As we enter the typhoon season, we may face the risk of flooding, damage to household contents resulting from broken glasses and other situations brought on by typhoons. Having comprehensive home insurance coverage can reduce losses arising from adverse weather and accidents.
Home insurance offers the following key areas of protection:
1. Loss of or damage to home contents caused by typhoons
Losses as a result of typhoons are often related to electrical appliances and furniture. For instance, a leather sofa may become moldy after being drenched, a television set may malfunction after being hit by a wind-blown object. These are all covered by home insurance. Spoiled food and drinks stored in a refrigerator are also covered in the event of power outage caused by typhoons.
2. Alternative accommodation expenses / loss of rent
The strong typhoons may damage windows and cause flooding, rendering a property temporarily uninhabitable and making it necessary to seek alternative accommodation. Home insurance can cover the cost of alternative accommodation or loss of rent in such circumstances, providing relief to unexpected budget strains.
3. Structural elements such as floors, walls, ceilings and windows (including frame)
Renovation is often the costliest part of recovering from damage by typhoons. Some home insurance plans on the market would even cover renovation works that the homeowner had previously performed on walls, ceilings, doors, floors and windows, even though these fall under the structure of the property.
Tips on choosing a home insurance plan that suits you and on filing claims
Look for a reputable insurance company
It is important to do some research before signing up for coverage. The decision should not be focused on premium levels, promotional discounts or gifts. Instead, look for a company with an excellent reputation. Some insurance companies, for instance, offer around-the-clock home emergency assistance.
Choose coverage based on personal needs
Everyone has different insurance needs. We should consider the structure and age of the building, household valuables and other factors when choosing coverage.
Do not dispose of or repair damaged items
Remember not to dispose of or repair any household items damaged by typhoons that you may want to seek compensation. Take photos as soon as the damage is discovered and make sure the damaged areas are clearly shown. If possible, provide the purchase receipt for the damaged item. That’s why it is a good practice to keep the receipts when purchasing electrical appliances, furniture and other household items.
Repair quotations needed when filing claims
You need to notify the insurance company immediately if the damage caused by a typhoon requires renovation or repair works. Besides photos of the damage, you also need to provide a quotation for the repair works. Once the insurance company has received the quotation, they will appoint a claims specialist or loss adjustor to inspect the damage and expedite the claims process.
Obtain at least two quotations
Obtain at least two quotations when repairs or replacement is necessary. They should be submitted along with a completed claims form after the incident as soon as possible.
Claims process should be convenient and simple
Some insurance companies now offer interactive video service to expedite the claims process. Claims specialists would assess damage or loss remotely, this negated the need for a loss adjuster to visit the property and speeded up claims payment.