While there are many different forms of insurance most of us must explore in our lifetimes, homeowner’s is one of the most important. Whether you are a consumer who plans to purchase one home and live there forever—or the type who enjoys buying and selling or remodeling and flipping—the investment is substantial. Loss of a home, or even moderate property damage, could cause serious stress not only to your living arrangements, but also your finances; in fact, without the correct coverage, you could find yourself unable to rebuild in the case of a fire or other catastrophe.
All insurance you own is important, and reading the fine print is vital in each case. With homeowner’s insurance though, failing to understand your coverage could leave you unprotected, quite literally. Depending on your policy, issues such as fire, windstorms, or even damage from something like a volcano may or may not be covered. When you are purchasing your policy, speak to your insurance agent about your needs, and especially depending on your geographical area (is it prone to earthquakes or landslides?).
In most cases for homeowner’s insurance, an extensive discussion of what is excluded is necessary too; for instance, consider flood insurance. It is usually not available under your typical homeowner’s insurance, but rather through separate government programs. Flood damage could indeed be catastrophic to your home, so if you are in an area that is vulnerable, speak to your agent about how to get coverage. It may also be required by your lender.
The homeowner’s policy is essentially a strict legal contract that you should understand initially, as well as reviewing and updating each year. Be clear on options like whether you are insuring for replacement value or cash value when it comes to property damage, as well as how the structure and surrounding area should be maintained after a problem has occurred. You could be held responsible or a claim could be delayed or denied if the home was not properly cared for after being made vulnerable from a fire or storm, or vandalism, or more.
If you suspect an insurer is delaying payments on a claim or denying them without a valid reason, contact the Bolender Law Firm. We will advocate on behalf of policyholders through litigation, arbitration, or non-binding mediation. Our attorneys are experienced in representing clients in state and federal courts, at both the trial and appellate level. Call us at 310-320-0725 now or submit an easy consultation request online. We are here to help!