The insurance company will generally cover some of the costs of replacing any personal property that is destroyed or stolen.
Portland, ME – There are a number of reasons why homeowners insurance exists. It is the best way for a person to protect their significant investment in their home and other kinds of property. However, There are also potential problems with the claims process when the insurance company denies a claim. If the policyholder has had issues with their insurance claim being denied, it may be worth reviewing the situation with a local insurance lawyer in Maine.
Lender requirements
Homes that are financed by a mortgage will require the owner to carry some kind of homeowners insurance policy. This is to protect the lender’s investment while the home is mortgaged. Sometimes, the costs of homeowners insurance are bundled into the mortgage payments by the lender.
While this is required by banks and lenders on financed homes, there is technically no legal requirement for homeowners insurance once the home is owned outright by the lender. However, in most cases it is a good idea for any homeowner to have some kind of coverage.
Protection from severe weather
All parts of the United States, including Maine, can potentially experience severe weather that causes property damage. This is one of the main benefits of a homeowners insurance policy, as the insurance company will help with the costs of repairs after a natural disaster. An adjuster can review any damage caused during these times and the insurance company will offer a certain amount of compensation.
When a homeowner is sued
Homeowners insurance can also function as a form of legal protection. There is an area of the law called premises liability that makes homeowners responsible for any injuries to others while they are on their land or other kinds of property. This means that the homeowner can technically be sued in many situations when someone is hurt while at the home. The insurance policy is supposed to be available in order to pay out any damages from a lawsuit so that the homeowner is not responsible for paying these amounts on their own.
Personal property
When someone has a homeowners insurance policy, they can make an inventory of various valuable items inside of the home. The insurance company will generally cover some of the costs of replacing any personal property that is destroyed or stolen. The amount of compensation available can vary based on the costs and age of the item. It is also possible that certain very valuable items can require an additional insurance policy for protection.
Insurance legal professionals in Maine
USAttorneys.com is a directory of lawyers in every state and practice area. Anyone who needs to speak with an attorney about homeowners insurance claims in Portland or other cities can use the site to find a local legal professional.
