Some circumstances could involve property insurance claims being rejected. In case you might be wondering what property insurance is all about. Well, you just found yourself in the right place. In this article, we would show you what property insurance is and how it can be rejected. You just have to keep scrolling!
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What is property insurance?
Property insurance is a type of insurance that helps protect the property of individuals like houses, companies, etc from damages such as fire, flood, theft, and other risks. Examples of this kind of insurance are flood, rentals, and homeowners insurance policies.
The system assists insurance clients to pay for the loss according to the sum that has been insured to them.
Below are the circumstances for a property insurance claim to be rejected:
Loss is not covered in policy
It is important to know the policy of your insurance so as not to be confused in the future about how they work.
When buying property damage insurance, make sure you go through the terms and conditions of the insurance company as they are likely not to address a property loss outside their policy.
Unfulfilled policy conditions
There are conditions to adhere to when buying property insurance. If you do not comply with the laws guiding the policy conditions it can lead to a property insurance claim being rejected.
For instance, if the policy states that you should have security doors to protect the property from theft cases you should comply as failure to do so can make your property insurance claim be rejected.
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Delay in filing claim
When an issue of property loss or damages occurs it is important to inform your insurance company within the set period of time. Failure to do so would lead to your property insurance claim being rejected. You must know that the set time given is enough to make your claims in order for it not to be rejected. You can do that by placing a call to your insurance company.
Missed premium (s)
It is vital you make payments of the premiums of your property insurance policy. If you do not make payments to the insurance it is the same as not having property insurance and in the case of property loss or damage, you would bear the loss yourself. You can find the insurance policy on the documents given to you.
Withholding information
The insurance company tends to investigate the claims that led to the property loss or damage. If the loss is caused by the clients’ carelessness the insurance company would reject the claim of the property loss. Some property owners tend to hide the truth from the insurance company, this also can lead to your property insurance claims being rejected.
Incorrect documentation of damages
It is important you document in detail the property loss you had. Details like photos, videos, exact time and date the damage occurred, and other evidence of property loss. Failure to do this, your claims would be rejected by the insurance company.
Suspicion of fraud
If the insurance company suspects any fraudulent activity from their clients backed up with a piece of evidence, your property insurance claim would be rejected. It would be of great interest to you if you do not perform any fraudulent activity as it would not be addressed if you are eventually caught during the investigation process.
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What to do if an insurance claim is denied
If an issue of your insurance claim arises there are certain steps to follow in dealing with the issue.
- Visit the insurance company in case you do not understand their policies and look for ways to resolve the issue if possible.
- You can get an attorney or a lawyer if your claim was rejected on a false ground by providing solid evidence on the property damage in other to file a lawsuit complaint.
- Your evidence should contain you are the owner of the property and also proof that the damages were accidental and not intentional.
Conclusion
You ought to know the policies that guide every insurance company as not all insurance companies have the same policy in order not to fall victim to property insurance claim rejection.
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