No one likes to think about the what if’s of a home insurance claim. Whether it’s the damage of a burst water pipe, or the devastation of a fire, you just do not want to go there. Which is why choosing the right home insurance policy is so critical.
We at Shepard believe the right choice is a matter of patience, your patience.
And here is why:
If you are a patient individual, implementing a basic home insurance policy is most likely a good choice. You may save a few dollars in premium, but your patience will be tested. Tested with delays in getting multiple contractor bids for required repairs, before arriving at a conclusion. Delays in getting paid on damage to contents by needing to make a complete list, with receipts, for replacement cost reimbursement.
How about if you are forced to move temporarily? Most insurers have limits on the amount you can spend on a rental, so there are delays, coupled with the inconvenience of finding a rental that fits within the carrier’s policy limits, and meets their approval. The basic home insurance policy will pay replacement cost, but it is the delays that will definitely test your patience.
We are aware of a friend who has a basic home insurance policy and they are approaching 20 months since a small fire did damage to their home and still have not been paid the balance of their claim.
If you are an individual that wants results in a New York minute, you should implement a premium home policy. Yes, you may pay a few dollars more for the coverage. But a premium home policy with an insurer like Chubb, who understands the value of time, and how it tests patience, will leave you with a sense of relief! If you have a claim, the inconvenience is there, but a premium insurer will work to minimize it.
- If you want to rebuild, you pick the builder.
- Don’t want to rebuild on the site? A premium insurer will write you a check and you decide where you want to be.
- Don’t have any receipts for your belongings? No worries, an outside inventory service is provided to assist you, and help you catalogue your contents/ valuables.
- If you need temporary housing, the focus is to help keep order in your life, not detract from it.
No one likes to consider dealing with a claim, but only you can decide if you are patient, or not?