Property insurance may be purchased in order to protect a homeowner’s property. This is known as homeowner’s insurance and may protect from either damage to the property or liability for certain events that occur on the premises. The policy allows the property owner to receive monetary amounts for certain damages or costs.
Individual property insurance terms will vary according to the policy. The policy can sometimes be negotiated with the insurance dealer. However, in most cases the homeowner will be purchasing a set policy that contains standard terms and clauses.
Most homeowner’s and property insurance policies cover two aspects: casualties and liability. Casualty insurance covers damage that may be caused to the property. These may include damage caused by:
- Natural causes, such as floods, earthquakes, etc.
- Falling branches
- Certain man-made causes such as sewage damage
Casualty insurance coverage varies widely depending on geographic location and other demographic factors. For instance, if a home is located in an area that is prone to flooding, then the policy will likely address the issue of flooding. However, if other factors are more prevalent, such as wildfires, the policy may cover that aspect and not flooding. It all depends on each individual policy.
Similarly, liability insurance coverage terms may vary according to many factors, such as the nature of the property, the location, types of frequent visitors, etc.
One common casualty insurance dispute is where the insurer refuses to pay costs associated with damages to the property. If the type of damage is listed and covered in the insurance contract, then they are generally obliged to cover the damages. However, if the terms are not included specifically in the contract, then additional legal action may be required in order to determine terms for recovery.
Other common casualty insurance disputes may involve:
- Federal or state disaster assistance eligibility
- Various tax-related issues
- Deduction of casualty or theft losses
A dispute over property insurance or a casualty claim can sometime be complex. The dispute may involve a number of different legal concepts and conflicts. You may need to hire a real estate lawyer if you need assistance with an insurance claim or dispute. Your attorney can provide you with legal information and research on the laws in your area. If you need to appear in court, your attorney can help represent you during the process. You may also wish to contact a lawyer if you need help negotiating an insurance contract.