Guilford Woman July 2012 : Page 12ASK THE REMODELER Buyer Beware: Homeowner’s Insurance Q. A. Am I truly covered by my homeowner’s insurance policy? Maybe, maybe not. Explanation, most of us have medical insurance and have used this insurance paying the copay for a doctor’s visit or emer-gency situation only to receive a bill in the mail later stating that we owe money because what we thought was covered by our policy, actually is not. We then spend hours on the phone only to find out that the policy covers very little. I said that to say this, homeowner’s policies are ab-solutely no different. I have been in construction for 34 years and I have seen insurance companies get worse and worse on interpretation of the policy purchased by you. All policies are basically the same. The policies are regulated by the NC insurance commission, but when it comes to in-terpretation it is left up to a field representative, better known as “adjus-tor”. Some insurance companies won’t even send an adjustor out. They will tell you over the phone that your issue is not covered no matter what it is. Some will cover, let’s say, a shower pan leak when others will not, but ac-cording to your insurance policy if you have full coverage both are sup-posed to provide coverage. This is where it comes back to interpretation by the adjustor. I have worked with all top name insurance companies, some good, some not so good in taking care of their clients. For example, I had the same type of claim on 2 different jobs both for the same insurance com-pany and there was a different adjustor sent to each claim. One adjustor approved the claim for one claimant, but the adjustor on the other claim denied it. Again, it comes down to interpretation by the adjustor. When purchasing a homeowner’s policy, make sure you get in writing that all water leaks, fire, smoke damage, and damage due to weather conditions (short of a flood) are covered. Flood insurance is always a separate coverage. This may cost a little more in your premium, but can save you tens of thousands in the event of disaster repair, and when such things may happen DO NOT call your insurance company first, call a pro-fessional emergency disaster service, preferably one that is home town. Let them be your voice; NEVER, EVER, try to negotiate on your own. This should not cost you one penny other than your deductible. Having a pro-fessional voice can sometimes turn a disaster into a blessing. Steve Freeman is the owner and operator of Custom Designs by Steve, 1605 N Main St, High Point, NC 27262 customdesignsbysteve.com 12 | GUILFORDWOMAN.COM ASK THE REMODELERSteve Freeman<br /> Buyer Beware: Homeowner’s Insurance<br /> <br /> Q. Am I truly covered by my homeowner’s insurance policy?<br /> <br /> A.Maybe, maybe not. Explanation, most of us have medical insurance and have used this insurance paying the copay for a doctor’s visit or emergency situation only to receive a bill in the mail later stating that we owe money because what we thought was covered by our policy, actually is not. We then spend hours on the phone only to find out that the policy covers very little. I said that to say this, homeowner’s policies are absolutely no different. I have been in construction for 34 years and I have seen insurance companies get worse and worse on interpretation of the policy purchased by you. All policies are basically the same. The policies are regulated by the NC insurance commission, but when it comes to interpretation it is left up to a field representative, better known as “adjustor”.<br /> <br /> Some insurance companies won’t even send an adjustor out. They will tell you over the phone that your issue is not covered no matter what it is. Some will cover, let’s say, a shower pan leak when others will not, but according to your insurance policy if you have full coverage both are supposed to provide coverage. This is where it comes back to interpretation by the adjustor.<br /> <br /> I have worked with all top name insurance companies, some good, some not so good in taking care of their clients. For example, I had the same type of claim on 2 different jobs both for the same insurance company and there was a different adjustor sent to each claim. One adjustor approved the claim for one claimant, but the adjustor on the other claim denied it. Again, it comes down to interpretation by the adjustor.<br /> <br /> When purchasing a homeowner’s policy, make sure you get in writing that all water leaks, fire, smoke damage, and damage due to weather conditions (short of a flood) are covered. Flood insurance is always a separate coverage. This may cost a little more in your premium, but can save you tens of thousands in the event of disaster repair, and when such things may happen DO NOT call your insurance company first, call a professional emergency disaster service, preferably one that is home town. Let them be your voice; NEVER, EVER, try to negotiate on your own. This should not cost you one penny other than your deductible. Having a professional voice can sometimes turn a disaster into a blessing. Publication List |
