Losing your home to a fire, flood or other natural disasters can be heart-breaking. To add to the misery, what if you do not receive the expected coverage from your insurance career? nothing worse, right?
Natural disasters are always unpredictable, with one on the radar; you do not have any other option other than leaving the comfort of your home for a safer place. Damages to properties, especially houses are inevitable during natural disasters.
Once the chaos dies down, minor to major level residential reconstruction work is inevitable. Such situations usually force the property owners to look at different options regarding insurance coverage, their policies, exclusions, and inclusions.
This post will feature some residential insurance coverage regulations worth understanding.
Insured value assessment
Once residential reconstruction is on the charts, the first step is to compare the reconstruction estimate with the insured value. Any damage to residential properties is often marked as an emergency situation.
With a non-functioning house, you might not have a place to stay; this is where you might be compelled to reconstruct the property as quickly as possible while overlooking the price of necessary raw materials. If you do not take some time to foresee the financial aspects and compare the insured value against the reconstruction estimate, you will always end up paying an additional amount to the insurance carrier.
It is mandatory to look into the insurance cover type when choosing a package. The commonly chosen standard insurance cover might not cover everything that your property needs.
For instance, standard residential insurance cover usually covers fires, hail, and windstorm damage, but something like an earthquake and flood coverage can come as ‘optional’.
Prepare an estimate
An accurate reconstruction estimate can do wonders when it comes to ensuring that the whole process progresses smoothly. Consider getting multiple quotes prior to putting pen on paper.
Factor in any additional cost aspect which is not covered under insurance. For instance, before the reconstruction work starts, you need to clean your house and perform some inspects like mold or mildew. These costs are usually not covered under standard insurance packages.
Take pictures, compile an inventory of the contents in your house to provide to an insurance assessor if you decide to claim.
Reconstructing your house can be a painful task. You need a considerable amount of effort to get the insurance paperwork right. Choosing a reconstruction company that can assist you with insurance paper works is another smart way of tackling the situation. Always stick with a professional company that abides by the standards like IICRC best practices and have significant certifications and reviews.