Insurance Policies Hold Surprisesby Broderick PerkinsRealty Times
Most homeowners and renters wouldn't mind paying more to insure their home but, ironically, most of them don't have enough coverage to protect them from risks they face.
Read the entire article at:
http://realtytimes.com/rtcpages/20070809_insurepolicy.htm
We have a client who experienced water damage from a broken pipe in his mother’s home, which he had just inherited. The insurance company disallowed coverage on the $25,000 in damages because: “a clause in the policy excludes water damage on vacant properties”. Imagine his surprise.
We always highly recommend turning off the water and water heater during absence from your home. Especially necessary for vacant homes that are on the market for sale. You also do so while taking short trips away from home for more than 1 day.
A client living in Michigan ignored our recommendation and incurred substantial damage when the water heater (located on the first floor) broke and was discovered by the buyers just before closing. We almost lost a buyer. Another person traveling in Europe for 2 weeks experienced $50,000 in damages from a broken pipe. Recently one of our listingclients awoke in the morning to a leaking water supply line on the toilet and damage was minimized by quick discovery. This was a 3 year old home, so new homes are not immune to broker water lines.
What does your homeowner’s insurance cover? Want a review of coverage or a comparison of rates? Call our friend Keith Hughes at American National Insurance 614-895-3220.
Jim Lubinsky
Re/Max Affiliates
614-766-5330 ext 119
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