Do you know what your homeowners insurance policy covers?
Very often your insurance carrier sends you a letter in the mail about a change to your Homeowners Insurance policy knowing that most people don’t read it or understand the legal jargon. Only to find out after they have a significant loss that they only have partial coverage or no coverage at all.
At Lincoln Public adjusting we have a passion in explaining people’s policies to them in simple words so they can understand it. We have a saying among us “If just one client changes their policy and at a time of loss they have proper coverage to fall back on we have done our job correctly”.
The first thing we do when a client calls us regarding an insurance claim is to look over the Policy to see if they have coverage. Many time’s after we explain to the client exactly what they are covered for they are shocked at how vulnerable they are, and most people say “this is the Policy recommended to me by my Insurance Broker”.
Here are some questions you should be asking your Insurance Broker
- How much is the Hurricane Damage Insurance Claim Deductible?
Hurricane Damage Insurance claim deductibles are typically 2% or 5% but can run as high as 10% of your policy. You should try to get the Deductible down to 2% if you can afford it. There have been numerous times by both Hurricane Irma and Hurricane Michael that we saw policyholders having a 10% Hurricane Damage Deductible, thus putting them a long way out of pocket for the repairs that needed to be done.
- Is the Policy A Co- Insurance Policy?
For example, if you have an 80% coinsurance clause on your policy, the insurance company is responsible for 80% and you, the insured, are responsible for 20%, plus the deductible.
- Does this policy have a water exclusion?
- Does your Policy have a Mandatory Preferred Vendor Clause?
Some Insurance Carriers are implementing Mandatory Preferred Vendor Clauses meaning that if you decide not to use their Preferred vendor then the Insurance Carrier will cap your Homeowner Insurance Claim to only $10,000. For example if you have a water damage claim, Flood Damage Claim, or a Fire Damage Claim and choose not to use the carriers preferred vendor you can be seriously out of pocket for the repairs.
- Did your insurance agent explain to you what you are covered for?
Always ask you Insurance Broker to explain your Insurance Policy to you to ensure you get the best coverage possible and remember its OK to shop around until you find something that fully protects you. If you are not sure if you are being sold the correct policy or the price is too good to be true give us a call and we will review it for you at no charge. Why do we do that? Because we are pertinent about insurance and if you are paying for a service we feel like you should be getting that service when you need it the most.
How A Miami Public Adjuster Can Help You
The initial contact with your insurance carrier is critical. This contact can be the difference between your claim being paid or getting denied.
Differentiating between belongings and property that can be repaired vs replaced can be overwhelming.
The many requirements and the extent of the damage all come into consideration at this point in your Homeowner’s Insurance claim. It’s hard to properly calculate what amount will effectively cover all the damage to your home. It may seem like the insurance carrier paid you enough. In reality it could require so much more to repair your home and bring it back to Pre-loss condition.
The complexity and time-consuming tasks can be taken off your hands by a Lincoln Public Adjuster.
Let us help represent you and help you navigate your insurance claim.