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Homeowners’ Insurance Laws

What is homeowners’ insurance?

Homeowners’ insurance is a kind of policy that provides protection against damages caused to private property. Homeowners’ insurance laws may differ in different parts of USA. An individual can get confused with the different regulations that govern these policies in different states. Given below are some of the commonly asked questions that are answered by the Experts about homeowners’ insurance.

Would an in-house flood and damaged molds be covered under an individual’s homeowner’s insurance?

Many insurance companies may not include in-house floods and damaged molds in their policies unless the policy documents state that they would do so thus allowing for a claim to be filed.

Would an individual’s insurance cover his/her personal belongings that was not stored on his/her property?

In most situations, an individual’s homeowner’s insurance policy may only cover damage to any personal belongings that occurred on their own property, and unless the policy specifies otherwise, this individual’s policy may not cover damages caused to their belongings that were stored in some other place.

Would fire in a home that is in foreclosure be covered by homeowners’ insurance?

The property damage caused to a property in foreclosure may be covered by the insurance if the policy was fully paid and the insurance included properties that are in the process of being foreclosed.

What can an individual do if the insurance company refuses to pay for the damages caused to his/her house?

If an insurance company refuses to pay an individual for the damages caused to his/her house, he/she can send the company a certified return receipt requested letter asking them to reconsider their decision to refuse the payment. The individual may also inform them that he/she may have to file a suit against them if they do not pay. If the company still does not pay within a specific period, the individual may file a suit against the company for breach of contract and failure to reasonably settle. If the individual wins the suit, he/she may be rewarded with the actual damages plus 3 times the amount as punitive damages.

Would termination of an insurance policy affect an individual’s old claims?

An individual’s older claims may not be affected if he/she terminates his/her policy as long as the claim was made when the policy was active.

Would an individual be required to get homeowners’ insurance for his/her ex-spouse in the event of a divorce?

Most of the times, an individual may not be required to get a homeowners’ insurance for his/her ex- spouse in the absence of a court order.

What can an individual in Texas do if an attorney does not send him/her the check that was released by the insurance company?

If an attorney does not send an individual the check that his/her insurance company released, he/she may directly contact the insurance company and find out if the check was issued and deposited by the attorney. If it was deposited, the individual may contact the attorney and tell him/her that if he/she does not give him/her the settlement amount, he/she may complain to the Texas State Bar. The Bar may investigate the matter and take appropriate action against the attorney if the complaint is proved.

Property damage can lead to a lot of financial loss. Not having an insurance policy to cover the losses in such a situation can add to your frustration. It is necessary for you to have a homeowners’ insurance policy if you own property in order to save yourself from the risk of damage. Depending on your state and jurisdiction, you may speak with an Expert if you need any clarifications about the homeowners’ insurance laws.
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