Latest news with #homeinsurance
Forbes
6 days ago
- Business
- Forbes
Home Insurance Claim Hassle? Here's How To Come Out On Top
A damaged home after a large tree fell on it. getty If you have ever filed a homeowners insurance claim, you know it can feel more like an endurance test than a straightforward process. The savvy financial advisor Rick Kahler, president of Kahler Financial Group in Rapid City, S. D., tells us how to navigate this treacherous path. Larry Light: Trying to get paid for damage to your dwelling sounds like torture. Rick Kahler: While insurers are legally required to honor valid claims, they have strong financial incentives to delay, underpay or deny them whenever possible. Over the years, I've learned this the hard way. The most recent lesson started when a hailstorm hit my home in June 2023. I promptly filed an insurance claim. I relied on a roofing contractor to handle the whole claim, including the gutter and siding damage. That was my first mistake. About 15 months later, my roof and gutters were replaced, but the siding repairs and painting remained undone. Every time the insurance company reassigned my claim to a new adjuster, I had to start over. When I called the contractor after a period of inactivity, they said the adjuster had ghosted them, so they'd given up—and I still owed them the full roofing bill. Light: What did you do then? Kahler: At that point, I had two choices: pay out of pocket for the unfinished work or escalate. I chose the latter. I filed a complaint with the state insurance division, contacted my agent, reached out to the last adjuster, hired my own painter and withheld final payment to the contractor. I also made it clear that I was prepared to take legal action if necessary. That was not a bluff. Within a week, things started moving. Seven days later, the insurance company reinspected my home and sent a check covering all but $3,000 of the painting costs. After nearly two years of delays and excuses, progress finally happened when I took matters into my own hands. Light: What should one look out for? Kahler: Delay is a common insurer tactic. They'll repeatedly ask for more documentation, take months to respond or swap adjusters to force you to restart the process—all in hopes that you'll give up or accept a lower payout. Another common tactic is the lowball offer. Insurers often rely on software that underestimates damages or send adjusters unfamiliar with actual repair costs. Accepting their first offer without question can be a costly mistake. It's wise to get independent repair estimates or even hire a public adjuster who works for you rather than the insurance company. Insurers also deny claims based on fine print, arguing that damage was pre-existing, caused by poor maintenance or excluded under some obscure clause. Knowing your policy inside out and keeping pre-loss photos can help you counter these claims. Light: What other tricks are there to be aware of? Kahler: Another one is steering homeowners toward "preferred" contractors who work at discounted rates and may prioritize the insurer's interests over yours. Getting independent estimates ensures repairs are done properly. For homeowners stuck in an insurance battle, persistence is key. Withholding final payment until work is complete, filing a complaint with the state insurance division and even considering small claims court can help push a claim forward. If the dispute is within your state's small claims limit—often between $10,000 and $25,000—filing may push the insurer to settle. Assuming my contractor would handle everything was my biggest mistake, and it cost me nearly two years of frustration. Even though progress happened quickly once I took control, my claim isn't over. I suspect I will be filing legal action in small claims court against the insurance company, contractor and insurance agent. Light: So, what can a policyholder do? Kahler: If you need to navigate an insurance claim, be persistent and attentive. Keeping records, pushing back on delays and escalating when necessary can mean the difference between being shortchanged and getting the settlement you deserve.
Khaleej Times
26-05-2025
- Business
- Khaleej Times
GIG Gulf launches the UAE's first home insurance with built-in cyber protection
GIG Gulf, a leading insurance provider in the Mena region, is raising the bar for personal protection with the launch of the UAE's first home insurance product that includes cyber-fraud cover as standard. This market-first offering extends protection beyond physical assets, helping safeguard families from the growing threat of online fraud and digital attacks. From phishing scams and identity theft to online shopping fraud and ransomware, the new Cyber Comfort cover provides policyholders with a multi-layered defense against a range of cyber threats. Every family member of the household is included under the policy, and GIG Gulf provides direct access to a dedicated cyber resolution team available 24/7 to guide victims through recovery in case of a digital breach. This enhancement comes at a time when cybercrime is escalating globally, and the UAE is taking proactive measures to protect residents and businesses. As the digital economy grows, so do the risks. GIG Gulf's cyber cover ensures policyholders are protected at home and online – reinforcing the company's commitment to customer-centric innovation. Commenting on the launch, Franck Heimburger, chief personal lines officer at GIG Gulf, said: 'Today, our homes are more connected than ever, and with that connectivity comes new risks. By embedding cyber protection into our home insurance, we're taking a bold step to meet the evolving needs of our customers. It's not just about insuring what's inside your home anymore – it's about securing the digital lives of the people who live in it.' The cyber cover is available on all new and renewing home insurance policies issued in the UAE from March 2025 onwards. GIG Gulf plans to roll out similar coverage across other regional markets and product lines, continuing to set the pace for innovation in the insurance industry. GIG Gulf continues to redefine what customers can expect from insurance – combining smart technology, practical protection, and human support to deliver peace of mind in an increasingly digital world. Explore GIG Gulf's enhanced home insurance today and take the first step toward protecting your digital world.
The Sun
26-05-2025
- Business
- The Sun
Seven common DIY mistakes that can invalidate your home insurance and cost up to £6,000
WHETHER you love it or not, DIY is essential if you want to keep your home in tip top shape - but some mistakes could cost you £1,000s. Forum Insurance has revealed the seven common DIY errors that can invalidate your home insurance and see you denied a claim. 1 From accidentally drilling into pipes or wiring, to improperly installed decking, it could cost you £1,000s if you're not covered. Here are the mistakes you'll want to avoid, and how much making them could cost you. Accidentally drilling into pipes or wiring - £6,600 Drilling into walls to hang up artwork or shelving is a common DIY task - but hit piping or wiring, and it could prove costly. Repairs for burst pipes can cost up to £600 while electrical damage may mean you need to rewire, costing up to £6,000. Insurers may also refuse a claim if the damage has been caused recklessly or the work was carried out by someone unqualified. To cover yourself insurance-wise, make sure your policy includes accidental damage cover. Plumbing or electrical work - £5,000 Tackling plumbing or electrical work yourself without holding the relevant qualifications can lead to trouble. Not only can it invalidate your home insurance policy, it can also prove fatal. Botched plumbing can cause water damage costing up to £5,000 to repair while poor electrical work increases fire risks which can cost £10,000s worth of damage. Always hire a registered professional to carry out any key works like this to ensure nothing goes awry. Cut car insurance costs and save money Skipping wall preparation - £3,500 Failing to properly clean, sand and prime walls before painting them is one of the most common DIY mistakes, Forum Insurance said. But it can prove the most costly if it leads to peeling, blistering and moisture damage insurers class as "preventable deterioration". Forum said with the average painter charging £500 a day, it could take a week (£3,500) for them to strip, dry, prime and repaint any walls to rectify the mistake. Make sure you always clean, sand and prime surfaces before painting, and if you're painting a damp-prone area, use moisture-resistant primers. You can pick up primer paint from Toolstation from around £12. If you've got home insurance, make sure your policy includes cover for "consequential damage" from DIY work. Improperly installing sheds or garden decking - £3,000 If you're planning on installing or repairing sheds or garden decking in time for summer, make sure they're properly anchored, meaning they're bolted to the ground securely. Don't do this, and strong winds or a storm can more easily rip them up and cause damage to your home or neighbouring properties. What is home insurance? Consumer reporter Sam Walker reveals all you need to know about home insurance... Home insurance is designed to cover you in the event of fire, flood, or theft or loss of any item inside it. There are two types of home insurance policy - contents and buildings. Buildings insurance covers the cost of repairing any damage to the structure of your property which might have been caused by a fire or flooding. The "building" includes elements like your roof, walls and floors as well as permanent fixtures such as windows or fitted kitchens. Contents insurance says what it does on the tin - it covers you in case the contents of your home are damaged, lost or stolen. You can buy either buildings or contents policies separately, or combined so you are covered across all scenarios. Not all home insurance policies cover the same things though, so it's worth shopping around. You can use price comparison websites like Compare the Market, GoCompare and Uswitch. Most home insurance policies also come with an "excess" - the amount you have to pay towards a claim. Increasing your excess will see your policy go down, but means you'll have to fork out more if you have to make a claim. Many home insurance policies class any accidents occurring due to improperly bolted decking or sheds as preventable meaning you won't be covered if it happens. To protect yourself insurance-wise, ensure your policy covers damage from uninsured outdoor features. Neglecting routine maintenance - £1,500 Even not keeping on top of simple DIY tasks can end up costing you a fortune. Issues like blocked gutters, cracked walls, or damaged roof tiles can escalate into major problems if left alone. For example, water seeping into your home from clogged gutters can cost hundreds in repairs, while roof damage can cost £1,500 to fix. Insurers may reject a claim for damage caused by you not carrying out regular upkeep too. Most debris in blocked gutters can be removed yourself, but any cracked walls or damaged roof tiles may require a professional. You'll have to front up the cost to pay for any works done, but it could save you more money in the long run. Poorly securing fixtures - £1,000 Fixing a TV, shelving unit or mirror to the wall badly can lead to it falling. Not only will you be left with a broken item, but will likely have to repair the floor and wall too, which could cost you up to £1,000. Your insurer might deem you've been negligent in installing something improperly as well and not pay out. Make sure you use heavy-duty wall anchors and are using the right drill bits to not crack the wall. Check whether your insurance policy covers for damage caused by improperly secured fixtures as well. Ignoring manufacturer guidelines when installing or modifying appliances - £700 Installing or modifying common household appliances incorrectly can end up costing you £100s. Improper installation of washing machines can lead to £400 in water damage, for example. To avoid falling foul of this mistake, make sure you follow the manufacturer's instructions for installation. Employ a professional for complex jobs and keep a track of any work carried out with photos and receipts in case you need to make a claim and want to prove you've followed the right protocols.
Yahoo
25-05-2025
- Business
- Yahoo
Home insurance in the US may double within 10 years. Why rates are soaring — and not just in ‘disaster' cities
Home insurance used to be an afterthought, but these days it's a rapidly escalating expense that is believed to be'deepening the housing crisis,' warns the Consumer Federation of America (CFA). A recent report from the CFA highlights a sharp increase in premiums between 2021 and 2024, when the average homeowners' insurance rate climbed 24% to $3,303. That's significantly higher than the average property tax rate in 2023, which was $1,889, according to the Tax Foundation. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) If this pace were to continue, many homeowners could see their insurance rate double in roughly 10 years. Unfortunately, this burgeoning insurance crisis isn't limited to high-risk regions such as Florida, California and Louisiana. Rates are going up across the country and even homeowners in relatively 'safe' states could see ballooning expenses in the near future. Here's a closer look at what's driving up insurance costs for ordinary families, and what you can do to protect yourself before the crisis spirals out of control. According to a report from JPMorgan, inflation and climate change are the driving forces behind the property insurance crisis. Simply put, climate disasters are becoming more frequent and less predictable, as scientists have been warning for years. Meanwhile, home prices have climbed rapidly in recent years, which means it costs more to repair or replace a home after it has been damaged. The combination of these factors has made it difficult for insurance companies to price policies appropriately and has pushed rates higher to compensate for the added risks. States like California and Florida are at the forefront of this unfortunate crisis because of their exposure to extreme weather events such as hurricanes and wildfires. However, Midwestern states that don't experience hurricanes and wildfires are not immune to rising rates. With damage from tornadoes, floods, hail, and high winds on the rise, property insurance costs are climbing across the board in these regions. In fact, Insurify forecasts that the Midwest will bear some of the highest increases as insurers overhaul their pricing strategies to reflect escalating weather-related risks. With this in mind, homeowners across the country should prepare for the rapidly rising costs of insuring their properties. Read more: This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs While you can't change the insurance industry or reverse climate change, there are ways to potentially limit the rising costs of insurance over the long term. For starters, shop around for the best insurance rate that you can find every year when you approach renewal. Ask multiple providers for quotes and see what you can do to get the best deal possible. Investing in climate-resilient features could also limit the damage from extreme weather events and qualify you for a discount on insurance. According to Universal Property, upgrading your roof, electrical wiring or plumbing could potentially reduce your insurance costs. You could also lower your rate by raising the deductible on your policy and skipping small claims. If the property insurance rates in your area are too high, you might even consider moving to another part of the country. A recent report from the Federal Insurance Office — which analyzed 246 million insurance policies sold between 2018 and 2022 — found that homeowners in regions most vulnerable to climate-related disasters paid, on average, 82% more for insurance than those in the lowest-risk areas. As for potential homebuyers, don't forget to include the annual cost of property insurance in your budget. Focusing on newer homes with less depreciation and more climate-resilient features could reduce your monthly expenses while also giving you some peace of mind. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Independent
20-05-2025
- Business
- The Independent
Expert reveals home insurance mistake that can cost you hundreds of pounds
Home insurance customers are being warned to look beyond the headline price and scrutinise excess levels, as some could face hefty contributions towards claims, potentially reaching hundreds of pounds. Analysis by financial information firm Defaqto has revealed a creeping rise in excess levels on some home insurance policies in recent years. The excess, the portion a customer pays towards a claim, can sometimes negate the value of making a claim, especially for lower-value incidents. Defaqto 's findings highlight a significant shift in the market. In 2019, only 2 per cent of buildings insurance policies had a standard excess ranging from £251 to £400. By April 2025, this figure had jumped to 13 per cent. Conversely, the most prevalent excess band, £51 to £100, has seen a decline in popularity, dropping from 60 per cent of available deals in 2019 to 45 per cent currently. This trend underscores the importance of carefully reviewing policy details before committing to a home insurance product. Defaqto said it had also found several products implementing a standard excess of more than £400. It also found that the proportion of policies that allow the standard excess to be reduced to £50 or less, in return for paying an increased premium, has fallen from 25 per cent in 2019 to just 11 per cent. Many buildings insurance policies also specify an excess of more than £400 for escape of water claims, researchers said. Contents insurance products are following a similar pattern, Defaqto found. The proportion of policies on the market with a standard excess of £25 to £400 has risen to 11 per cent, up from 1 per cent in 2019, while the proportion of those offering a £51 to £100 excess has fallen from 59 per cent to 46 per cent. Angela Pilley, a home insurance expert at Defaqto, said: 'While many people focus on the premium when choosing insurance, it's just as important to consider the excess. 'In the event of a claim, this is the amount you'll need to pay towards the cost, and in some cases high excesses can make it uneconomical to claim at all. 'If your excess is £400 and your claim is only £500, it may not be worth pursuing. 'Checking the fine print is essential to make sure your policy offers real value.' A spokesperson for the Association of British Insurers (ABI) said: 'Home insurance continues to provide a vital safety net should the worst happen, with insurers paying out a record £886 million for damage to people's homes and possessions in the first three months of the year. 'A number of factors, such as inflation, can lead to insurers re-evaluating excesses in the policies they offer, and some people may choose a policy with a higher excess to manage the cost of cover. 'We would always recommend shopping around to find a policy that truly meets your needs and don't base the decision on price alone. As always, carefully review your policy documents to fully understand the terms, conditions, and any exclusions.' Four key tips from Defaqto for choosing home insurance include: Check the excess on both buildings and contents insurance – do not assume they are low. Look out for specific claim excesses, such as for water damage or accidental damage. Compare policies carefully and consider whether a slightly higher premium with a lower excess may offer better value. Consider whether you could afford to pay a high excess if the unexpected happened.
