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What should I do if I experience damage to my home? |
- Report any crime to police and obtain a copy of their report or identify investigating officers and numbers of their report.
- Contact your insurance agent immediately and obtain claim forms. There are time limits on filing a claim.
- Make temporary repairs that are reasonable to prevent further damage.
- Make a list of lost or damaged articles.
- Have an adjuster inspect the damage.
- Keep records and receipts of additional expenses.
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How do I file a claim? |
- Contact your insurance agent immediately to obtain necessary claim forms and instructions on how to proceed.
- A homeowners policy is a contract between you and your insurer, with certain rules and procedures to be followed. Read your policy to see what your responsibilities are.
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Why should I take a home inventory? |
- To help you select the proper amount of insurance.
- To help to settle claims faster in the event of loss.
- To verify losses for income tax returns.
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How do I take an inventory? |
- Use a personal computer to make an inventory list.
- List all your possessions by category. Describe each item and note date purchased, price, where purchased, make and model.
- Photograph rooms and individual items. Make notations on the backs of the pictures. Remember things in drawers.
- Tape or videotape as you walk through your house and describe its contents.
- Add information about significant purchases while details are fresh in mind.
- Keep the inventory and receipts in a secure place such as deposit box or at the home of a relative or friend.
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What things affect my home value and repair costs? |
- The settlement amount depends on the type of policy and amount of coverage that you have.
- Replacement costs provide a dollar amount necessary to replace a damaged item with one similar, without deductions for depreciation.
- Actual cash value pays the amount necessary to replace an item, minus depreciation.
- If your home is damaged beyond repair, a typical policy will pay to replace it up to the limits of the policy.
- Some replacement policies will pay a specified percentage over the limit to rebuild.
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Do I have to use only certain kinds of repair materials ? |
- New building codes may require a badly damaged home to be rebuilt to meet the codes. Most policies will not pay the additional costs incurred in rebuilding under these circumstances. Many companies offer an Ordinance or Law endorsement that will pay a specified amount toward these costs.
- An inflation guard clause in your policy will automatically adjust limits at renewal time to reflect current construction costs.
- A modified replacement cost policy is offered for older homes that will pay for repairs using modern standard materials and techniques instead of replacing features with materials similar to those used in the original construction.
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Will my premium increase if I file a claim? |
- There are many factors used to determine the price of your policy. The amount and frequency of your claims may cause a temporary increase in your premium.
- Overall insurance industry losses due to disasters have a great influence on premiums.
- Building costs in your area are another significant factor that influences price.
- If you have questions about premiums, do not hesitate to ask your agent or company representative.
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What are my filing rights? |
- Your company is required by law to send you the necessary claim forms within a specified time after you notify them of damage or loss.
- Return the properly completed claim forms as soon as possible in order to meet required time limits and to avoid delay in settlement.
- Once agreement on terms of settlement is reached by you and your insurance company, state law requires prompt payment to you.
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