Augusta
VIP Contributor
Homeowners fraud is about fraud deliberately carried out by home insurance policyholders to receives more money from the insurer.
The insured will Submit a misleading or fake claim to collect undeserved compensation They submits an inflated claim on their homeowners policy to receive more money than the real value of the loss or damage. This is about the home insurance users trying to scam the system.
Below are the common types of homeowners insurance fraud that exists.
The insured do consciously damage property to make a claim
In a burglary of a home, they over-state the value of stolen items from it.
The cause of a theft, its extent, date or value of damage is not true.
The home Insurance policyholders do stage phony burglary or vehicle break–They do this to receive higher compensation. So they fake the theft and damage of property.
Another home insurance fraud is when the insured increase the estimate or bill by making a repairman to cover the deductible
Another fraud is through the insured using crooked contractor, plumber, repairman or insurance adjuster to fabricate supporting evidence that can be as little as repair bills or receipts.
Not disclosing that a residence is for rental or is for commercial businesss so as to reduce the premium to be paid
The insured will Submit a misleading or fake claim to collect undeserved compensation They submits an inflated claim on their homeowners policy to receive more money than the real value of the loss or damage. This is about the home insurance users trying to scam the system.
Below are the common types of homeowners insurance fraud that exists.
The insured do consciously damage property to make a claim
In a burglary of a home, they over-state the value of stolen items from it.
The cause of a theft, its extent, date or value of damage is not true.
The home Insurance policyholders do stage phony burglary or vehicle break–They do this to receive higher compensation. So they fake the theft and damage of property.
Another home insurance fraud is when the insured increase the estimate or bill by making a repairman to cover the deductible
Another fraud is through the insured using crooked contractor, plumber, repairman or insurance adjuster to fabricate supporting evidence that can be as little as repair bills or receipts.
Not disclosing that a residence is for rental or is for commercial businesss so as to reduce the premium to be paid
