How to Protect Your Home Insurance

You expect the home insurance you buy to protect you, but have you stopped to think about whether you need to protect your home insurance? Unfortunately, not getting the protection you expect and deserve has become commonplace. That means knowing how to protect your home insurance is necessary. The following are actions you can take to improve the odds your insurer will protect you and your family after a tragedy.

Are you getting a fair price on your home insurance? Find out by clicking the button below.

Protect Your Home Insurance with these Actions

• Lock your doors when you are away – If you don’t take precautions to protect your property, your insurer may deny the claim. Theft is the fourth most common cause for claims against a home policy according to the Insurance Information Institute. Don’t buy insurance but then leave yourself unprotected when theft occurs.
• Pay on time – If a tragedy occurs after your payment is due, but before payment is received, the claim will be denied.
• Beware of non-disclosure – If there is anything not included on your application that comes up later, this can be claimed to be “non-disclosure” and lead to termination of the policy, without payment. The non-disclosure may be unrelated to the claim you make, but that doesn’t matter. For example, if your home was broken into prior to applying for your current policy and you did not include that on the application, that is non-disclosure. Even if the current claim is for fire damage, or something else unrelated to the former burglary, it’s still non-disclosure and could result in non-payment of a claim.
• Changes – make sure all changes to your home are approved and signed off by a building inspector and documented with your insurer. If you added square footage to the home, make sure you still have adequate coverage to pay for replacement of the larger structure. If you add a fireplace or alternative heat — like a pellet stove — make sure this is clearly documented to the insurer and that the company either updates the policy or responds in writing that your coverage remains in effect.

The long-term trend of many insurers raising prices and reducing claims payment continues. Take the steps outlined in this article to protect your home from insurers who do not want to pay claims. Subscribe to the Injured Money blog and insurance company ratings to stay informed about how to protect yourself. Clicking this link will take you to a subscription form.