There are many factors that can take people by surprise when you have a large pa home insurance claim. Homeowners take out large insurance coverage and when a disaster strikes may people are taken by surprise only to find that that have not been covered adequately by their insurance company. There are several factors one should be aware of should you experience a disaster such as:
- Claiming for the total loss of your home can cost you far less than rebuilding a home that has been damaged. Building your home costs less per footage than rebuilding. In most instances it is far most costly to refurbish your old home to prevailing code than to start from ground roots.
- If you are still paying your mortgage, your insurance company will issue a payment to the mortgage bank and a cheque to the homeowner, as your mortgage holder is likely to be listed as a loss payee. Don’t expect your mortgage holder to sign the check over to you either. Mortgage companies will only sign the payment over to you once the home has been repaired and verified.
- If you see that your insurance check states full and final settlement, do not cash these checks. It is not legal for insurance companies to issue checks of this nature. The minute you cash the checks you will be cutting yourself short and will discover that not everything has been paid for.
- Whatever you do, don’t sign a release on your pa home insurance claim, as this releases the insurer for any future payments on your claim. Homeowner’s insurance policies do not require you to execute a release, so under no circumstances sign such a form.
- Don’t allow our insurance company to replace your expensive items with similar items. You are fully entitled to be paid for the items you had and not accept a similar version of the item.
- In the instance where you are a condo owner, you need a condo association’s policy that will cover your property. In addition you will need a separate homeowner’s policy for all your belongings. Without this type of policy you will have no liability protection. Should someone injure themselves on your property they are able to sue you if you have no liability protection.
As a Pennsylvania home owner, you should be fully aware of the Pennsylvania homeowner’s insurance policy, enabling you to find the best policy to fit your Pennsylvania property insurance needs at the lowest cost. You should have enough homeowners insurance to equal the replacement cost of your home.
You should also have enough coverage to be able to replace all your belongings which includes clothing, furnishings and all appliances. In addition you require self protection and need a Pennsylvania home insurance liability cover to protect your assets from lawsuits due to negligence. You also need to be aware that a frame construction costs far more than a brick construction and that an older home costs more to insure than a new home.