When To File A Homeowners Insurance Claim
There are many factors to consider before filing a claim with your homeowners insurance company. Things such as the cost of the damage and whether or not it willa ffect your ability to gain future coverage are important.
What Is Homeowners Insurance?
A homeowners insurance policy is designed to protect you financially. If you have a mortgage on your home, you are required to carry this protection. While it is not designed to take care regular maintenance on your home, it can help you in the event of an accident or natural disaster.
When Should You File A Claim?
If your home as become damaged due to a storm or natural disaster such as wind, tornadoes, flooding, lighting strikes, or other even, you should talk to your insurance agent. However, just becuase your home is damaged does not mean you should file a claim or that a claim will be approved.
If The Estimate Is More than Your Deductible
Let's say that a tornado just came through your area, as they are known to do in Oklahoma, and your roof now needs replacement. The cost of that roof would be significantly higher than your deductible. This would be one example of when you should file a claim. In the rare case that is cheaper for you to pay out of pocket, you should do that rather than file a claim.
The Damage Is Covered And Extensive
While a home appliance going out would not be considered a covered expense, a fire in your kitchen would be. If there is such an accident, you would need to file a claim with your insurance company to cover the cost of damage repairs.
If You Have An Endorsement For The Damage
If you ahve purchased add-on protection to cover damage that is not included in your general policy, you could file a claim to cover the cost of the damage repairs by your add-on coverage.
When You SHOULDN'T File A Claim
If the damage to your home is minimal, outside of your policy coverage, caused by normal wear and tear, or you have filed multiple claims, then you shouldn't file an insurance claim on this. Not only could the claim simply be denied, but it may cause problems gaining insurance coverage in the future. If you have had to file multiple claims, your agent may decline to renew your policy when it lapses.
If You Need To File A Claim
Make sure to protect your home from further damage. For instnace, if your roof is leaking, patch it up to prevent extra water damage to walls and keep you and your family safe. Have all of the necessary documentation available for your insurance agent as they will need it for your reports. The process for filing a claim may vary depending on things such as your agent and the contractors you are working with. If you have questions about your homeowners insurance policy or are seeking coverage, contact the Oklahoma Insurance Connection today for more information.