Lesser-Known Facts About Homeowner’s Insurance
As most already know, homeowner’s insurance provides financial protection should a natural disaster or other calamity damage your home. This includes coverage for other types of losses that occur on your property. However, many homeowners are unaware of the specific nuances, details, and coverages within such a policy. Below are some often-overlooked facts that all homeowners should know about their policies.
Dogs Affect Available Coverage
Many policies provide coverage should your dog bite an individual on your property. However, many insurance companies place coverage restrictions on certain breeds. Some companies will not sell policies to individuals who own a dog regardless of breed. The risk of reduced or altered coverage increases with dogs that have a history of biting. In such cases, the insurance company may refuse to renew your policy, raise your premiums, or eliminate coverage for damages caused by the dog.
Homeowners Can Reopen Claims
After filing a claim, your insurance company will send an adjuster to evaluate the damages. After receiving the adjuster’s assessment, your insurance company will provide you with a check to cover the claim. However, sometimes you may not discover certain damages until after the company sends the check. Many homeowners’ policies allow them to reopen the claim to file for additional funds. In general, you have up to one year to file claims related to the damage.
Where you live matters when it comes to your homeowner’s insurance premiums. Your home’s proximity to a fire department can reduce your insurance costs. Some insurance companies keep a roster of fire departments and rank them against each other. If you live near a fire department with high ratings, your insurance company may offer you reduced rates. Having a fire hydrant within 1000 feet of your home can have a similar premium-reducing effect.
Buying a home is one of the biggest investments you will make in your lifetime. Having adequate coverage to protect your home is vital. To learn more about what your homeowners’ policy should cover, contact The Reilly Company.