Making an Insurance Claim
In making an Insurance Claim the most important thing is to know your policy. Knowing what’s covered, what’s excluded and what the deductibles are, is the first step when making an insurance claim.
Consider a home inventory of your possessions. A complete inventory generally includes the date of purchase, cost at purchase and description of each item.
If you sustain damage to your home, property, or vehicle, take the following steps to help make the claim process go smoothly:
Do's and Don'ts of making an Insurance Claim
Many policies have time limits on when you can file a claim. To file a claim, contact your insurance agent or company as soon as possible. Ask about forms or documents you’ll need to support your claim. You’re also required to protect your home from further damage. For example, you might need to board it up or clean up water from a backed-up drain.
If you have to file a claim, do so as soon as possible. Don’t let the bills or receipts pile up. Call your agent or your company’s claims hotline; your policy might require that you make the notification within a certain time frame. Provide complete, correct information. Incorrect or incomplete information will only cause a delay in processing your claim.Keep receipts for any construction or hardware supplies you purchase, as well as hotel and restaurant expenses should you need to relocate temporarily.
Begin saving receipts for any money that you spend related to the fire loss. The receipts may be needed later by the insurance company and to prove any losses claimed on your income tax.
Keep copies of all correspondence. Write down information about your telephone and in-person contacts, including the date, name and title of the person you spoke with and what was said. Also, keep a record of your time and expenses.
Record damage to your home, personal property, or vehicle. Keep copies for your records and to share with your insurer. These days everyone has a cell phone that can take good quality photos.
An adjuster will likely come to your home to survey damage. Cooperating with your adjuster can save time and assist you in receiving your settlement promptly.
Ask questions. If there is a disagreement about the claim settlement, ask the company for the specific language in the policy that is in the question. Find out if the disagreement is because you and the insurance company interpret your policy differently. If this disagreement results in a claim denial, make sure you obtain a written letter explaining the reason for the denial and the specific policy language under which the claim is being denied.Auto and homeowners policies might require you to make temporary repairs to protect your property from further damage. Your policy should cover the cost of these temporary repairs, so keep all receipts. Also, maintain any damaged personal property for the adjuster to inspect. If possible, take photographs or video of the damage before making temporary repairs.
While temporary repairs are a good idea, don’t make permanent repairs. An insurance company may deny a claim if you make permanent repairs before the damage is inspected.Don’t rush into a settlement. If the first offer made by an insurance company does not meet your expectations, be prepared to negotiate to get a fair settlement. If you have any questions regarding the fairness of your settlement, seek professional advice.
If possible, determine what it will cost to repair your property before you meet with the claims adjuster. Provide the claims adjuster with records of any improvements you made to your property. Ask the claims adjuster for an itemized explanation of the claim settlement offer.
The insurance company will assign a claims adjuster to assess the damages and determine the payment. These adjusters may be employees of the company or independent contractors. You should cooperate with the adjuster’s investigation of your claim. The adjuster will probably want to meet with you at your house to inspect the damage. Jot down notes and keep track of the dates of any conversations you have with your insurance agent or adjuster.
Making an Insurance Claim Requirements
Read your policy—it’s your guide to the types of losses that may or may not be covered. How often you file a claim and the types of claims you file often affect your premium and whether your insurer will renew your policy. If the cost to repair the damage is not much more than your deductible, you might want to pay for the repairs without filing a claim.
