The Secrets of Home Insurance Claims recently posted a very good article concerning secrets of home insurance claims. Unless you’ve already run into the task of a major home insurance claim, you most likely don’t know what to expect. Here is a look at many of the things that can take people by surprise when they have a large home insurance claim according to

  1. A claim for a total loss of a house can cost less than rebuilding a damaged house. Construction from scratch costs less per foot than construction for rebuilding. Often it’s “easier” to fix your problem if your house is simply gone, rather than to try to repair the damaged sections of what’s left.
  2. If you have a mortgage, your insurance checks will be made out to both you and your mortgage bank. Your mortgage holder is likely listed as a “loss payee” on your home insurance policy, so payments for rebuilding are issued to both you and your lien holder.
  3. Don’t cash any insurance checks marked “full and final settlement.” In some states, such as California, it’s illegal for an insurer to issue a check like this. You don’t want to cut yourself off from any funds you’d be entitled to if you later discover that not everything has been paid for.
  4. Don’t sign a release on your home insurance claim. This takes the home insurer off the hook for any future payments on your claim.
  5. People regularly settle for less than the total cost of their damages because they are exhausted.

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