Why do I need homeowners insurance?
To protect your assets and to satisfy the mortgage lender.
What does a homeowner policy cover?
Your house and other buildings on your property.
Your personal property in your home or on your property.
Your personal liability.
Medical payments for others accidentally hurt on your property.
Additional living expenses if you must rent a place to live while your home is being repaired.
If your home is insured on a replacement cost basis, then claims are paid based on the cost to replace your loss, not its market value. The replacement cost is usually greater than the market value. If your policy is based on replacement cost, you must replace your property to be reimbursed; there are limits on the amount you can be reimbursed for your home.
What is not covered in a homeowners policy?
A homeowner policy usually does not cover: Flood,earthquake, landslide or mudslide, sewer backup, identity theft.
You may have to purchase additional coverage for the above mentioned items as well as additional coverage for jewelry, guns,electronics, collectibles, and antiques.
How do I report a claim?
Call the insurance company and speak to the claims person (adjuster). The adjuster will probably want to meet with you at your house to inspect the damage. Jot down notes and keep track of the dates of any conversations you have with your agent or adjuster.
You are required to protect your property from further damage.
Don't feel rushed or pushed to agree with something you are not comfortable with. It may help to have your contractor meet with you and the insurance adjuster.
You must document your loss; receipts and pictures will help.
If you and the insurer disagee about the value of the claim, check your policy for the appraisal clause.
If you have questions about claims, contact the Wyoming Department of Insurance for assistance.