After the Storm, Will Your Home Insurance Pay?

SOME HOMEOWNERS PREPARE TO FIGHT WITH THEIR INSURANCE COMPANIES

Insurance companies facing billions of dollars in claims.

In light of the two furious storms that have swept through the Chattahoochee Valley, it’s a little late for some, but, still a good time to talk about home insurance.

What does your policy cover? What is not covered? Many homeowners wrongly assume everything that is damaged in a storm is going to be replaced in their policies.

Insurance is a business . And the insurance industry has been hit hard with claims to the tune of $450 billion dollars in the last several years. That means while homeowners are looking to be paid for their claims, according to a CNN report, ‘some’ insurers are looking for ways to limit their losses by denying claims and sticking homeowners with the bill.

In the CNN article, David Barrack, executive director of the National Association of Public Insurance Adjusters, describes it this way, “They’ve gone from ‘good hands’ to boxing gloves.

In fact, Barrack says, do something you probably have never done. He says read your policy and go through it with a fine tooth comb.

Why? Chris Maranges, a Miami-based attorney with Higer Lichter & Givner , says “some insurers may write policies with exclusions that absolve them from paying for certain damages or use legal jargon that’s difficult to understand.”

The amount of damages varies from home to home after a storm.  In another article published by United Policy Holders, a group that fights for the insured, homeowners are urged to ‘not file small claims’ because some insurance companies are cancelling  policies after a claim is made.

“Second, take the biggest deductible amount you can afford.This can significantly reduce your monthly premiums.  That means you have to make sure your company offers a higher deductible option.”

And if all else fails and you think you’re not getting a fair deal from your insurance company, contact a consumer group for information on the options available to you. Or, in the worst case, contact an attorney.

The language in insurance policies can be confusing.

http://www.uphelp.org/pubs/claim-or-not-claim%E2%80%A6that-question-david-shaffer

money.cnn.com/2014/10/19/real_estate/homeowners-insurance-claims/

 

 

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