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Damage that is not subject to insurance compensation

by dailymoney

A signed agreement on residential insurance may not always guarantee payments on an insurance event. Refusal to pay for compensation for damage may be associated with errors when concluding an insurance contract, inaccuracies in the discussion of the conditions. It happens that the client himself makes critical errors or is trying to save on the sum of the insurance factor.

The most common case that leads to a controversial situation in the payment of an insurance amount is a fire. After such a case, it is very difficult to assess the damage caused by fire, since almost all property can be destroyed, and it is difficult for the agent to determine what and to what extent was destroyed. Therefore, concluding an agreement, it is very important to make a complete list of things that will be the subject of insurance. If this list is included in the contract, then there will be no problems with payments.

If the list is not compiled, and only the value of the property is entered, then when examining the injured object, the agent may have the question of the availability of property that must be compensated for. Most often, insurers do not believe the word to the client, and, as a rule, refuse to pay compensation for burnt property, not finding evidence that the property was indeed in the house at the time of the fire. But the controversial issue of existing property is not the only.

The issue of fire safety also becomes decisive, when deciding on the payment of insurance funds. There are also cases in which the insurance company does not assume the obligations to pay compensation, or there are a large number of disputed issues. If the roof flows in the house, and the client contacts the insurance company, then the company will not reimburse the damage caused by the interior decoration of the house. But in the event that the house is flooded, as a result of the breakthrough of the heating system or water supply, then, in accordance with the contract, this case is considered as an insurance, and the client may fully claim compensation payments.

If we talk about intentional damage to property, for example, the same arson of the house by third parties, and this situation was not introduced into the insurance contract, the insurance company is not required to compensate for the damage.

The largest stumbling point in the payment of insurance compensation may be the collection and correct execution of all the necessary documents. In order to exclude any bureaucratic red tape in the design of the property insurance contract, you can hire an insurance broker who will take care of resolving insured events. But the participation of the insurance broker must be stipulated at the conclusion of the contract.

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Financial and investment consultant

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