Your insurance is supposed to serve as a safety net, something to fall back on when disaster strikes. Indeed, having insurance coverage provides a lot of peace of mind, whether it is Medicare, life insurance, or property insurance, like homeowner’s insurance. However, a lot of times, when things go south and you are in need of insurance, claiming the money you need can often become quite complicated. This is a common problem faced by a lot of people when they try to claim insurance against property damage.
There are several provisions and conditions laid out in the insurance declaration form, which many of us simply brush over while applying for the insurance. These clauses can often make claiming the insurance quite complicated. It is not unusual for a lot of claims to get rejected or fulfilled only partially. That said, claiming insurance can become quite an arduous process. However, it does not have to be that way. A reasonable amount of money can be claimed in most cases, provided the right steps are followed. Here are a few tips on how you can easily win your insurance claim for your property damage.
This is the most important step. Most of us are unaware of all the clauses that our insurance policy contains. Knowing these clauses thoroughly will help you out while making the claim. You don’t have to memorize all the points. You just need to have a general idea of the conditions that have been laid out and that you have agreed to. If you delay this up to a point when you need to claim the insurance, you might end up in a no-win situation. You may miss out on a step that is essential to the claim process; a step that cannot be executed anymore. So take your time and go over the insurance document slowly and thoroughly and make sure that you have absorbed and met all the critical conditions.
If you have a homeowners insurance policy, you need to maintain a list of your possessions to estimate the value of the insurance claim in the event of a disaster. It would be even better if you could also maintain a list of invoices, at least for the more valuable commodities. A list like this would serve two purposes. It would help you with the claim process at a later stage and a list of things would let you know if the net worth of your possessions is higher than your insurance coverage and let you adjust the coverage amount accordingly.
The first thing you must do is call the insurance company as soon as disaster strikes. Whether the insurance cover is regarding your residential property or your place of business, contacting the insurance company is the first thing you must do. You must not wait for a catastrophe to occur. If you delay calling the insurance company, you could end up with only a portion of your claim. When you contact the insurance company, it is important that you report any and every kind of damage that has occurred to your property. The experienced lawyers at Insurance Claim HQ suggest taking photos and preparing a list of everything that has been damaged in an incident and would require repair or a replacement, including personal items and electronic gadgets. This would let you provide an initial estimate to the insurance company. You should also contact local law enforcement or other relevant agencies and file a report if the situation deems it necessary. A well-documented paper trail and timely reports will help you with your insurance claim
During your insurance claim process, the person you will have the maximum interaction with will be your insurance adjuster. The insurance adjuster is a professional who is assigned by the insurance company to evaluate the extent of damage to your property. Be advised though, the insurance adjuster works on the behalf of the insurance company. The insurance adjuster’s goal would be to minimize the value of your claim and minimize the insurance company’s payout. That said, while interacting with the insurance adjuster, you should always walk on a thin line. To begin with, always be honest and open to the insurance adjuster. Never lie to the insurance adjuster as that could work against you, but at the same time do not make statements that make you look guilty either.
Any damage that occurs to your property must be addressed promptly. If you delay any repairs to your property, it might lead to further damage to your property which may not be covered by the insurance company. So, the best way to approach any issue is to nip the problem in the bud. If you have water seepage issues, you should contact the insurance company and get the issue fixed. This is because if the issue eventually leads to structural damage or mold formation, the insurance company may not foot the entire bill citing negligence and you may have to spend a significant portion of your own money in conducting the repairs.
Before you submit the final value of your claim, you should prepare an estimate of the expenses that you would face. The repair and construction costs can get driven up due to local rules which you may not have accounted for in your claim. Once the claim has been processed, expenses that may arise at a later stage will generally not be entertained and you will have to spend from your own pocket. Also, a financial estimate of any construction or repair work that has to be performed must be approved by the insurance company. Such a financial estimate is generally provided by the contractors.
If the right steps are not followed, claiming your insurance can become quite a tiring process. However, if you document everything properly and meet the clauses described in your insurance policy, you will be able to get a reasonable portion of your claim awarded.