If you're a homeowner, protecting one of your largest investments is vital. This all begins with the declarations listed on your homeowner's insurance policy. While you hope to never have to use your property insurance in the event of a major catastrophe such as a fire or storm, it's always best to be prepared. Many homeowners don't sit down frequently with their insurance agent to update or review their existing policy. Here are some things that you should consider discussing with your insurance company now rather than later, in case you have to file a property insurance claim in the future.

What Type Of Insurance Do You Really Have?

It's important to know right now what type of insurance you have on your property. Is it replacement insurance or insurance to secure the mortgage on your home? The amount that your home is worth and the amount of your existing mortgage go into consideration for how much insurance your bank will require to meet your loan qualifications. For example, if you paid $175,000 for your home, your lender will require the insurance will at least pay that much to them in the event the home is destroyed. Replacement value would be the amount to pay off the existing mortgage and to rebuild the same value or more in its place. Before filing an insurance claim, make sure that you know the difference.

Are You Insured For Newer Items?

When filing a property claim, make sure that specific items that were either lost, stolen, or damaged are included in the claim. If you have those items listed on the declaration page, they should be covered. Now is the time to meet with your agent to update new purchases such as:

• Home improvements such as a sunroom, carpeting, deck, or new roof.
• Furniture
• Jewelry
• Recreational items and farm implements
• Personal belongings and antiques

Anything of value that you would wish to replace should it be lost, broken, or damaged should be listed on your policy.

What Are The Steps To Take If You Need To File A Claim?

If you've experienced a property loss, it's time to file a claim. Contact your agent right away so he can send an adjuster to your property to access the damage. He will ask you a series of questions and have you sign an affidavit supporting your claim. He will also take pictures and discuss how reimbursement pertaining to your homeowner's policy will work.  

How Do You Deal With Multiple Insurance Companies?

An accident involving a guest or a neighbor that borders your property may result in more than one insurance company getting involved. Private medical insurance coverage or your neighbor's attorney or homeowner's insurance company may all be investigating a claim to decide who will ultimately be paying the claim that was filed. If you are not satisfied with how the claim was handled, ask to speak with your insurance company's main agent or seek legal advice from a qualified attorney.

Filing a claim can be a lengthy process from beginning to end. You don't want to be left wondering at the last minute if your home is fully covered or not. Contact your insurance agent today for advice pertaining to your individual situation to make sure you have the right insurance for your needs. For more information, contact local professionals like Advanced Building Assesment Inc.