Depends on the ‘claims basis’ of the policy. On an occurrence basis policy, any claims that occurred during the policy while the policy was active, will be honored.
Our insurance company claims we have damage to the roof or garage. What we had was an interior gutter pipe that cracked in the wall on the 1st floor of a 3 story home. They seem to be redlining us.
What, they don’t know if the damage is to the roof, or to the garage??
Redlining means, they refuse to write insurance policies in a particular neighborhood. So if you have a policy, they aren’t redlining you.
What is covered, depends on the kind of policy you have. On the standard HO3, damage to the pipe itself is not covered. Damage to the walls of the house to get to the pipe, is covered.
Water damage that has been going on for a long time - evidenced by lots of wood rot, and you can tell by looking at the drywall/plaster - sometimes is excluded. You can’t neglect maintaining your house and then expect the insurance company to pay for it.
My father owns a home that I pay the mortgage on. I had to replace the roof in February ‘08 due to wind damage caused by a sudden storm. Can I claim this as a Casualty even though the house belongs to my father?
My name is not on the mortgage but I claim the interest by submitting a statement from my father stating that I pay the mortgage.
Dear Tina: Who takes the mortgage interest deduction? If you do and your name is on the mortgage you can take the casualty loss.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Master Tax Advisor Enrolled Agent.
Alot of my neighbors are having their houses resided and roofed from hail damaged. I had my house inspected too, and they did find damage as well. I am worried about claiming it because I don’t want my rates to increase. If I don’t file a claim will my rates still go up because many of my neighbors have filed a claim to pay to have their homes done?
you need to have the roof fixed to prevent further damage and leaks in the future. if you claim later damage such as a leak and the insurance company inspects (and they will) and they find out you had prior damage and did not fix they can and probably will deny the claim. it is your responsiblity to maintain your home. if this is the only claim you have made in the past 5 yrs your rates will NOT be affected. home insurance is not like auto insurance. it does not go up everytime you make a claim. home insurance looks at the amount of claims and claim frequency. if you make a lot of claims then the company is more likely to drop you and you will have a harder time finding coverage. the only time you are looking at a problem with home insurance is when you have many claims in a 3 -5 yr period.