During a strom, a tree from my neighbors yard fell and destroyed my fence. Does my homeowners policy pay for the damage or does my neighbors policy pay?
Generally, your own policy should cover the loss. Your insurance company may be able to recover the amount it pays you for the loss and your deductible from the homeowners insurance that your neighbor may have, in the event that the loss occurred as a result of your neighbor’s negligence.
I have specifically insured antique items on my homeowners policy. If have a total loss like a fire, would the insurance company still pay me their insured value?
The insurance company would first confirm the value of the items with one or more independent antique dealers. You should then be paid a dollar value based on the dealer(s) estimate of the worth of the antique items. If you disagree with the settlement offered by your insurer, then you can follow the dispute resolution process outlined in your policy. There is a simpler way. Get appraisals and have your agent establish the stated values in the policy. You should also keep your appraisals up-to-date.
My home was recently broken into and I do not have receipts for the stolen items. What will the insurance company accept for proof of ownership?
If the actual receipts are not available, insurance companies generally will accept photos, warranties, owners manuals, cancelled checks, credit card receipts, bills, servicing agreements, even video tapes, as proof of ownership. We suggest that you consider video taping your home before a loss.
Does a deductible apply once an item is scheduled?
No. Unlike the standard Homeowners Policy, once an item is scheduled the deductible does not apply.