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Actual Cash Value (ACV) coverage will only pay for
replacement costs less depreciation. |
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Replacement Value coverage will pay for replacement but only
up to policy limits.Make sure that your policy limits are sufficient. |
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The type of coverage that you have may not be the same for your
personal property as it is for your dwelling. If you want replacement coverage
for your personal property, it may have to be added to your policy. |
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Many items in your household may have limited coverage or none
at all. The coverage on valuable documents, antiques, musical instruments,
business personal property, computers, etc. should be reviewed and policy
endorsements discussed with your broker, agent or insurance company if
necessary. |
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Flood is not covered under a Homeowner’s policy. You may
live in a designated flood area. Contact your broker, agent, or insurance
company to find out if you live in such an area. If you do, your agent
or broker may be able to obtain a flood policy from the National Flood
Insurance Program or an authorized insurance company. |
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Loss from "Earth Movement" is not covered
under a homeowner's policy. Loss from mudslide is not covered under this
exclusion. Know whether your home is susceptible to this kind of loss.
You may wish to consult a professional engineer. |
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Policies issued to homeowners near shores and waterfronts
may have higher windstorm loss deductibles which are usually triggered
by officially measured hurricanes. Review your policy to be clear what
additional loss exposure you may have in those circumstances. |
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A written inventory of household possessions may
be very helpful in filing a claim for losses. It should be kept in a location
away from the home |
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Receipts for the purchase of items will help prove
the value of a loss. Again, they should be kept in another location. |
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A videotape or photographs of your household and
possessions can be valuable to support a claim. Again, keep them in another
location. |
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A copy of your policy in a separate, safe location
may prove valuable if the papers in your home are damaged or destroyed. |
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Notify your insurance company or its agent as soon
as possible after the loss. It is best to follow up a telephone call with
a written notice. Keep a copy for your reference. |
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Under your policy you are responsible to protect
your property from further damage. Costs for these repairs and temporary
emergency repairs are covered under your policy. However, you must give
your carrier the opportunity to inspect the damage before final repairs
are done. It is a good idea to photograph the damages before any emergency
or temporary repairs are done. |
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The company may ask you to submit a written claim
form. They should contact you within 15 days after your claim is submitted.
They may have a an adjuster inspect your loss. The company will contact
you when they have made their determination. |
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If you need assistance with your claim you should
contact your agent, broker, the carrier, or the Consumer Services Bureau. |
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If your area has been declared a state or federal
disaster area, you may be eligible for assistance under the New York State
Emergency Management Office or the Federal Emergency Management Office.
You should contact these offices directly. They will normally set up disaster
centers in the area to provide assistance. |
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