Be smart about filing homeowners insurance claims
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- Опубліковано 4 жов 2024
- Whenever storms roll through, claims will naturally follow. Be careful in jumping the gun and immediately filing a claim especially if the structural integrity of the home is NOT compromised. When you file claims, it is reported to a database called CLUE (Comprehensive Loss Underwriting Exchange). Picking up the phone to call the claims department to find out if something is covered counts as a claim.
If you get too many claims, you will see rate increases, a possibility of being non-renewed or having certain claims denied. Always consult with your agent before filing a claim.
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Good information, quick and to the point. Nice work Mr. Wells.
Thanks
Very useful ... a contribution to the universe !
Glad it was helpful!
Thanks for the advice Tracy.
You are so welcome!
Intro music volume 10. Monologue volume 4.
Thanks. I'm working on that.
If I try to file a claim on water damage like the toilet overflowed and flooded down the hallway and ruined my hardwood floors in my bedrooms and caused the mold issues and the insurance company tells me you have to go through my mortgage company doesn't that mean the insurance is is supposed to be the insurance policy is from the mortgage company that does not my own private insurance? And wouldn't that be covered under strata because the mortgage company should be paying for their own policy not me?
If your toilet overflowed with just water, your homeowners policy should cover it. However, if it was an accidental discharge of bilge the homeowners policy will only over it if you have an endorsement on it to cover bilge/sewer.
thanks man almost filed a claim. Thanks this was great advice
Glad it helped! Nothing worse than having a $0 claim haunt you later.
I am in the gray area for USAA. Neighbors unit caught fire, but no water/fire damage to my unit and we are connected. But We have smoke smell coming through walls/crawl space. - Getting a few quotes from restorers. But the smell seems toxic and burning my eyes.
Fire damage will usual leave the toxic smell.
What if I'm discovering mold in the basement is probably due to a structural issue or a foundation shift of a fact Foundation what do I do in that case and if the mortgage company has to sign off on it doesn't mean that it's really their policy and not my personal my own homeowners insurance in that case what is the mortgage at their own cost
Your homeowners policy most likely will not cover that. Your policy would only cover it if it was in the area of a prior water claim that they paid for.
Can't hear you
Hello Sir I have got a minor accident due to oil lamp the smoke is all over my first floor and second floor and the black ashes is all over the spots
I filed claim but they are saying we need to change floors and carpets and they estimate around 50k I guess. Is that really needed. How much my premium goes next year.
Not sure how much your premium will go up. Whenever you insurance company writes a check for damages, your rate WILL increase at renewal.
Hi, who can help in San Diego? I found mold and damaged personal items in my rental inside a private home. I have renters ins but they will not cover it. The owner said she will reimburse me. Said her son will come fix it. 40 days later no action but she says I have to move so he can fix it. Then she smartens up and tells me shes moving to Florida and closing the house and that I have 30 days to find a new place. My head is spinning
Sorry for the late response, you may need to contact an attorney. All homes have some type of mold, the only way a policy will cover for mold is if there was a prior water claim in the same area of the house where mold has been found.
I just realized I've been having an electrical issue with my circuit breaker box, which is being caused by a water leak in the foundation. I've been having large water leaks but didn't know it was affecting my electric throughout my home. I have USAA. What do you recommend??
They may cover it. Try it and see.
Insurance companies pay agents money when their clients don’t file claims. This guy doesn’t want you filing claims cause he gets paid more money when you don’t.
Those aren’t grey areas he is talking about those are claims.
Filing a claim won’t raise your premiums and there is no shared portal where the carriers know who filed claims. They tell you the CLUE database but that’s auto and personal property
I don't get a bonus for people not filing claims sir. The claims follow them for 3-5 years and can affect their ability to get coverage or a reasonable rate. Your axe to grind is you want to do the repair work. You obviously have never seen or heard of the CLUE report or A plus. Please stay in your lane.
Polite feedback.
Perhaps learn how to adjust the recording level.
Always, listen to the video yourself before you post it!
I hope that makes sense.
I have in my latest videos