For many homeowners, deciding when to take advantage of your homeowner's insurance policy can be a struggle. You pay a premium to have the insurance and protect yourself against potential major financial issues, so it seems obvious that claims should be filed in most cases.
However, filing a claim when things like fires, floods and other potential disaster occur can put you in a position where you are paying a higher premium. And perhaps too many claims over a period of time could result in you losing your policy. Each time there is a potential for you to file a homeowner's insurance claim, you should carefully weigh all of the factors involved to determine if it makes sense to file a claim or more sense to pay for the repairs yourself.The most important thing you should do is read your policy and make sure you are clear on all of the terms. You should definitely be familiar with your deductibles and liability. Then, get some repair estimates for the damage that has take place. Compare the costs outlined in these estimates with your policy's deductible. In most cases, if the deductible is higher than the cost of the repairs, it would make sense to not make a homeowner's insurance claim.
If you are involved in single-car accident, you should try and assess the damage at the scene. An example of this type of incident would be backing into a pole or something similar. If there is damage to the object you collided with, you should get in touch with the person in charge of the object and ask if they want to take any action.
Personal injury claims can be complicated and have the potential to become extremely expensive on the part of the liable party. Filing a claim in such instances can help protect you and your assets.
If you are the cause of a two-vehicle collision, you are under legal obligation to provide the other drive with your insurance policy information. However, there is nothing wrong with explaining to them that you would rather pay to fix their damages out of your own pocket to avoid filing a claim. They can always file a claim later on (as long as it is within 10 days of the incident) if they do not feel like you will honor your commitment of paying for the damages yourself.
The next step is easy, especially because we all seem to have smartphones. Take photos and video of the damage and losses. This will be great evidence to have for the insurance company. Read over your policy so you make sure you understand what your rights are and what you are entitled to. This next step takes a little time, but is worth it: itemize your property.
Some insurance companies may deny certain claims. This is why understanding the terms outlined in your policy and contacting your agent is very important. The more you understand your policy, the better chance you will have at understanding what is covered and what is not. That can save you the hassle of filing a claim that is going to get denied anyway.
CNC Insurance offers all types of insurance of your home or business. If you are in the Frisco area and need homeowner's insurance or any other type of policy, give us a call today.
However, filing a claim when things like fires, floods and other potential disaster occur can put you in a position where you are paying a higher premium. And perhaps too many claims over a period of time could result in you losing your policy. Each time there is a potential for you to file a homeowner's insurance claim, you should carefully weigh all of the factors involved to determine if it makes sense to file a claim or more sense to pay for the repairs yourself.The most important thing you should do is read your policy and make sure you are clear on all of the terms. You should definitely be familiar with your deductibles and liability. Then, get some repair estimates for the damage that has take place. Compare the costs outlined in these estimates with your policy's deductible. In most cases, if the deductible is higher than the cost of the repairs, it would make sense to not make a homeowner's insurance claim.
If you are involved in single-car accident, you should try and assess the damage at the scene. An example of this type of incident would be backing into a pole or something similar. If there is damage to the object you collided with, you should get in touch with the person in charge of the object and ask if they want to take any action.
Personal injury claims can be complicated and have the potential to become extremely expensive on the part of the liable party. Filing a claim in such instances can help protect you and your assets.
If you are the cause of a two-vehicle collision, you are under legal obligation to provide the other drive with your insurance policy information. However, there is nothing wrong with explaining to them that you would rather pay to fix their damages out of your own pocket to avoid filing a claim. They can always file a claim later on (as long as it is within 10 days of the incident) if they do not feel like you will honor your commitment of paying for the damages yourself.
The next step is easy, especially because we all seem to have smartphones. Take photos and video of the damage and losses. This will be great evidence to have for the insurance company. Read over your policy so you make sure you understand what your rights are and what you are entitled to. This next step takes a little time, but is worth it: itemize your property.
Some insurance companies may deny certain claims. This is why understanding the terms outlined in your policy and contacting your agent is very important. The more you understand your policy, the better chance you will have at understanding what is covered and what is not. That can save you the hassle of filing a claim that is going to get denied anyway.
CNC Insurance offers all types of insurance of your home or business. If you are in the Frisco area and need homeowner's insurance or any other type of policy, give us a call today.
About the Author:
CNC Insurance Brokerage Services is in the business of covering every aspect of your life with amazing and affordable insurance coverage. CNC offers you a central hub for yourauto insurance , homeowners, life, renters and every other insurance need you have. CNC services families and businesses in Frisco, Dallas, Plano, McKinney, and their surrounding communities. We pride ourselves in giving you the best bang for your buck. We go to work to protect your assets for you at a price that fits your budget.
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