Dealing with an insurance company is often not an easy task. There is often a struggle because the insurance company wants to reduce the amount they have to pay for the damage you suffered, but they don’t want to lose you as client either.
Discussing the kind of water damage is often the reason you don’t receive the amount you expect. Before you buy a policy from your insurance company it is necessary to pay attention to all the kind of water risks which exist and where you need coverage for. If certain risks are not included in your home insurance policy you can discuss with your agent to add some possible risks in your policy and pay a higher premium. You never know what will happen in the future and water damage can cause you a financial disaster.
We noticed the last years more floods in all countries of the world and the warming up of the earth is probably the main factor for all these problems. Mostly these kinds of risks are not covered by your home insurance policy. In many countries of the world, natural disasters are now covered by this policy and it is obligated to pay a higher premium than before. It is important you check to see if your policy covers these risks otherwise flood insurance is a good investment.
There are many other kinds of risks from water damage. Accidental leaks are covered if you check the pipelines regularly or you can prove that they are maintained on a regular basis. If you fail to perform normal maintenance by a specialized company there can be a discussion between you and your insurance company of receiving money about the water damage you suffer and you will likely don’t receive payment for the water damage you suffered.
Hidden leaks are often not covered by standard home insurance policies; an all risk policy is often the best solution but the premium will be higher. Don’t overlook these risks because the costs from water damage can be very high.
When you have water damage the first action you have to take is to call your insurance company as soon as possible. Don’t wait too long to report the damage otherwise you have the risk of losing the right to receive money because you didn’t report on time. Check your policy how much time you have to report and once you report, the claim ball is rolling. Another advantage is the sooner you report the sooner you will have your money.
Check all your policies because some risks can be included in more than one policy and there is a chance of overlapping coverage. Don’t take the attitude that your insurance company will do everything; even if all your policies are by the same company. Read every policy very carefully and in case of overlapping coverage use the one which gives you the highest benefit. Every policy has a deductible; in case of overlapping it is important to check this in the different policies.
Inspect everything on your property and look especially to the roof of your house. It is important that you search for evidence of leakage. Pay also attention to possible problems with your air-conditioning system and check if your furnace and some other appliances are working.
If water damage occurs, make a list of all the damage and take pictures. If you have pictures of your belongings before the damage it will be easier to prove the damage which you have now. Be sure and take before and after photos to compare.
It is important to take the necessary steps to avoid further damage of your property. If you can do some temporary repairs for avoiding that the damage will be higher the insurance company will more likely approve the claim but be careful that it looks if there was no damage. You need to prove the damage to your insurer and if the agent can’t see the damage he will probably be unlikely to take your word about the problems.
Give the agent of your insurance company your phone number and also the addresses where you can be reached during day and night. It is a good idea to give him the phone number of the company where you work and your cell phone number so that he can reach you there during the day. Also provide the agent your email address in case he needs some information which is easier to ask by email.
Be prepared if the agent of your insurance company will inspect the damage. Be sure you have pictures and invoices of your belongings to proof the damage and the real value.
Understanding the content of your policies is the key to have success in dealing with your insurance company about receiving money for the damage you have. It is important you discuss about every aspect of the suffered water damage because the insurance company wants also to save money.