Insurance Claims

Even though I have never liked paying for insurance, I know I need it for my house since it’s the biggest asset that I own.  On the Gulf Coast, it’s important to have three policies: homeowner’s, windstorm, and flood insurance.

I reduce my premiums by having high deductibles and lower coverage than current market value.  I keep meaning to compare other insurance carriers to my current ones.  When comparison shopping, it is very important to know how established an insurance company is and how they are rated.  Sometimes, smaller companies go bankrupt instead of paying claims when an area is hit by a big disaster such as a hurricane.  Sometimes, smaller companies find any reason to deny a claim even if everyone else is having their claims approved by other companies.  Some of my neighbors recently had that problem.

I recently filed my first insurance claim, and the process wasn’t bad.  My neighborhood was hit by a severe hail storm earlier this year.  Most of my neighbors have been getting new roofs because of the damage from large hail.  During the storm, it sounded like my roof was going to fall down on me.  Fortunately, I didn’t have any leaks, but there was enough damage for my insurance claim to be approved.  My windstorm policy covers things like hurricanes, tornadoes, and hail.

I never thought a hail storm would be considered lucky, but I was able to get a new roof for a fraction of the actual replacement cost.  The timing was great since my roof was nearing the end of its useful life.  Now, I don’t have to worry about it for another twenty years.  Plus, it is now more capable of handling the next major hurricane.

Since I know a roofer from high school, this was the first time I had work done on my house without getting multiple quotes and checking reviews. It was so nice not having that stressful, time-consuming activity.  I also love that I supported retired veterans working in their second careers.

One part of the process caught me a little off guard.  The insurance check was payable to me and my mortgage company.  I had to call them for a claim number, mail them the check so they could endorse it, and wait to get it back so I could deposit it.  Since I stay current on my mortgage, there were no issues.  I am glad I only have six more years of mortgage payments though.  I’m really looking forward to not having that $8,950 annual expense.

After so many years of paying premiums, it was nice to finally get something from the insurance company.  If you own a house, do you have adequate insurance coverage on it?

Linda 🙂

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