If you’ve got tornado insurance coverage and you haven’t had to use it yet, consider yourself lucky. But even if you do have to use it, you’re in a far better position than someone who isn’t insured under the same circumstances. Having home insurance coverage to be able to rely on at a time like that can be a lifesaver, both physically and emotionally.
As you’re dealing with your insurance company in the aftermath, it’s important that you stay very involved in the process. For some, there’s a tendency to just let go and let the insurance company take control – it can be comforting to do that, and to relax in knowing that someone’s acting on your behalf as an advocate to put a roof back over your head. But there are some stark realities you should consider, chief of which is the tendency by some home insurance providers to underestimate the amount of damage done, and therefore the amount of money they pay out to you.
If you feel that your home damage has been undervalued by representatives of your home insurance company, you’re well within your rights to get a second opinion. Doing so won’t forfeit your right to coverage, and is standard practice when events as devastating as tornadoes occur. In order to ensure that this doesn’t happen in the future, be sure to review your level of coverage when comparing insurance quotes to set in place an accurate value for your home and its belongings.
Buying a home is a major investment and one of the most exciting things you’ll ever do, but it can also sometimes be a serious drag. As you enter into your home buying experience, you might find yourself overwhelmed at the amount of paperwork and details that are involved—not only from your lender, but from your home insurer as well. All of that is really nothing, however, when compared to the responsibilities that you’ll have to shoulder in your quest to be a responsible homeowner. The first thing to know: home insurance companies and lenders don’t always communicate well with one another. It’s up to you to ensure communication takes place.
In order to do that, you’ll have to take charge of knowing exactly who’s handling what. It’s easy enough for a homeowner to get confused about who’s responsible for paying for home insurance premiums, and when they need to be paid. A lot of times, your home insurance premiums are paid for by your lender—but there are circumstances under which you’ll be responsible for making individual payments to both. If you are uncertain about either one, contact your insurer and your lender to get immediate clarification.
If you’re struggling with it all, take heart. Between mortgage payments and homeowner policies, there’s plenty of room for confusion. But this is no time or place to play dumb and hope things get ironed out on their own. When dealing with home insurance companies and financial lending institutions, it’s critical to stay on top of everything.