When you have insurance and something happens to your home, the next step is to file a claim. However, two major circumstances contribute majorly to delaying home insurance claims. These factors are now discussed extensively below.
Factors Delaying Home Insurance Claims
Following current building regulations
Structures must be erected to certain minimum requirements following current building codes. Buildings in hurricane-prone locations, for example, must be equipped to endure strong winds. Damaged components of your house might have to be rebuilt under current local building rules.
Code compliance may need changes to the design or construction, which might raise the project’s overall cost. In most cases, homeowners insurance plans do not cover these additional expenses, but some insurers provide an endorsement that does. It is possible to modify the scope of coverage provided by an insurance policy via the use of endorsements.
Using public adjusters
You don’t have to pay for a public adjuster since your insurance company will offer one for you free of charge. A third-party adjuster, one not affiliated with your insurer and charges you a fee for their services, may also contact you. They are referred to as “public adjusters” by the insurance industry.
Using a public adjuster to assist you in settling your claim might cost you up to 15% of the entire settlement amount you get. The insurance company sometimes establishes the percentage public adjusters may charge following a catastrophe.
Information on Indemnity for Damages
- Damaged vehicles: If you have comprehensive coverage in your auto insurance policy, contact your insurer. Wait till it becomes clear that fixing your automobile is not an option. Once clear, you’ll get a check for its real monetary value, i.e., what it would have sold for beforehand.
- Trees and shrubs: For removing trees and bushes that have fallen on your house, most insurance companies will pay up to $500. They’ll cover damage to insured buildings and their contents up to the policy limitations. However, they won’t cover the cost of removing fallen trees from your yard.
- Flood damage: Flood damage is not covered by homeowners insurance, although other forms of water damage are. Check with your insurance provider or representative to see whether water damage is covered.
