Insurance 101
by Grant Oldsen
Property is usually valued at tens, sometimes hundreds of thousands of dollars. Having such a high worth means it has to be protected from any accidents, and fire is just one of them. A fire insurance policy is one that promises to cover the cost of the property within a predefined timeframe. Fire insurance as a topic cannot be wholly understood in one day, and this text hopes to shine a little light on the topic.
First thing you need to know is that there are differences in fire insurance policies. They each have different extents of coverage and as a result, require different amounts as premiums. The best way to distinguish the different kinds of claims is with the compensation methods. Some of them take to compensating the amount directly proportional to the damage caused by the fire. The others take to covering the costs of replacement for the property brought down by the fire. If your cover included your personally belongings, these are replaced too. How much or how little this is, is determined by the loss assessor.
In the event of a fire, you are recommended to file a claim with your insurance company immediately or in a period of not more than five days. Usually the scenario is, someone is sent to asses the damage caused by the insurance company. But there are weaknesses in this, since said person will hardly have the expertise to accurately determine the loss caused to the house and your personal belongings as well. That is why you are advised to take on inventory in your house, should you need it to take a claim.
Inventory in this case represents evidence that might help point out to the actual worth of the property before the fire happened. Writing it down therefore doesn't suffice since the insurance company won't know what's true and what's not. Rather, take pictures, or record a video of your entire house. A 15 minute compilation of the rooms in the house and an overview of the property that you have will help establish the close estimate of worth that the fire took away. Once these details are out of the way, the compensation process then begins.
You can lower the premiums you pay by taking measures to reduce the risk of fire. This is through the installation of sprinklers and fire alarm systems. It especially becomes more important when the policy you take is highly comprehensive, covering everything from the house itself, to the surrounding structures, including the landscape.
First thing you need to know is that there are differences in fire insurance policies. They each have different extents of coverage and as a result, require different amounts as premiums. The best way to distinguish the different kinds of claims is with the compensation methods. Some of them take to compensating the amount directly proportional to the damage caused by the fire. The others take to covering the costs of replacement for the property brought down by the fire. If your cover included your personally belongings, these are replaced too. How much or how little this is, is determined by the loss assessor.
In the event of a fire, you are recommended to file a claim with your insurance company immediately or in a period of not more than five days. Usually the scenario is, someone is sent to asses the damage caused by the insurance company. But there are weaknesses in this, since said person will hardly have the expertise to accurately determine the loss caused to the house and your personal belongings as well. That is why you are advised to take on inventory in your house, should you need it to take a claim.
Inventory in this case represents evidence that might help point out to the actual worth of the property before the fire happened. Writing it down therefore doesn't suffice since the insurance company won't know what's true and what's not. Rather, take pictures, or record a video of your entire house. A 15 minute compilation of the rooms in the house and an overview of the property that you have will help establish the close estimate of worth that the fire took away. Once these details are out of the way, the compensation process then begins.
You can lower the premiums you pay by taking measures to reduce the risk of fire. This is through the installation of sprinklers and fire alarm systems. It especially becomes more important when the policy you take is highly comprehensive, covering everything from the house itself, to the surrounding structures, including the landscape.
About the Author:
Want to find out more about mass mutual life insurance, then visit Grant Oldsen's site on how to choose the best crime insurance for your needs.
Cheap Auto Insurance California