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Residential Real Estate Insurance Coverage
Ask the right questions
Below is a list of questions to ask your insurance representative about insurance coverage to your home, rental real estate property and how insurance company will handle a major loss due to disaster.
- What does my insurance policy cover?
- How quickly can I expect to see an adjuster after a disaster?
- How large is my deductible? (The deductible is the amount of loss you agree to pay yourself when you buy a policy.)
- Do I have to contact contractors to get repair or rebuilding estimates, or will the insurance company do that?
- If I cannot live in my house, will the insurance company pay for me to stay in a hotel or rent an apartment? What about meals, clothing and other personal items? How much can I spend?
- If I decide not to replace some items that were destroyed or lost, will my insurance still pay for them?
- Will my homeowners insurance or automobile insurance pay for vehicles that were parked in my garage and damaged?
- Will my policy pay to replace trees and shrubs that were lost as a result of the disaster?
- How long does it take to process a claim?
Source: Institute for Business & Home Safety
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Questions to ask about Insurance coverage of your home, rental real estate property is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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