected in those dreaded worst-case scenarios.
Whether you’re dealing with a negative situation like mold or water damage, or planning an exciting remodel, Intek’s services are available. Contact us today.