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What Is Property Insurance?
Property insurance pays for financial losses related to the insured property. For example, if you purchase a property insurance policy to protect your house, and a tree falls on your house, your insurance company will pay for the damages (if this type of damage is covered under your policy).
What Is Homeowner's Insurance?
The most common form of property insurance is homeowner's insurance. If you have a mortgage on your house you are usually required to carry homeowner's insurance. If you own your home and don't have a mortgage, you still should consider homeowner's insurance as it can protect you from property damage and liability.
Protection under a Homeowner's Insurance Policy
Homeowner's insurance offers two types of protection:
- Casualty - This protects the house itself and sometimes the property inside (personal belongings).
- Liability - This protects you from liability in case someone is injured on your property. Liability coverage is particularly important because the financial loss can be enormous. If somebody slips and falls on your property, you could be held liable for all of that person's medical bills and pain and suffering.
Does My Policy Protect against Fire? Or Storm Damage? Or Flood?
There are many homeowner's insurance companies and they offer different types of coverage. You should research how much coverage you need and which company is best for you, because your coverage will vary based on the policy you purchase. Some policies will cover things like falling trees, rain or storm damage, fire, and other disasters. Some policies won't cover them. You should know exactly what your policy covers before you purchase it.
My Homeowner's Insurance Company Denied My Claim. What Should I Do?
The first thing you should do is make sure that your homeowner's insurance policy covers the type of damage claimed. If it doesn't, then there is nothing you can do.
If you think that your policy does cover your property claim and your insurance company refuses to pay, then you should consider taking legal action against your property insurance company. Any lawsuit against your property insurance company may include a claim of bad faith
Do I Need an Attorney to Help Me with My Homeowner's Insurance Problem?
Homeowner's insurance and other property insurance policies can be very complex and confusing. Additionally, each state has different laws regulating homeowner's insurance. Having an attorney take a look at your policy will help you determine whether the insurance company is improperly denying you coverage. If you ever have to go to court, a lawyer will know how to deal with these types of lawsuits and navigate your matter through the complicated legal process.
Consult a Lawyer - Present Your Case Now!
Last Modified: 07-07-2015 10:19 AM PDT
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