Will Insurance Cover Hidden Structural Damage?
Hidden structural damage may or may not be covered. This is solely dependent upon your policy. If the policy you purchased is the “all risk” policy, there is a chance that you might be covered. Unless there are known exclusions related to the damage. Some factors should be considered before filing a claim to your insurance company regarding structural damage. First is, you need to know what caused the structural damage. Second is the amount of money it will cost to repair against your deductible.
If the source of the structural damaged is identifiable and correctable, then your claim might be rejected. For example, if your home suffers from visible leaks around your windows and pipes, your insurance provider may not cover you for your claims and state that you have been negligent in maintaining your personal property. This is a violation against your obligations stated in the policy. In addition to that, your insurance coverage might not be renewed if such judgment has been made. This will leave you paying for the expenses needed for repairing the structural damage and looking for another insurance provider as well.
Before you decide to file a claim, check whether the numbers of doing so will be favorable to you. If the expense for repairing is just a little bit more than your deductible, then it is advisable to repair the damages yourself rather than file a claim from your insurance company. Remember that filing a lot of claims makes you a greater risk. Thus, making your premiums cost more. Furthermore, if you’ve had several claims against insurance companies, it will be harder and more expensive to obtain a new insurance policy.
Once you’ve discovered hidden structural damage, try to assess whether filing a claim or repairing it yourself will be beneficial to you. Always remember that filing claims makes you a risk to insurance companies. As soon as you’ve discovered such damages, try to protect the property from further damage by making reasonable and necessary repairs. Otherwise, your insurance company can report that you have been negligent in your own property. This will be another factor for an insurance company to deny renewability of your insurance coverage or increase your premiums. If your insurance agent has observed that you have been providing poor maintenance of your personal property he may submit your claim in an Underwriting Review and your policy might become non-renewable.
It is best to inspect your home if you have hidden structural damages. There are damages, like water leaks, that can’t be noticed right away. These water leaks can cause severe damage, not just to your home, but your health as well. Water leaks can cause molds and molds are very harmful to a person’s health. Therefore, have this taken care of your insurance company right away, if you do not have the capacity to cover for this. There are some insurance companies that do not cover damages caused by molds. But remember that you and your family’s health should always come first.