When Your Home Insurer Knocks at the Door

1
HOME INSURANCE
2
When Your Home Insurer Knocks at the Door
If youve bought a home, you know what a home
inspection is all about. If the home inspector
does their job right, you will have a clear view
of what shape the building is in. Youll move in
feeling confident and aware of the renovations
and repairs you may need to undertake in the
months and years aheadbut this might not be the
last home inspection.
Whats your home insurance company looking
for? Home insurance typically protects
homeowners from a myriad of risks theft, storms,
fire, and injury claims. Insurers, on the other
hand, rely on an accurate assessment of the
condition of the properties they insure.
3
If your home insurer decides to send someone out,
a few things they may be looking at might include
your homes Plumbing Older pipes are
at higher risk of cracks, ruptures or leaks, and
specifically homes built prior to 1950 often have
galvanized steel pipes, which are estimated to
have a life expectancy of just 40 to 50 years. If
the plumbing hasnt been replaced, then the
insurance company will want to know in order to
properly assess the risk.
Electrical service Some types of wiring pose a
higher risk of causing an electrical fire,
especially after many years of use. Everyone is
familiar with the risks around knob and tube
wiring, but your home insurer may also be looking
at a 60-amp electrical service with concern too.
4
Potential for liability claims Part of your home
insurance policy includes liability coverage in
case someone is injured while on your property. A
home insurance inspection will look for anything
that raises a red flag. Two prime examples
would be any stairs you may have in the home, as
well as a pool. With the stairs, the home insurer
will be looking to make sure there are hand
rails, and with the pool that its properly
fenced in.
Replacement value Your insurance provider will
want to know the replacement cost of your home
and itll often use this home inspection to
figure it out. This is different from determining
the value of your home, because it factors in the
cost of labour and materials to rebuild, as well
as the possessions that you brought into the home
after you moved in.
5
Your home insurer has come a knockin. Do you
have to let them in? Probably. The fine print on
home insurance policies usually gives home
insurers the right to examine a property they
have been asked to cover, and if you opt not to
allow them access then they can opt not to
provide you the coverage youre seeking. That
said, your home insurer will not show up, or send
somebody, unannounced. Your insurer will notify
you in advance of a home inspection and set up a
mutually agreed upon time. If someone comes to
your house, unannounced, saying theyre from the
insurance company, play it safe and dont allow
them in and contact your insurer
immediately. Source https//www.insurancehotlin
e.com/when-your-home-insurer-knocks-at-the-door/
6
http//www.bajajallianz.com/Corp/property-insuranc
e/home-insurance.jsp
Follow us on
https//www.facebook.com/BajajAllianz
http//www.linkedin.com/company/653474
https//plus.google.com/BajajAllianzGIC/posts
https//twitter.com/BajajAllianz
https//www.youtube.com/user/BajajAllianzGIC
https//instagram.com/bajajallianzgeneral/