You paid the premium you agreed to the coverages, you might think you completed your side of the bargain, but not so fast. All insurance policies have conditions that are required by you the insured. No there not “GOTCHA” conditions, just common sense conditions that minimize insurance cost for society as a whole. You can find conditions of a policy in section of your insurance policy called, conditions.
Some common conditions:
1) You must have an financial interest in the property you are insuring.
2) Give prompt notice to the insurance company of losses. (NOTE: prompt is an ambiguous word, and in practice typically means quickly enough to prevent further damage)
3) Make list of all damaged personal property. (This is why a home inventory can be so important. While adjuster are understanding, it is often hard to recall every item in your house).
4) Cooperate with investigations and right to view the damaged property
An insurance policy is a contract, and like all contracts it’s important to know your obligations under that contract before you agree. I encourage every client to read their policy when it arrives to get an over view and ask us if they have any questions.