Understanding and Pursuing Your Rights Under Your Homeowners Policy
One of the most important purchases after closing on a home is a homeowners' insurance (HOI) policy. These policies are designed to protect a person or family's financial stability should something happen to their home.

November 17, 2011 /24-7PressRelease/ -- Understanding and Pursuing Your Rights Under Your Homeowners Policy

Catastrophe can strike at any time and without warning. Tornados devastate vast areas of land, floods from rising rivers damage homes each year, and fires can ignite from a small spark. Homeowners, obviously, cannot absorb the cost of this damage on their own.

This is why one of the most important purchases after closing on a home is a homeowners' insurance (HOI) policy. These policies are designed to protect a person or family's financial stability should something happen to their home.

Unfortunately, HOI policies are very complex and are often drafted to favor the insurance company. Many people have difficulties dissecting exactly what is and what is not covered, as well as the actual amount of coverage. Should the unforeseeable happen, a lengthy battle between and insurance company and the customer can ensue.

Differences Among Policies: Understanding Your Terms

Ann Carnns of the New York Times reported that the wording used in HOI policies varies widely among insurers, even though there is a common belief that these contracts are uniform throughout the industry.

Daniel Schwarcz, a law professor at the University of Minnesota, stated to the New York Times that many homeowner's purchase their insurance policy by comparing the premiums and base their decision on the assumption that one policy is the same as another. Unfortunately, this belief is a pure fallacy.

In reality most people discover several surprises when they read their insurance policy carefully or have it analyzed by an experienced attorney.

Affects of Policy Language After Filing a Claim

Insurance companies have several tactics to avoid paying claims under their coverage. As previously stated, insurance companies tend to draft their agreements to favor themselves in all instances. Additionally, Professor Schwarcz indicates many HOI policies are not available to consumers until after they purchase coverage, making it impossible to properly compare options.

Insurance companies also vigorously fight the valuation of property damage to minimize their payout. Once a claim is filed there is generally an appraisal hearing conducted by appraisers which advocate for both the policy holder and the insurance company.

Consumers should contact an experienced property insurance attorney to aid in this process. The power of insurance companies can transform this seemingly simple process into one which demands experienced representation to ensure a homeowner receives full compensation under their policy.

Press Release Contact Information:

FL Web Advantage