- How to submit a homeowner’s insurance claim
- Types of home insurance
- Home insurance companies
- Typical home insurance costs
- Saving money on home insurance
- Should you submit a homeowner’s insurance claim?
- The bottom line
How to submit a homeowner’s insurance claim
1. File a police report
2. Take photos and video
3. Contact your insurance company
4. Assess the damage with your claims adjuster
5. Receive your funds
Types of home insurance
Dwelling and fire form
- Fire and lightning
- Windstorm or hail
- Damage caused by aircraft
- Damage caused by vehicle
- Volcanic eruption
- Falling objects
- Weight of snow or ice
- Accidental floods from home appliances or plumbing
- Damage from a hot water heating system, air conditioning, or fire-protective system
- Freezing caused by home appliances or plumbing
- Accidental damage from electrical current
Special form insurance
Additional types of insurance
Home insurance companies
Typical home insurance costs
- Premium: This is how much you’ll pay to keep your home insurance active. You’ll have to work this amount into your monthly budget. The most recent data, from 2017, shows the average premium for home insurance in the United States was $1,211.
- Deductible: Once you submit a home insurance claim, this is the amount you’ll be responsible for paying before your insurance company picks up the tab.
- Out of pocket costs: Keep in mind that if you need to make repairs to your home after the damage has occurred, your home insurance company will probably expect you to pay for these repairs out of pocket, they’ll send you a check for reimbursement of funds per your estimate.
Saving money on home insurance
- Upgrade your home: Some insurers will offer you discounts for adding safety features to your home, such as an automatic sprinkler discount or a discount for having an impact-resistant roof.
- Bundle your insurance: Insurers offering more than one insurance product will often give you a discount if you buy multiple policies at once.
- Increase your deductible: If you’re alright taking a bigger risk, you could increase your deductible to lower monthly payments. Remember, if there is damage you’ll have to pay for a larger portion of the repairs.
Should you submit a homeowner’s insurance claim?
- Saves you money: If the repair is expensive and will be more than your deductible, filing a claim could help keep your finances stable.
- Recover total loss: If you’ve experienced the total loss of your home, filing an insurance claim is essential in helping you get into a new home.
- Covers the cost of temporary housing: If the damage to your home is significant enough that it is uninhabitable, filing a home insurance claim can help cover the cost of your temporary living expenses.
- Increased premiums: If you regularly file home insurance claims, your insurer could start to view you as a riskier client and begin to increase your premiums.
- Not always more than deductible: Keep in mind the cost of your repair might not always exceed your deductible, which would make filing a claim unnecessary.
- Time-consuming: Filing paperwork, meeting with your adjustor, and following up on your claim status take time. If the cost of your repair is estimated to be near your deductible, it might be worth considering whether filing a claim is worth your time.
The bottom line
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