This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Home insurance claims that arise while you're away





You don't have to be home for calamity to ensue. Whether you're returning from a long vacation abroad or just from a short business trip, you may surprised to find your house is not in the condition you left it. Perhaps a pipe burst and flooded your home, or a thief broke in and stole your new tablet and high-definition TV, or birds have flown down the chimney and wreaked havoc on your furniture.

Whatever your misfortune involves, you should begin by photographing the damage and contacting your homeowners insurance company.

A great bit of advice: Don't discard things before your insurance carrier can inspect them.

If your water heater leaks, causing a flood, let your insurer take a look to determine if something failed and the product is still under warranty.

Your insurer also is likely to cover emergency repair costs, such as drying out a soggy home or boarding up a broken front door.

Depending on the nature of your disaster, it could be covered under the dwelling or personal property portions of your policy, or both. The dwelling portion would cover damage caused to your floor by a burst water pipe, while your personal property portion would typically cover your ruined furniture.

If your home is uninhabitable, the loss-of-use portion would cover the costs of things like temporary accommodations and clothing.

Because most homeowner insurance policies have deductibles, you should compare the amount of the loss to your deductible before filing a claim.

Every time you file a claim your insurer re-evaluates your insurability. A typical homeowner files a claim every 10 or 12 years. Filing two or three within a short period could send up a red flag.

And because of the economy, many homeowners raised their deductible as a way to lower premiums. If your deductible is $2,500 and your claim is $3,000 you're better off taking care of it on your own.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs