This entry was posted on Monday, July 16th, 2007 at 2:41 pm and is filed under Did You Know?. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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July 16, 2007
One of the prerequisites to being able to buy a home via a lender, or even rent in most states is to have some form of insurance covering the replacement cost of the residence, and often the items inside of it.
If the unthinkable were to occur and you were to lose your home to fire, you may find yourself left with hardly any assets, and worse yet, roofless.
For this reason it is often a good idea to carefully document everything you own, and find out just what exactly your insurance covers. This should be common sense, as your insurance is increasingly useless if you are unable to document anything you’d hope to have covered should disaster strike.
Often homeowners, in an attempt to decrease premiums, may lie and claim they do not have a trampoline, or any other number of small white lies. This can be a huge mistake, as your insurer can and WILL deny your claim should you ever attempt to file one. Imagine your potential frustration when you find that the entire home will not be covered as a result of an unreported trampoline in your backyard.
While this may seem like an unrealistic scenario, I personally had a childhood friend who lost her home to fire, and had their homeowner’s policy denied when they made their claim. They found themselves left without anything.
For this reason, take a moment and call your insurance agent and request a copy of your policy. Look it over, and fix any problems now. You’ll be glad you did should disaster ever strike.
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