When it comes to insurance companies, I’m a fair weather fan. When they work well for me, I’m grateful for their existence, when they don’t come through, I curse their ancestors back to the dust from which they were first formed. Unfortunately, when it comes to water damage, it’s pretty much a crap shoot as to whether or not you’ll get any satisfaction.
Consider the case of Duncan McCleod of Roma, Australia, whose home suffered more than $150,000 worth of damage from storms in March of this year. Normally, such damage would be covered, but his insurance company, in their infinite wisdom, classified the damage as flood related, which was not covered, and they refused to pay for it. Mr. McLeod and his children have been sleeping on cement floors because there is no money to replace the carpet. How do you spell L-O-O-P-H-O-L-E?
Contrary to popular belief, insurance companies are not in the business of arbitrarily handing out money. Quite the contrary, their goal is to get as much money from you as they can and hold on to it for as long as possible. The insurance company doesn’t benefit when it has to pay out.
Proof positive that you should arrange to sit down with your insurance provider today and go through your policy step by step. Have them explain to you, and if necessary put it in writing, exactly what is covered, in what circumstance, and to what degree. Don’t take anything for granted, never assume, and don’t hesitate to be a little difficult. You’re paying these people regularly, so they should be able to man up for a few honest, pointed questions.
Don’t let yourself get blindsided….do your homework today and be prepared for the invasion of the claims adjusters. Knowledge is power, and I know this because I is a college grad-you-ate…….
No comments:
Post a Comment