Protecting Your Home from Damage
Unfortunately, catastrophes and losses to properties may occur
at any time. Out of the 20 most costly, weather-related losses in
the year 2000, 10 of them occurred in the United States.
Your homeowners insurance protects your home in case of damage
or loss from hazards that are covered by your policy.
Demonstration - Catastrophic Losses
 Click
the image to see a video from the Insurance Information Institute
about the reasons for these high insurance losses.
What to Do In Case of a Loss
Read the Homeowner Duties list below to learn what you should do
in case of a loss. Then, read the Insurance Company Duties to learn
how the company will respond to your claim.
| |
Homeowner Duties
|
Insurance Company Duties
|
|
| |
- Provide prompt written notice to the insurance
company that you had a loss or damage. Note: If a
theft was involved, you must notify the police.
- Take steps to protect the property from further
damage.
- Provide a complete inventory of damaged personal
property showing the quantity, description and amount
of loss.
- Provide receipts and documents if asked to verify
the amount claimed.
|
- Receive and process the written notice from the
homeowner about the loss.
- Send the homeowner a request to complete a Proof
of Loss Statement certifying the loss occurred.
- Upon receipt of the written notification, begin
the claim investigation.
- Notify the homeowner in writing whether the claim
will be paid, denied or delayed for further investigation.
|
|
|
Your homeowners insurance company will issue a check to settle
a claim for a loss to your insured home or property. Your mortgage
loan includes a clause that usually requires your lender's name
as a co-payee on any claim checks issued to you.
Caution: Consider making minor damage repairs yourself. Claims
for minor damages may be lower than your deductible and may cause
your insurance premiums to increase.
Now you know what to do in case of a loss. The next topic explores
ways to keep your home safe.
|
