Property Loss FAQ’s

While many people hope they never have to file a claim, the harsh reality is that property damage occurs in so many different ways. Whether it’s from a storm, vandalism, or a natural disaster, your home, business and personal property are subjected to a variety of perils. What that in mind, the right Property Insurance is a must. Here are answers to some of the most frequently asked questions regarding these claims.

The basics.

To get started, you need to provide the basics: who, what, when, and where. Who was involved and/or injured, what happened, when did it occur and where did it take place? These are pretty self-explanatory, but they help to get your claim off to a good start.

Do I have to file a claim if it’s minor?

If your deductible is higher than the total estimated cost of repair, you might consider not filing a claim at all. However, if you choose to pay out of pocket, additional expenses for repairs uncovered later and lawsuits related to the property damage would not be covered by the insurance company.

Do I need to file a police report?

For vandalism and theft, yes. You should always file a police report. Most policies require that you contact the authorities, plus it can help to recover some or all of your stolen items. If your home was burglarized and damaged in the process, your insurance will cover this, as well.

My home is unlivable due to damage, will my policy cover temporary living arrangements?

If your policy includes Additional Living Expenses, then yes. Speak with your trusted agent to determine what type of arrangement your policy will cover.

Will my premium increase if I file a claim?

Depending on the discounts and circumstances of your policy, the premium could be affected. For example, if you have a Claim Free discount on your policy, that will likely diminish after filing a claim. However, a good driving discount and a discount for bundling policies with the same carrier would not be affected from a property damage claim from your home.

My home was flooded, does my homeowners insurance cover that?

No, a standard home insurance policy does not cover flooding. Instead, these policies are provided by the National Flood Insurance Program. If you carry one of these policies, your damages and losses will most likely be covered.

About Preferred Insurance

At Preferred Insurance, we specialize in providing quality insurance solutions that are tailored to your specific needs. We pride ourselves on working with you to give you the coverage you need at a price you can afford. For more information about our business line products and services, contact our experts today at (877) 547-4461.