As soon as you have that unfortunate damage or disaster to your home, the first thing you are going to do is contact your home insurance provider and discuss your claim. There is not an epidemic of denied claims. However, it does happen now and then. It's important to be aware of situations that will cause a denial, at least the more common reasons, in order to ensure that you are protected and that any potential claim you make is a good one.
Payment is the first area this article will review. If you don't pay, they don't cover you. It's a pretty simple idea but one that escapes some people. So, be sure to always pay your premium and make sure that payment is always on time. If you expect your insurance company to provide ongoing coverage then it is only fair that you pay in a timely manner according the schedule set out in your agreement. If you neglect to make the premium payment on time and the policy lapses your claims will be denied.
Don't Expect your Insurance to Cover your Maintenance
The next reason involves negligence. You could be denied your claim if you fail to act in the best interest of your home. In other words, basic care and attention are required. So, if a specific event did not cause your home's damage but rather neglect, then don't expect your claim to go through. Your home insurance policy is not your personal home repair fund. The policy is designed to protect against accidental damages and losses.
You can expect to see excluded events in your home insurance policy. This is another of the more common reasons for a denial of a claim. Simply put, the event that caused the damage was excluded. Every possible disaster that might damage your home could not be covered by one single home insurance policy. That's just not realistic or practical. It doesn't matter if you didn't cause the damage or if it was an outside event. Some events are simply not covered under a single policy. Your individual policy may have its own set of exclusions. You should be prudent and review your policy in detail to discover what exclusions exist.
Insurance applicants are expected to be truthful when applying for coverage. Don't omit any details. Be sure to be specific and if you are unsure, don't hesitate to ask your insurance agent for clarification if there is something that is not crystal clear. Be sure to provide all the information that is asked of you. It's possible that your claim could be denied if your insurance agent learns later on that you were not completely honest.
If your home insurance policy has a deductible, then that's the amount that you must pay or absorb for damages that occur. Only damages that exceed this amount are reimbursed by the insurance company. And, it's not uncommon to have several different deductibles for different types of damage.
Insurance and your Home Business
Home based businesses can often be an area that people overlook when they are considering their overall home insurance picture. The business property, like your computers or inventory, may be excluded from coverage under your personal home insurance policy. Be sure to discuss your home business operations with your insurance broker. And they can tell you whether you'll need to purchase additional insurance. It may be possible for your existing insurance provider to come up with a good solution for you. In some circumstances, there will be a need for you to purchase the appropriate commercial insurance to ensure your business property is protected.
Payment is the first area this article will review. If you don't pay, they don't cover you. It's a pretty simple idea but one that escapes some people. So, be sure to always pay your premium and make sure that payment is always on time. If you expect your insurance company to provide ongoing coverage then it is only fair that you pay in a timely manner according the schedule set out in your agreement. If you neglect to make the premium payment on time and the policy lapses your claims will be denied.
Don't Expect your Insurance to Cover your Maintenance
The next reason involves negligence. You could be denied your claim if you fail to act in the best interest of your home. In other words, basic care and attention are required. So, if a specific event did not cause your home's damage but rather neglect, then don't expect your claim to go through. Your home insurance policy is not your personal home repair fund. The policy is designed to protect against accidental damages and losses.
You can expect to see excluded events in your home insurance policy. This is another of the more common reasons for a denial of a claim. Simply put, the event that caused the damage was excluded. Every possible disaster that might damage your home could not be covered by one single home insurance policy. That's just not realistic or practical. It doesn't matter if you didn't cause the damage or if it was an outside event. Some events are simply not covered under a single policy. Your individual policy may have its own set of exclusions. You should be prudent and review your policy in detail to discover what exclusions exist.
To learn about Alberta tenant insurance issues related to Flooding and Property Damage click on video.
Insurance applicants are expected to be truthful when applying for coverage. Don't omit any details. Be sure to be specific and if you are unsure, don't hesitate to ask your insurance agent for clarification if there is something that is not crystal clear. Be sure to provide all the information that is asked of you. It's possible that your claim could be denied if your insurance agent learns later on that you were not completely honest.
If your home insurance policy has a deductible, then that's the amount that you must pay or absorb for damages that occur. Only damages that exceed this amount are reimbursed by the insurance company. And, it's not uncommon to have several different deductibles for different types of damage.
Insurance and your Home Business
Home based businesses can often be an area that people overlook when they are considering their overall home insurance picture. The business property, like your computers or inventory, may be excluded from coverage under your personal home insurance policy. Be sure to discuss your home business operations with your insurance broker. And they can tell you whether you'll need to purchase additional insurance. It may be possible for your existing insurance provider to come up with a good solution for you. In some circumstances, there will be a need for you to purchase the appropriate commercial insurance to ensure your business property is protected.
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To find out more about Alberta Tenant Insurance visit our website for an insurance quote or visit our Alberta Home Insurance Policies resource pages for answers to common insurance questions.
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