Don't Get Caught Out By These Home Insurance Problems!
Friday, October 07, 2016 • No Comment
Many of us have home insurance. But how many of us fully understand the policies we’ve been given? I’m willing to bet that an alarming number of homeowners have a few misconceptions about their home insurance.
This is because of common misunderstandings about what home insurance usually offers. In most cases, these companies are only going to help you out if something sudden and disastrous happens. Something that, reasonably, you can’t have been seen to have had any control over. In such a case, you’ll generally get the payout you need.
But there are many times where you might not be able to get such compensation.
It seems reasonable enough to believe that your home insurance will protect you in many damaging circumstances. But most policies will have some form of exclusion against things you may think are pretty basic. Policies usually cover you in the case of theft, loss, flooding, fire, and other accidental damage. But not all of these might be covered. Flooding protection, for example, is often provided as a separate policy.
It’s estimated that anywhere between 20-30% of home insurance claims has something to do with the roof. This will no doubt have something to do with how many people completely neglect their roof! We often don’t notice problems with it until it’s too late.
But insurance companies will rarely pay out unless forces of nature damage the roof structure. (These forces will include things like high winds and lightning.) If the roof collapses after several years of degradation? This will be seen as something you could have prevented and you may not be compensated. This is why it’s crucial you work with a company like National Roofing to get fixes in before something catastrophic happens.
Mold and damp
People often underestimate just how much damage these things can do. When damp appears, it’s not just a case of ruined wallpaper and weird stains. What’s often going on behind your walls is deep structural damage. Mold often appears alongside damp, causing further damage and creating a generally unhealthy environment. You need to get such problems fixed as soon as you can. But your insurance company probably won’t be covering the cost of this treatment. Unless the problem is assessed to be the result of a major storm or flooding, you probably won’t be compensated for it.
Ever heard of inherent vice? No, not the novel by Thomas Pynchon or its excellent film adaptation. Inherent vice is a legal term referring to a hidden defect that will inevitably contribute to deterioration and damage. Often, it’s the cause of poor workmanship. And if that’s the case, you probably won’t be covered by your insurance company. If a structural problem has occurred and it’s assessed to be the fault of the people who built the place? Then you probably won’t be compensated. In such a case, the damaged property was, basically, destined to exhibit this problem at some point. Thus, it’s fair enough that the insurance company shouldn’t pay for it in most cases. Doesn’t stop it being very frustrating, though!