Coverage terms vary between home warranty companies, which is why its crucial that you know how long you’re covered for before signing on the dotted line. Not only are coverage terms different, but different companies have slightly different levels of coverage, just continue reading to find all the details.
If you know of a coverage company that is offering a shorter coverage term, consider calling up and requesting that they extend it to you. Its not always cost effective to pay an additional premium every time you purchase a new cover, but if your home is going to be damaged or if your home has been on fire and you’re covered under your homeowners insurance, it can be quite expensive to have your policy lapse without coverage. Insurance companies charge a higher premium if you have a gap in coverage.
Check with Your Local Property Management Company to See if they Offer a Deductible
If your local property management company has no deductible for your property, be sure to bring in your home insurance policy to them for a review. If you’re paying more than the average for home insurance, you may want to make sure you’re being taken care of in your own neighborhood.
Cancel Your Insurance Premium If your insurance company refuses to refund your deductible because you forgot to tell them about your lapse, you can ask your insurance company to cancel your policy. Ask the company’s claim agent to review the policy and explain your lapse to the agent. Ask if your policy can be canceled without a delay.
Related: The 5 Biggest Insurance Scams You Could Be Posing
If Your Home Insurance Lapse Causes a Flood In your home, it is important that you take action immediately. Follow the steps listed below to start your repairs right away and avoid making additional damage. Get the tools you need
Before starting the repair process, review the basics of your home. Read the Owner’s Manual to identify and assess the damage. If you notice a leak or a crack in your roof, fix it right away. The same goes for any other potential roof leaks or cracks. If your home has a fireplace or hot water heater, open it up and check that all valves are operating properly. The same goes for the sprinkler system if it is working properly. If the gas line is broken and you notice any discoloration around it, test the line. If you notice water from your water heater dripping down the walls or from your faucets, try turning it off and on. Close off any cracks or tears in the floor. If you suspect that a hole has developed in your floor that needs repair, seek professional advice. Fill holes and