If you’re like me, you probably don’t even know what homeowner’s insurance is. But if you were ever lucky enough to have a policy, I bet that one of the most frustrating things is when your claim gets denied. Is it just me?
If that sounds like a situation you once experienced or may experience in the future, keep reading! We’re going to explore some reasons why homeowners’ claims get denied. Let’s start with some general information about homeowner’s insurance and then move on to specific reasons for denial.
Okay, so what is homeowner’s insurance anyway?
Homeowner’s insurance is a type of commercial insurance that protects you in case you suffer a loss from a disaster. This includes things like damage from wildfires, hurricanes, and earthquakes. It also includes damage from tornadoes and floods, in case you live somewhere where those can become concerns for your home. If a disaster happens to your home and causes it to be damaged or destroyed, homeowner’s insurance will cover the cost of repairs or help you to rebuild it entirely if it has been totally destroyed.
What’s the difference between homeowner’s insurance and flood coverage?
There is a difference between homeowner’s insurance and flood coverage, which is an optional item on many homeowner’s policies. Flood coverage will add to the total of your policy to help you pay for water damage repairs after a disaster. However, it will not be necessary if you have homeowner’s insurance.
Why might your claim get denied? There are reasons for any kind of insurance claim denial, but in general there are several reasons why your claim may be denied. First, there are issues with making those repairs in the best possible way for your situation. Some claims happen because the proper paperwork was not filed in a timely manner or at all. For example, if you were ready to file your claim after an event happened, but did not file it within 30 days of the event, that would be considered untimely filing.
There are also issues with making certain repairs in the best way to prevent a larger claim in the future. For example, you may make repairs to your roof in such a way that means when it rains again, water can’t get into the crawl space causing major damage to your home’s foundation or walls. If this happens then there is no need for flood coverage anyway. So making these kinds of repairs properly is key.
And finally there are policy errors on your part that cause your claim to be denied as well.
Having a homeowner claim denied? Want to step it up?
If you’re here, it’s because you’ve been denied for a homeowner claim. You know that losing your home is impending and you want to do what’s necessary to keep the bank from repossessing your property. Now, we understand that the thought of hiring someone else to fight for your rights may not be appealing.
The National Homeowners Alliance publishes a list of the top 50 US home insurers who have third party advocates. For each firm listed contact their claims department and ask for a call back from our Claims Department Administrator – This can be done over the phone or via email as needed.
When contacting a claims department – Don’t be afraid to ask questions and request that they call you back – this will help to expedite the process. Always try to keep track of phone numbers in case you ever need them again.
In order to expedite the claim: Request that you be called a specific day or date so that you can download file items for completion on your own time.
File the necessary paperwork via email or fax – fax preferred because of electricity use.For property loss, consider hiring an attorney if possible, especially if your property was damaged but not destroyed by natural disaster such as flooding, windstorms, hail storms or earthquakes – since there will be different rules applying to these type of claims.
Nonetheless, if you’re serious about getting your home back or stopping foreclosure as soon as possible, we have an idea for you: Call in the experts and hire a dedicated consultant who will get up-to-speed with all things related to first mortgages and claims quickly. They’ll work with homeowners before they lose their homes and find the best course of action available to them. It’s a win-win situation because while your consultant is helping you with your claim, they’re also saving you money on the lawyer fees.
At the end of the day, you’ll know exactly what questions to ask and which experts to consult. It’s a win-win proposition that we think will work wonders for both homeowners and mortgage claims professionals alike. So, if you want to be up-to-date with all things related to real estate, call in one of our top mortgage consultants in Georgia or Kentucky today. They can help manage your first lien claim and keep you from losing your home.