What You Need To Know About Residential Property Claims

For most people, the home is one of their most important assets. For this reason, homeowners will do anything to make sure that their major investment is protected. Natural calamities can cost the residential property to be damaged. In times like these, it pays to have residential property insurance. When your property sustains heavy damage from natural factors such as hurricane or typhoon, the cost may be too much for your own pocket to handle.

According to the website of Williams Kherkher, damage due to natural calamities can result to widespread damage to your home and can create hazardous living conditions for weeks or even months after. Having property insurance can give you some kind of financial relief. Your insurance company will shoulder all the expenses related to your property. The first step is to report the damage to your insurance adjuster.

Residential property insurance may cover single homes, attached town homes, and high rise condominiums. In order to be covered, you need to provide your insurance adjuster with a “proof of loss.” This will help the insurer determine the extent of liability to your property. The representative of the insurance company will visit your property and evaluate the extent of the damage.

During the inspection, the insurance adjuster will assess the “scope of loss.” This report includes the following:

  1. Extent of damage
  2. Quality of materials and workmanship
  3. Measurement needed to calculate quantities

This is different from the final estimate in a couple of ways:

  1. The scope does not necessarily list the prices, although prices can be used to describe quality
  2. The scope does not list the calculated quantities, it includes just the raw quantities and measures needed to compute for the quantities for the estimate

Residential property insurance claims may cover additional living expenses, which are the costs related to your relocation such as emergency shelter, clothing, and food. Your policy will also cover everything on your premises such as the garage, tool shed, or in-ground swimming pool. Trees, shrubs, and other plants may also be covered but on a limited basis.

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