Depending on the extent of damage to your property, accepting a cash settlement may mark the end of your insurance policy, unless your insurer agrees to continue covering you. What is a home insurance cash settlement?Ī home insurance cash settlement involves your insurer paying you, either in part or in full, your claim, rather than replacing or repairing damage to your building. Your options could include waiting for your insurer to repair or replace the damaged property or accepting a cash settlement.įor peace of mind, it’s a good idea to seriously consider your home insurance policy terms to make sure you are covered appropriately for your circumstances, but also to be aware of your insurer’s terms around providing cash settlements. If the worst does happen, you may find yourself at a crossroads when it comes to deciding how you want your claim to be paid out. To protect yourself financially against the possibility of your home being damaged by a natural disaster or accident, you may have taken out a home insurance policy. Let’s break down what exactly a home insurance cash settlement is, what you should know before accepting one and what you can do if you’re unhappy with the result of your settlement.
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