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Filing A Claim

admin — Thu, 29 Mar 2012 09:10:16 +0000

When a loss occurs, the homeowner should notify the insurance company or agent immediately, and within 60 days give a written notice that states the amount of the loss. The company can require the insured to fill out a proof of loss form.
Denial of claim. A company can refuse to pay for a loss if it finds that the insured has misrepresented the facts regarding the loss or has not been forthright about risks to the property. Nor is the company required to pay a fire or lightning claim if the property has been vacant or unoccupied beyond a period of 60 consecutive days.
Amount of claim and method of payment. If the terms of the policy are for payment of loss based on replacement cost, the company will reimburse this amount, subject to the limits of the policy. Payment is done in one of two ways: you can replace or repair the insured property immediately, submit a receipt, and be reimbursed for that amount. Or you can initially collect the Actual Cash Value of the loss from the company; later, when you submit a receipt, the company will pay you for the difference between the payment and the replacement or repair cost. Usually, you must submit the receipt for replacement or repair within 180 days of receiving the initial payment.
In the case where the insured and the company do not agree on the amount of loss, Minnesota statute provides for resolving the dispute through an appraisal process.

Renters Insurance

admin — Thu, 29 Mar 2012 09:09:32 +0000

If you rent an apartment or a house, you are responsible for insuring your personal possessions and for personal liability coverage. Personal liability coverage for a renter is the same as it would be for a homeowner. The owner of the property is responsible for insuring the building and for obtaining his/her own liability coverage. The tenants form (H0- 4) or renters policy insures your household contents and personal belongings against the perils included in the HO-2 policy. Like homeowner insurance, it provides coverage for additional living expenses, medical payments coverage, and includes personal liability protection.
Condominium Insurance
Your condominium association should purchase a policy that covers the building, including any common walls and grounds, and includes personal liability protection associated with common properties. You have the right to examine the association policy.
Condominium Unit-Owner Form (HO-6)
To protect your contents and interior walls, you may purchase a unit-owner form (HO-6). An individual unit-owner policy is similar to the homeowners and renters insurance policies.The (HO- 6) provides coverage for a condo-owner who wishes to insure his property or to cover any items not covered by the association’s policy.
A condominium unit-owner policy will also pay for property damage to personal property, wall, floor and ceiling coverings and any accessories not originally installed in the unit. It also provides personal liability protection. Without an HO-6 policy, the personal property of the condo unit-owner will not be protected.
Check with your agent or insurer to see if loss assessment coverage is included in the policy. Loss assessment coverage provides an additional $1,000 coverage if the condominium association levies an assessment against its unit owners to cover expenses for direct losses to the common property that result from a peril covered by the unit-owner’s individual policies.

Flood Insurance

admin — Thu, 29 Mar 2012 09:08:46 +0000

The homeowner’s insurance policy excludes water damage as a result of flooding. You may, however, be able to purchase flood insurance through the National Flood Insurance Program (NFIP). To qualify for the NFIP program, you must live in a designated community that complies with the government guidelines for flood prevention. The best person to help you buy flood insurance is the agent or the insurer from whom you obtain your homeowner’s or automobile insurance. Flood insurance may be bought through any licensed property or casualty insurance agent in Wisconsin.
Some insurers actually issue the flood insurance policies, in partnership with the federal government, as a service and convenience for their policyholders. In those instances, the insurer handles the premium billing and collection, policy issuance, and loss adjustment on behalf of the federal government. These insurers are called Write Your Own (WYO) insurers. If your agent or insurer is not in the WYO Program, you may be referred to another agent or insurer involved in the program. Your agent may also order the policy for you directly from the federal government.