Brown's Insurance Blog
Three things you should know about your Virginia home insurance policy
8/31/2011 11:20:00 AM
When it comes to homeowners insurance, Virginia policyholders are sometimes disappointed when they make a claim only to discover that they aren’t entitled to the amount expected. Often, this happens because the individual wasn’t aware of the policy conditions or limits, or what information they need to provide in the event of a claim. If you haven’t read the fine print on your policy, you should, but in the meantime, here are a few things it can pay to know:
• There are category limits that apply to your policy and one that takes many people by surprise is jewelry. Standard policies usually have a low limit between $1,000 and $3,000, so if you have valuable pieces you’ll need to have them valued and documented on your policy.
• Maintenance is the homeowners responsibility. If your home sustains damage that might not have occurred or that would have been less significant if your home had been in good condition, your insurer might reduce or decline the reimbursement amount.
• When you lodge a claim for stolen home contents, you might be asked to provide evidence that you owned the items. Have a receipt for that laptop, camera or designer jacket? If you can’t provide this evidence, an insurer might reduce the amount they offer to pay you. That’s why keeping an inventory of your possessions, together with receipts and photographs, can be important.
Is it time you checked the details on your Virginia insurance policy, arranged appropriate coverage for your jewelry or compiled a home inventory? Go to it – we’d hate to see you get less than what you deserve in the event of a claim!
• There are category limits that apply to your policy and one that takes many people by surprise is jewelry. Standard policies usually have a low limit between $1,000 and $3,000, so if you have valuable pieces you’ll need to have them valued and documented on your policy.
• Maintenance is the homeowners responsibility. If your home sustains damage that might not have occurred or that would have been less significant if your home had been in good condition, your insurer might reduce or decline the reimbursement amount.
• When you lodge a claim for stolen home contents, you might be asked to provide evidence that you owned the items. Have a receipt for that laptop, camera or designer jacket? If you can’t provide this evidence, an insurer might reduce the amount they offer to pay you. That’s why keeping an inventory of your possessions, together with receipts and photographs, can be important.
Is it time you checked the details on your Virginia insurance policy, arranged appropriate coverage for your jewelry or compiled a home inventory? Go to it – we’d hate to see you get less than what you deserve in the event of a claim!
