Doug Patterson ABR®, SFR REALTOR®: Homeowners Insurance for Homes for Sale in Winston Salem Triad NC

HOMEOWNERS INSURANCE FOR HOMES FOR SALE IN WINSTON SALEM TRIAD NC

When purchasing insurance for our homes, most of us don't really think about what will happen if I ever have to make a claim for damage.  We're usually just base everything on the determination of building and contents cost, the type of coverage desired such as actual cash value and/or replacement costs.     And we're off and running!    The policy is then written up, using language determined usually by state insurance departments.

Recently, I was speaking with my insurance provider and asked her for advice about what I could pass along to my home buyer clients. 

Her first pointers were... To "be careful about providing accurate information"....about these items: 

The Property Construction, It's Condition and It's Contents Values, that are being requested by our insurance provider. 

• We must ask questions to make sure we have a clear understanding of the key policy provisions and what optional coverages are available.  
• Asking questions about what exclusions or endoresments will be written into the policy is necessary as well. 
• We should discuss with our provider about what happens when a claim occurs
• Do we know how far the closest fire department is located from the home? 
• Are there smoke detectors located in the Prime Locations of the home, such as bedroom hallways, stairwells, and kitchens?
• Do we have a security alarm system? 
• Call your agent anytime you change circumstances around your home.
• Keep important documents in a fireproof safe or bank lock box.
• If purchasing a condo or towmhome, do we understand where our property responsibility is and where it ends? 

Like what circumstances?  Examples are...

• If you add on to your home, such as a sun porch or attached garage
• If you purchase new equipment, such as a new heat pump, or air handler in the attic
• If you enclose a carport making it into a garage
• If you add a new roof

Won't that make our policy premiums just 'go up"?   The answer, possibly.  But if you had a claim for damage, you would want improvements to your home to be accurate and included.  I agreed.

I asked if it was still true that photographs of everything in and around the home was truly a good idea.  She reported that photographs may provide proof positive to our written claims of personal property as well as to what may have led to the damage as well. 

What should we do when there is an investigation into the circumstances of a loss?

• Report the claim as quickly as it is possible to do so
• Protect the property from further damage
• Follow the adjuster's instructions and provide information requested
• As questions if we don't understand what is happening or why

Since all claims are different and some can be very complex, having the correct information when the policy is written can make a huge difference. 

My last question was,

How can we determine ahead of time if we're dealing with the right person and the right company?  

The answer, referrals from people that have had experience with the company and their agents was the best way.  Keeping up with the news published about local and national insurance companies can help us to avoid delays in claims settlements.  Purchase policies from people (agents) we trust.

 If you need help locating Homes for Sale in Winston Salem, please leave us a message at Park Place Real Estate .  We are here to help you.   If you're a  BUYER or a SELLER you can sign up for search for homes for sale in the Winston Salem and Greater Triad Region for free and with no obligations to ever purchase or sell any real estate!   We'd love to hear from you!