Understanding the Language Used in a Homeowner’s Insurance Policy

Understanding the Language Used in a Homeowner’s Insurance Policy

With the amount of money that you’re typically spending for a new home, whether it’s new construction or an existing home, you want to make sure to protect that investment as best as possible. This is where home-owner’s insurance comes in quite handy. However, just having a home insurance policy may not be enough. As meticulous as you may have been about buying the house that you currently live in, you want to take the same amount of care when it comes to purchasing an insurance policy to protect that home.

What you need to understand is that if you’re making a claim on your home insurance policy that is under $30,000, you typically won’t have to worry too much about the wording of your insurance policy. However, if the claim is over $30,000, or if the claim involves certain aspects of the policy, if you didn’t look carefully at the policy before buying it, you may have a difficult time getting your insurance company to pay your claim.

One example involves the roof of your home. For example, you may be able to purchase insurance that covers hail damage to the roof of your home. This is a nice feature to have, especially if you live in places where severe weather is more common. Unfortunately, if you’re not careful about the wording in the insurance policy, you may find that if you make a claim against this aspect of your policy, your insurance company may deny paying it.

In some cases, you can have hail damage protection, but if your roof is of a certain age, the wording of the contract could avoid any sort of claims being made against your insurance policy. This means either paying extra for a rider that won’t consider the age of your roof or you need to pay close attention to how old your roof is before making any sort of hail damage claim.

This is just one example of the nuances of home-owner’s insurance. It’s also an example of why you should know what is in your policy. It starts by you being more informed and the best way to be more informed, is to speak with an insurance expert. Take the time to go over your contract with them so that you can understand all the details of your insurance policy so that nothing takes you by surprise.

Visit Coastautoinsurance.com for further details.

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