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Clause in home policies can help resolve disputes

NEW YORK (AP) — Homeowners across the country are trying to rebuild after a devastating series of tornados, storms and fires. And as they file insurance claims, undoubtedly some will hit a few bumps.

The key to resolving a dispute with your insurance company over repairs on your damaged home may be spelled out in your policy.

Most homeowners' policies contain a clause that calls for some kind of alternative dispute resolution, which if invoked can bring a neutral third party into the discussion to help resolve disagreements.

It's a clause homeowners should be aware of and understand. Total claims related to natural catastrophes alone for homeowners and businesses are nearing $20 billion this year — and that's with more than two months left in hurricane season and hot, dry conditions prime for wildfires persisting in Western states.

Whatever the extent of the destruction, you may find that the price tag put on the damage by your insurance company's is different than the repair estimates you've obtained from contractors.

How To Lower Your Homeowners Insurance Premium for a Home ...

Are you getting sick of your Texas home insurance premium increasing with no idea why?

This article explains some of the factors that can affect your homeowners insurance in Texas.

There is going to be a surprise waiting for you in your mailbox and it is not the kind of surprise that you are going to like. Texas home insurance premiums are going up this year at a pace I have not seen for more than 20 years!

Not every one is going to get hit with big rate increases, but if you do get hit, there are ways for you to minimize the overall impact to your budget and still keep your coverage. But before we get into that, lets try to figure out what is happening here.

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Are the Rate Increases Caused by Natural Disasters?

To a certain degree, yes. I have to believe that some of the increase can be traced to the catastrophic losses of 9/11 Attack on the World Trade Center. It is estimated that the total losses from the tragedy will go over $70 Billion Dollars, that is $70,000,000,000. There is no question that the money necessary to pay for the destruction and losses will come from almost every insurance company in one way or another. But the premium increases forhome insurance had started long before that fateful day.

Insurance Premiums on Homeowner Policies Have Gone Up Less Than 2% Per Year the Past 10 Years.

I am sure you are saying, How can that be, it seems that my rates have gone up every year? You are partially right. The total premium may have gone up, but the amount of coverage has also gone up to keep pace with the increasing cost of construction and materials used to rebuild houses. Inflation has continued to increase and push the cost of replacing homes and property higher year after year.

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