Storm Damage Insurance Claims: All you Need to Know About the Policy

Information may not be reliable

If your home is located in a storm-prone area, it is important to have it insured against the damaged caused by the storm. Most insurance companies provide insurance plan against storm damage, so that homeowners can claim money for their losses. Every insurance plan comes with a specified insurance policy, which acts as a legal document that makes the insurance company liable to pay for the loss. Whether you just moved to your newly build home or looking for options to get your existing home insured, this post discusses several important aspects of storm damage insurance policy, which can guide you through the entire process of applying and securing insurance against your home.

Basic Components of the Policy

Though homeowner insurance policies differ in their structure, their basic components remain same for almost every type of insurance. Most insurance policies comprise of

• The declaration form – it gives you the summary of the whole policy including the name and address of the insured, the amount of coverage for the claim, and the description of the insured property, among others.

• The definition – explanation of terms and conditions used in the policy.

• The coverage – extent of the policy’s protection under both property and liability coverage.

• The exclusions – it is an important section of your insurance policy that explains what is not covered under your specific policy.

• The conditions – covers the responsibilities of both the insured and insurance company under the policy.

• Endorsements –  amendments or clause attached to your policy or removed resulting in changes in the standard coverage of the policy. Though homeowners are in a position to choose from a number of optional coverages, you may need to pay a higher premium for optional coverage.

What else you need to know?

Make sure that your insurance plan covers the appropriate percentage of replacement cost. Check with your insurance company to know what is required for the same. It is advised to review your insurance policy at least once a year to review the coverage. Whether your home is insured for replacement cost or actual cash value, keep a tab on its value, especially when you are planning to add one more room or extra layer of insulation to the home. Adding an extra features to your home increases the replacement cost of your home, while the actual cash value of the home may decrease over time.

Additional Coverages

Living Expenses

Most insurance policies cover additional living expenses as the home is so damaged that you can’t live in it until it gets repaired.

Personal Liability Coverage

It protects homeowners against any lawsuit alleging their negligence for the bodily injury or any property damage.

Medical Expense

Medical payment covers medical expenses for persons accidentally injured on your property by a member of the family or your pet.

The Bottom Line...

Soon after the storm, notify your insurance company about the damage. Also, contact a professional storm damage repair contractor for emergency repair and storm damage insurance assistance. Try to hire a contractor who has a track record of dealing with storm damage insurance claims, as contractor plays a key role in negotiating with the insurance company. Most of them even provide free storm damage insurance consulting and assistance.