Many homeowners are surprised to learn that their insurance does not cover the damage they sustained when they file a claim. Are you out of luck if you need assistance? If you are able to identify the coverage that you need, it will not be.
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This story could save you thousands of dollars and help you avoid the expense of a hair transplant.
Consider these assumptions about your coverage
Would you believe that your insurance policy would cover water damage if you were Jay? Walker, however, knows better and explains why most people wouldn’t.
“Commercial property and homeowners insurance policies can be sold in a way that leads people to believe they cover the most common damage, resulting in costly repairs.
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Filled a Claim, Denied
Jay immediately filed a claim at his homeowners insurance company – the largest in America – and was denied. The adjuster came out and denied Jay’s claim! They were in desperate need of their insurance, and the adjuster said “Forget It!”
Why? Did the adjuster want to deny them coverage that they had already paid for? It is not. According to the adjuster’s report, “Your policy does not cover wear, tear, deterioration or latent defect, as well as continuous or repeated water seepage or loss.”
If a pipe burst suddenly while they are at home, and they call in the claim, it will be covered. Walker says that homeowners and commercial property policies exclude a slow leakage over a long period of time even if you don’t know it’s happening. This is something that agents will not tell you unless you ask.
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Coverages You Can Get If You Ask
Karl Susman, a Los Angeles insurance broker, says that coverage can be obtained for many losses that homeowners policies are not able to cover. He is also an expert witness in cases of agent malpractice.
- These coverages are usually available through an additional endorsement to your policy, according to Susman
- Coverage for hidden water damage, steam seepage and leakage. “If Jay had this coverage, the loss would be covered.”
- Buried utility/sewer line damage. This policy covers damage to your property from a backed-up sewer.
Insurance for equipment breakdown. Property insurance covers damage due to an external cause such as fire. Equipment breakdown insurance covers damage due to internal forces such as power surges and electrical shorts.
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Coverage for undamaged roof surface coverage. Insurance policies usually only cover damaged roof sections, which can sometimes make it difficult to see. Even if a part of the roof is damaged, this endorsement will cover the entire roof.
Insurance that covers identity theft. It is often assumed that it is included in your standard policy. You must purchase it as an endorsement.