When you purchase a home, mortgage lenders typically require some type of minimum insurance coverage in order to issue the loan. While you are not legally required to purchase homeowner’s insurance, most homeowners purchase some type of policy and many opt for broad coverage. Because many policies are long and technical, it is important to understand what your home insurance covers and what is excluded from your policy.
Homeowners insurance applies to your home or any personal belongings that are damaged as a result of some type of event, including natural disasters or theft. The policy generally extends to all structures on the property, such as garages. In addition, your policy may cover the medical and legal costs of a party who suffers an injury that you are held responsible for on your property. There are a number of different forms depending on the extent and type of homeowner’s insurance coverage that is purchased, but most policies have the same basic provisions.
The most important section of your policy details the property coverage parameters of your insurance. The policy specifies how much will be paid for damages to the dwelling itself. You should ensure that the coverage limitations for the actual home reflect the replacement cost value of the home rather than the market value of the home. The policy also protects personal property such as furniture, clothing and some appliances. Some policies may also provide coverage for living expenses while the home repair is taking place after a covered incident.
When you file a claim under your policy, the policyholder must generally respond within a prescribed period of time. In the event your claim is denied, you can dispute the decision. The policyholder itself and/or the state in which you live provide procedures for filing an objection and you must follow these rules for disputing a denial. If your claim is still denied after you have submitted written explanation of your position, then it is advisable to contact an attorney. The matter can then either be resolved in court or through a mediation or arbitration proceeding depending on the insurance laws of the state.
The experienced team of attorneys at the Law Offices of Mark Weinstein, P.C. can help you litigate your real estate claims. Contact Mark Weinstein and his colleagues at (770) 888-7707 or visit them at http://www.markweinsteinlaw.com to find out how they can advise you.