If you ever want to know if you have the right insurance, speak to the people that deal with the consequences. It is truly shocking how little brokers and insurance companies tell their clients about restrictions, requirements, and exclusions. These issues separate a successful claim worth hundreds of thousands of dollars and a financial disaster.
A common exclusion in policies is that a property must not be vacant for more than 30 days. If it is vacant, and a fire occurs, the insurance policy might not cover the loss. In the winter, there may be an exclusion that if the house is vacant for as little as four days, and pipes freeze, the insurance policy might not cover the loss.
The insurance companies will rely on the terms of the contract. They expect that every person reads all the terms and conditions of the policy. This is not practical as these contracts are lengthy, wordy, complicated, and full of legal words that lawyers fight over. They are not easy reads; however, homeowners are bound by the wording, which can be very restrictive.
If you have questions about your insurance claim speak to the experts at Singer Kwinter.