Share this on:
 E-mail
14
VIEWS
0
COMMENTS
 
SHARES
About this iReport
  • Not verified by CNN

  • Click to view shadmars09's profile
    Posted July 9, 2014 by
    shadmars09
    Location
    Chicago, Illinois
    Assignment
    Assignment
    This iReport is part of an assignment:
    Sound off

    More from shadmars09

    Tips to know what home insurance covers & what it doesn't

     

    If a tree falls in your yard, your insurance agent might not hear it.

     

    You probably bought your home policy years ago, then stuffed it in a file somewhere. Will it be there for you when you need it?

     

    Here's how to protect yourself:

     

    1.You'll probably have to fight to get a big claim paid. Homeowners who suffer a loss of $30,000 or more get the most pushback from their insurers over damages, coverage and slow payouts, Dyman Associates Insurance Group of Companies' recent survey data shows. But the coverage of huge losses is exactly why you buy home insurance.

     

    Protect yourself. You can cut your odds of a fight by doing business with an insurer that pays its claims. The best carriers for claim-payment satisfaction are Amica, Auto-Owners and USAA, according to the most recent Consumer Reports National Research Center survey of 9,905 subscribers who filed homeowner claims from 2010 through the first six months of 2013.

     

    2.The first offer may not be your best offer. Consider your insurance adjuster's first offer just an opening gambit.

     

    Protect yourself. If you have a dispute over damages, make the adjuster go over the estimate, line by line, with you and your contractor. Get a second opinion from an independent contractor or multiple estimates, if necessary.

     

    3.Your trees can bankrupt you. Linda Paustian of La Porte discovered that after a violent thunderstorm dropped about 40 hard maple and red oak trees on her home and property in June 2010. State Farm paid $6,000 to remove the trees that struck Paustian's 1895 Arts and Crafts bungalow, but nothing of an additional $6,000 that was needed for tree and debris removal and stump grinding.

     

    Protect yourself. Understand that a standard policy covers trees that fall on insured structures but generally not those that land in your yard.

     

    4.Your bank might hold up your check. “Every check sent to us had to be forwarded to the mortgage company so they, in turn, could write another check to us so we could pay the contractor,” says Thomas Sloan, who suffered $33,000 in damages when the remnants of Superstorm Sandy blew a neighbor's oak tree onto his West Virginia home in October 2012.

     

    Protect yourself. If you have a mortgage, expect a settlement check made out to you and your mortgage company. Find out how to get it promptly endorsed and deposited to your or the lender's escrow account.

     

    Continue Reading

    What do you think of this story?

    Select one of the options below. Your feedback will help tell CNN producers what to do with this iReport. If you'd like, you can explain your choice in the comments below.
    Be and editor! Choose an option below:
      Awesome! Put this on TV! Almost! Needs work. This submission violates iReport's community guidelines.

    Comments

    Log in to comment

    iReport welcomes a lively discussion, so comments on iReports are not pre-screened before they post. See the iReport community guidelines for details about content that is not welcome on iReport.

    Add your Story Add your Story