Watch wording on insurance policies
December 14, 2011 at 9:26 pm | Posted in Uncategorized | Leave a commentCHICAGO – Dec. 14, 2011 – Homeowner insurance policies can vary greatly, and if homeowners aren’t careful, they may find their claims denied when disaster strikes, according to a study to be published early next year by the University of Chicago Law Review.
While home insurers once used standard policy forms by the Insurance Services Office, now some are coming up with their own policies and a few tweaks in the wording can mean trouble for some homeowners, according to the study. Homeowners should read the fine print and carefully review their policies to examine what’s covered and what’s not, the study notes. For example, some policies include mold and lead coverage; other policies do not.
According to United Policyholders, here are a few questions homeowners can ask insurance agents when shopping for a homeowner’s insurance policy:
• What is the coverage for water damage from sewer or pipe problems?
• What is the coverage for any damage to the foundation – is it completely covered, limited or excluded completely?
• Will items be paid at “replacement value” or “actual cash value”?
Study author Daniel Schwarcz, a University of Minnesota Law School associate professor, told The Wall Street Journal that he urges state insurance departments to post their insurance policies online so they can be reviewed closer by consumer groups and homeowners. In October, Nevada began posting policy forms for its largest home and auto insurers.
Source: “A Home-Insurance Trap?” The Wall Street Journal (Dec. 3, 2011)
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
Bio
Lawrence F. Sanek is a licensed real estate broker and owner of Castle Dream Real Estate, LLC Brooksville, Florida. He is also an engineer with experience in the structural and architectural disciplines. He has many years of experience in selling real estate and enjoys helping families relocate to Florida or to another area in Florida and to Capture The Dream. Visit the Castle Dream website at Castle Dream Real Estate, LLC or contact him direct at 1-888-51-DREAM (37326) or email him at Sanek
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