Types of Weather Related Claims Home Insurance Companies Can Deny - PowerPoint PPT Presentation

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Types of Weather Related Claims Home Insurance Companies Can Deny

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To prepare for the unplanned weather strikes, homeowners should to be cognizant of these 6 home insurance loopholes following severe weather conditions. – PowerPoint PPT presentation

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Updated: 14 November 2016
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Title: Types of Weather Related Claims Home Insurance Companies Can Deny


1
HOME INSURANCE
2
Types of Weather Related Claims Home Insurance
Companies Can Deny
With an active spring season set to hit large
regions of the country over the coming week,
damage to property is likely to occur. Although,
home insurance plan can help compensate some of
the costs associated with repairing a
weather-damaged home, but its important to
understand what policies cover and what they
dont before making a claim. Owning a home
insurance policy that includes coverage for storm
damage or flood damage doesnt necessarily mean
every claim will be accepted.
3
To prepare for the unplanned weather strikes,
homeowners should to be cognizant of these 6 home
insurance loopholes following severe weather
conditions. Thus, buyers have to understand
that houses may be considered to be at flood risk
despite not being near water. Each insurance
company determines which areas are at risk.
Categories like flood plain, fringe flooding
areas and susceptible zones will affect
insurability, rates, and policy requirements.
1 Flood DamageGenerally, many homes in flood
prone area are ineligible for flood insurance and
living outside of a flood area also doesnt
necessarily ensure coverage.
4
3 Empty HomesSome insurance policies dont
accept the weather related claims if the damage
to the property is being made while the homeowner
is away, even if the insurer is informed about
the damage beforehand. However, many general
insurance companies say a house vacant for
maximum four days can still be covered. The
best method, a home owner can apply is to talk to
the broker while heading for a lengthy vacation.
In some situations, additional requirements can
be purchased to help extend coverage. Turning off
the water and having a regular check by someone
while youre away could make the difference in
being covered or paying out of pocket.
5
4 RenovationsIf you plan to renovate your home,
it is wise to update to your insurance policy,
because your insurer may deny your claim because
of recent home remodels that were not mentioned
before in the policy. Many people renovate
their home with a new kitchen, roof or a bathroom
etc. and forget to inform the insurance company
with the new modifications they have done to
their home, as a result of which they might not
get covered when the weather strikes.
6
5 Snow DamageHomes in areas prone to heavy
snowfall may not be covered for snow damage, so
it is recommended to check a policy carefully for
snow coverage prior to purchasing a home
insurance. Areas where frozen rain is common may
have different stipulations, or require a
separate policy to get covered for losses. 6
Water DamageAny water damage to the home from
the immediate effects of a storm is probably
covered by many insurers but any damage from a
longer-term leak in the roof will not. Therefore,
it is advisable to go for a regular roof and
window maintenance to insure coverage in future.
7
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