Maximizing Protection: Tips for Evaluating Your Property Insurance Policy

One of the aspects of that many people aren’t aware of is that most property insurance – home, condo and automobile – cover the cost of the biohazard remediation services that we offer here at T.A.C.T. 48.  Acting promptly when biohazard conditions exist is not only important for individuals’ health but also in making sure that your insurance coverage applies.  In most if not all policies there is some kind of verbiage that the insured (you) is expected to take proactive actions to mitigate any known problems.  So, contacting T.A.C.T. 48 promptly is really to your advantage.

The next question we often will get regarding insurance is, “will they cover everything?”.  The honest answer is that every claim has to be looked at individually by an insurance adjuster but there are some pro-active things you can do.

1.      Avoid lack of coverage:  Regularly reviewing and updating your property insurance policy is crucial to ensure that it accurately reflects the current value of your home and possessions. Changes such as renovations, upgrades, or the acquisition of high-value items may necessitate adjustments to your coverage limits to adequately protect your assets.

2.      Make sure your policy is active: Mortgage lenders typically require borrowers to have property insurance as a condition of the loan but when was the last time you checked with your broker to make sure it was actually put into place. 

     True story that we recently came across: Sadly, an individual passed away in their home and wasn’t found until a wellness check was requested by their homeowner’s association.  To everyone’s knowledge, there was no immediate next of kin available, but we were put in touch with the mortgage company of the residence and let them know of the biohazard issue within the home.  Of course, the mortgage company wants to protect the property, so they authorized work to be completed.  A thorough search was done and eventually our team was able to conclude that an error was made at some point along the way, and there was not an active property insurance in place on the property.  As such, the mortgage lender was then responsible for the fees.  Had there been someone else on the loan and/or immediate next of kin, they would have likely been the ones responsible for the settlement.

3.      Policy limits:  All policies have a maximum amount that the insured (you) and the insurer (the insurance company) have agreed to pay on claims.  Review your current policy and think about your personal situations to decide if you have enough coverage.  With a small increase in premium, you can often get substantially more coverage.

Checking property insurance on your home, condo or automobile is essential for safeguarding your investments, complying with mortgage requirements, and ensuring comprehensive coverage against unforeseen events, offering both financial security and peace of mind.  And rest assured that T.A.C.T. 48 is willing to help you with your biohazard claims with any insurance company. 

Call T.A.C.T. 48 for all your biohazard needs (480) 898-4828