Understanding Your Home Insurance: A Homeowner’s Guide to Coverage, Claims & Savings

Research has found that about 1 in 5 California residents live in areas prone to flooding, 66% in areas at high risk for earthquakes, and 10% in areas at high risk for wildfires. Despite this, LendingTree found that 10.5% of California homeowners lack homeowners insurance. What happens if disaster strikes and your home isn’t insured? More likely than not, if you aren’t prepared to pay for extensive damages out of pocket, you will lose your home. The simple solution? Homeowners insurance. Let’s dive into the details of homeowners’ insurance and how you can ensure that you are protected no matter what.  

What Is Home Insurance & Why Is It Important?

Home insurance falls under the umbrella of property insurance and it covers losses and damage to your home. It also protects belongings inside your home from theft or destruction. Home insurance policies generally cover interior and exterior damage, loss or damage to personal assets, and injury that arises while on the property. 

Home insurance helps homeowners protect themselves and their belongings from unexpected circumstances. This protection can save the homeowner thousands of dollars in home repairs and the cost of replacing lost belongings. Some of the most common types of disaster, the remediation of which relies on homeowners’ insurance, are water, fire, and smoke damage, often caused by natural disasters or home plumbing issues. 

While homeowners’ insurance is not legally required in the United States, many mortgage lenders require homeowners to have insurance coverage as a part of the loan terms. However, if you own your home outright, you are not required to have coverage. In this case, the money saved simply doesn’t outweigh the risk. 

What Home Insurance Covers & What It Doesn’t

It is essential to keep in mind that typical homeowners’ insurance policies offer coverage for some disasters, but not for others. Working with a trusted public adjuster can help you better understand your coverage and how to receive a fair and proper payout in the case of a disaster.

Covered Perils: Fire, theft, storm damage, vandalism, etc. 

Exclusions: Floods, earthquakes, neglect, and intentional damage

When to Hire a Public Adjuster for Home Insurance Claims

Unfortunately, even though homeowners’ insurance serves to protect homeowners from losing their homes or paying exuberant amounts out of pocket, insurance companies will oftentimes try to skirt these responsibilities to the detriment of the homeowner. Homeowners will end up being severely lowballed and have to pay tens of thousands out of pocket to repair their homes. This is where a public adjuster comes in. A public adjuster works with homeowners to fight insurance companies in order to receive proper settlements. Qualified public adjusters will asses the home’s damage, and submit an appeal with insurance, negotiating until they have reached a reasonable setllement payout. Property Claims Consultants is a trusted name on the West Coast for evaluating damage and adjusting public. 

Need help with a home insurance claim? Let Property Claims Consultant guide you through the process and ensure you receive the full payout you deserve. Contact us today for a free consultation!