Don’t have permanent repairs made until your insurance company has inspected the property and you have reached an agreement on the cost of repairs. Make the repairs necessary to prevent further damage to your property (cover broken windows, leaking roofs and damaged walls). If your home is damaged to the extent that you can’t live there, ask your insurance company if you have coverage for additional living expenses. Incorrect or incomplete information will only cause a delay in processing your claim. Keep a diary of all conversations with insurance company, creditors or relief agencies.īe certain to give your insurance company all the information they need. Ask what documents, forms and data you will need to the file a claim. Your policy may require that you make the notification within the certain time frame.īe sure you cooperate fully with the insurance company. Call your insurance company or agent with your policy number and other relevant information. Step Four: After Disaster Strikes and Your home is Damagedįile your claim as soon as possible. For example, if that same five-year-old mower was destroyed, and the average lawn mower lasts 10 years, the company will only reimburse you for the half (10 years minus five years) the cost of the item, minus your deductible. If your coverage is for actual cash value and the cost to repair the property is greater than the actual cash value of the property the insurance company will reimburse you the dollar amount to replace the property minus the amount of accumulated depreciation.

For example, if you won a five-year-old lawn mower that is destroyed by a fire, the company will reimburse you with an amount to purchase a new, similar lawn mower, minus your deductible. If your coverage is for replacement cost value and the cost to repair property is greater than the cost to replace the property, the insurance company will reimburse you the dollar amount needed to replace damaged personal property or dwelling property with the like kind and quality, limited by the maximum dollar amount listed on the declarations page of the policy. What is your deductible? You will have to pay at least this much if you have a covered loss.īe sure you understand the difference between replacement cost and actual cash value. You may want to buy more coverage for these items. If you have jewelry or collectibles, check the limits of coverage. Check if your policy covers debris removal and sewer back-up.įind out if your policy covers additional living expenses to reimburse you for the cost of living in a temporary residence if you are unable to live in your home.

The standard homeowners’ insurance policy does not cover flood damage. What does your insurance policy cover? What does it exclude? Step Three: Review Your Insurance Coverage Take them with you when you evacuate or store them in a safe deposit box outside the area. Move all of your important documents to a safe location. More: Tampa hurricane in 1921: Did you know?

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