Many people don’t fully understand their policies and sometimes leave large gaps in their coverage that can come back to bite them later on, Additionally, failing to report claims quickly, not fully cooperating with the insurance agency, and failing to put preventative measures in place can also cost you hundreds, if not thousands, of dollars in rejected claims.
Your homeowners insurance policy is a contract between you and the insurance company stating exactly what your rights are and more importantly what is required of you to successfully file an insurance claim that will end up being paid. There are several ways you can end up voiding your policy or having claims rejected either through not properly covering yourself or through your own negligence.
Always Report Claims Immediately!
It’s critical that you file homeowners insurance claims as quickly as possible after an accident, break-in, or other damage has occurred on your property. Many people wait weeks or months to file claims and discover that according to their policy the insurance agency has the right to deny claims filed after a certain period of time. That means you get stuck footing the entire cost of the damages and the insurance company pays nothing. Don’t get sucked into this common mistake and remember to file your claim immediately after an incident.
It’s Your Responsibility to Protect Your Home, Not the Insurance Company
Failure to protect against damage, break-ins, personal injury, or other losses incurred on your property are your responsibility. Negligence is not covered under homeowners insurance. For example if you discovered a leak in your roof, decided to not repair it, and later on a storm comes through and damages the ceilings of your home, your insurance agency will most likely reject the claim. Since you did not take the appropriate and necessary steps to protect your residence, your homeowners insurance company is not legally required to cover those damages.
Another common example to keep in mind would be that it’s your responsibility to replace locks after a theft has occurred on your property. If you do not replace the locks and another break-in occurs, the homeowners insurance company will most likely deny your claim.
Don’t Play Hardball with the Homeowners Insurance Agency
The more you cooperate with insurance company the more likely your claim will be processed quickly and paid. If you give them a hard time, refuse to answer questions, refuse to let them investigate the property, or lie to them it’s very likely that your claim will be denied and you could also have your homeowners insurance policy canceled.
Just remember to read your new or current policy very carefully and ask your agent a lot of questions. Make sure you understand your rights and what is required of you when you sign for a new homeowners insurance policy and you should rarely if ever have a claim denied.
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