Category: Insurance

How much do you know about what homeowners insurance actually does? In the event of an emergency, what would really happen? Many people would be surprised to find out that a homeowners insurance policy can cover a lot more than just their house. Below, we will take a look at what your home insurance is capable of doing and why. Without further ado, here are the top ten reasons to have a reliable homeowners insurance policy and what it may be able to do for you and for your family. 

10. Bank Requirement 
One of the requirements of almost every mortgage lender will be the purchase of adequate homeowners insurance. If you wish to satisfy your mortgage lender, you’ll need to get the minimally required amount of home insurance. Each lender will have different requirements, but a minimum policy of some kind will probably be needed. 

9. Protection From Legal Liability 
You can’t really control if your mail carrier slips and falls on ice in your driveway or if one of your tree branches breaks off and lands on their mail truck. Homeowners insurance provides liability coverage to help protect you from lawsuits that may arise from unfortunate surprises like this.

8. Home Loss Protection 
If your home gets decimated or becomes otherwise uninhabitable, a homeowners policy can pay to relocate you. This is called “loss of use” coverage. A policy with this kind of coverage will help you pay for things like hotels, meals, and other similar living expenses. 

7. Item Replacement 
A good policy will cover your personal belongings. The insurance company may reimburse you for the value of items or pay to replace them beforehand. Keep in mind that these replacement policies can have caveats so know what’s covered and read your policy thoroughly. 

6. Medical Bill Assistance 
If a guest of yours gets hurt while on your property because of some random disaster, your homeowners policy may provide coverage for their medical bills and other expenses as a result of their injury.

5. Gives Protection From Humans 
People can cause as much trouble as mother nature. If your home is robbed or vandalized, your policy is there to protect you and your property. Your belongings may be replaced and repairs may be covered. 

4.Protects Equity 
Your home is a big investment. If you have built equity in your home by adding innovations or remodeling, your homeowners policy can help you protect the value of your house if it gets damaged. This way, you don’t have to build things up all over again from scratch. 

3. Covers Certain Repairs 
After a disaster strikes, your insurance company can help you repair damages. This means assisting with the cost of contractors, materials, and more. The claim that you file will have a big impact on what will be covered, so once again, be sure to understand your policy well. 

2. Helps Protect From Unforeseen Disasters 
Wind, earth, fire, and water are more than just the elements. They’re the ingredients for disasters that will usually be protected by your insurance policy. Most policies will protect from tornadoes, fire, windstorms and hail.

1. Gives Peace of Mind 
Lastly, homeowners insurance can give you peace of mind. Knowing that your family, home, and property, are properly protected, can help you stress less and enjoy life more. Because of this, it’s number one on our list of reasons to find a good homeowners insurance policy. 

After Disaster – The Next Step 
A good homeowners policy is a must in today’s world. However, even if your home insurance policy covers the cost of damages and repairs, it will be up to you to make the next move. That’s where ReBLDing can help. In a world that’s unpredictable, ReBLDing is the contractor services specialist you can trust. Find contractors, get fair estimates, track the status of a repair or construction job, save and organize conversations, and more, all in a secure and user-friendly environment. When disaster strikes, ReBLDing has the contractor services that you can count on without any of the stress and uncertainty.

Your Homeowners Policy 
In times of trouble, your homeowner’s policy can be an important tool. This kind of home insurance is capable of protecting you from bearing the burden of certain repair costs and other expenses after an unforeseen disaster. These policies are a great help in situations where your property has become subject to fire damage, the aftermath of extreme weather, flooding, and more. The right homeowner’s policy can help you get back on your feet quickly and with less stress. 

Getting to the Bottom of Things 
Many insurance companies tend to use confusing linguistic terminology in one place or another within their policies. This can lead to a number of fairly common policy misconceptions, myths, and other frustrating miscommunications. These areas of confusion tend to go unchecked until a time of crisis rears its head. 

What You Don’t Know CAN Hurt You 
At ReBLDing, we want you to know what to watch out for so that you can get the most value out of your policies. The things that homeowners don’t understand about their policies can lead to misinformation that can really sting down the road. You definitely don’t want to find out later that something important isn’t covered.

Below, we have included some common myths and misconceptions about homeowners insurance. Some of these myths are even perpetuated with misleading terminology within the policies. We hope that this knowledge will help you better understand your options and assist you in protecting your property in the event of a catastrophe.

6 Common Homeowners Policy Myths and Misconceptions

Here are the top 6 homeowners policy misconceptions that you may not have heard of. 

Myth 1: Premiums Will Increase With Every Claim 
Actually, a single claim may not result in a premium increase of any sort. The damage in this area usually comes from filing multiple claims. Still, it’s a good idea to estimate costs before filing a claim to see if it is really worth taking the hit. After all, you don’t want to file when you can cover it and be surprised by an even worse incident a few months later. While this is unlikely, a good stance to take may be to “hope for the best, prepare for the worst. “ 

Myth 2: A Detailed Home Inventory is Not Needed 
Many homeowners assume the value of their claim will be calculated by a lump sum of their damaged items and repair costs. This isn’t always the case. Some claim adjustments are required after it looks like certain items may be covered. Proof of ownership may be required by your insurance company. There are a few things you can do to protect yourself from losing out when it comes to proof of ownership claim adjustments and similar processes. There are many free worksheets available that you can fill out which allow you to do a home inventory from room to room. We recommend doing this. Better safe than sorry! 

Myth 3: Damage is Always Automatically Covered 
Certain types of damage are expected to be covered no matter what. These types of coverage include water damage, termites, weather damage, and other unforeseen catastrophes. In actuality, there are certain conditions that may apply which will prevent you from being covered. For example, in the state of Florida, where flooding is common, you’d expect a homeowners policy to cover flood damage. Guess what? It doesn’t. Coverage must be purchased separately. Watch for these little surprises. Just because something should sensibly be covered doesn’t mean that it will be. 

Myth 4: Current Market Value is Considered When Determining Premiums 
This is not always true. For instance, the cost of materials and labor today can easily surpass the market value of a home purchased years ago. On the flipside, luxury properties in coveted locations may inflate in worth over time. The rebuild cost for properties that have inflated in value will be much less than the worth of the property. Because of this, it’s smart to ensure that your insurance policy calculates replacement cost value so that you can avoid paying certain premiums for a property that has depreciated. 

Myth 5: Renewal Doesn’t Impact Coverage 
This is another common myth. In actuality, renewing your policy may have multiple stipulations and general policy updates attached to it. Reading the fine print is the first step to take when renewing coverage. If you don’t like the changes to your homeowner’s policy, you may want to look somewhere else. 

Myth 6: Umbrella Policies Cover Everything 
Personal umbrella policies sometimes claim to cover everything. Unfortunately, these policies may, in fact, have a few “leaks.” For instance, if you have an umbrella policy that covers your home, but at the time of an incident you are using your home for business-related reasons, you might not be covered. Additionally, umbrella coverage usually only kicks in after you’ve used up every other type of available coverage. 

Remember, at ReBLDing, we can help. Our system allows you to select the contractors and repair professionals that you need for any job. We also help you track costs, communications, estimates, repair progress, and much more, all in a secure and user-friendly environment. At ReBLDing we can help you make your entire home repair or renovation process simple and stress-free!

Insurance Tips to Make Sure You Get the Most Coverage After a Loss

Knowing how to accurately file a property insurance claim can impact your payment timeframe, claim payment amount, and waking life, dramatically. Additionally, understanding the steps that you can take to get the most coverage after a loss beforehand can save you stress, motivation, and money in the long run. Apart from understanding your policy and having proper documentation on hand, there are a few things you can do to get the coverage that you’re entitled to. 

Facing Your Insurance Company

When you’ve experienced a loss or damage to your property, the last thing you need is a battle with your insurance company. If you end up with an aggressive employee or overly ambitious claims adjustor, you might end up having your case handled unfairly. Our tips listed below will help you get the most out of your claim.

Knowing the Lingo is the First Step

Speaking fluent legal insurance jargon is one of our extremely helpful insurance tips. This will allow you to better understand what your representative is saying, and explain your status properly. Here are a few common terms that you’ll need to know. Additionally, here is a link to our in-depth Insurance Term Glossary.

Types of Settlements

Knowing which type of settlement you may receive is important. Your insurance company should be ready to fairly replace and fix damaged property and items. If you have been making your payments, you are entitled to the coverage that your insurance plan has promised. The settlement that you receive can vary based on how you report your claim. If possible, never accept a settlement that is less than what is promised in your policy. 

• Replacement Cost Settlements 
These settlements are one of the more reasonable options. These settlements cover the cost that it will take to replace damaged items. If you have enough coverage, these settlements can help you get your life back on track. The catch is that the payout time may be slow. Every company is different so specify the settlement payment process with your representative before anything is set in stone. 

• Actual Cash Value Settlements 
Actual cash value basis claims are structured around the depreciated value of items. This means that you will not get the money that you need to replace actual items. Keep this in mind when your insurance company makes you a coverage offer that uses this term. 

Words to Avoid

When filing your homeowners claim, there are a few things that you definitely do not want to say. We are not in any way urging deception, but what is a simple conversation to you may be held against you unfairly later. Speak carefully as you file your claim. Unfortunate as it may be, that first phone call can turn what would be a painless process into a drawn-out battle. 

• Sorry 
Habitually, you may apologize out of embarrassment, frustration, or common courtesy. When it comes to filing a claim, don’t. There is no need to assign blame to yourself, especially in the case of a disaster or property damage. This may go against your responsible nature, but accepting assistance is an absolute must when filing any homeowners claim. 

• Renovated or Customized 
You may have just finished remodeling your and/or kitchen bathroom. The insurance claim adjuster probably won’t want to hear any speculative figures or recent renovation stories. Instead of explaining your renovations, have the actual material receipts, construction costs, and contractor fees printed and ready. ReBLDing logs many of these expenses on our platform so you’ll be able to access them quickly. Having these concrete numbers on hand can be a great way to hold your own against an aggressive adjuster. 

Additionally

Never mention damages that your property already had unless you absolutely have to, even in passing or humorously. If you suspect mold or termites, that’s none of the business of the claim’s adjuster. Don’t give them excuses to cut your claim.
ReBLDing is here to help you get your life back on track after you experience a loss. We offer quotes, contractor services, secure communication, and insurance tips for all of our customers. At ReBLDing, we know that disaster damages can be stressful. When it’s time to hire a contractor and fix your home, we want to make your renovation process as safe, painless, and simple as possible. We can track your costs, contractor communications, and real estimates so that they’re easily accessible. Using our services allows you quick access to all of the contractor costs and some of those key financial figures that you may need when filing a claim.