People holding home
insurance policies would like to
know about the claim process. In case you have a disaster around the place, or
lose things as a result of robbery, you would like to make the claim and get
the process settled in quick time. The insurer generally checks out the loss
multiple times and goes through the formalities, before finally covering the
loss. However, you should have a clear idea about how to proceed in case your
home is damaged. This article will provide you with a complete knowledge about
what to do in case you want to file a claim.
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The
initial payment process may not be final
When a policyholder
files a claim, the damage in your property will inspect the damage and settle
the claim. The amount of damage will determine the amount of money you will
receive for repairs. These days, most of the homeowners buy house insurance policies from
reputed companies, so that they need not incur the financial losses in case of
damage. The insurance company often carries out an initial check. This is done
to provide an advance against the total amount of settlement, and it should be
noted that this is not the final payment.
Some companies offer an on-spot settlement for
the damage and the policyholders can accept the same right away. In case you
come across other damages in future, the claim can be reopened. In this case,
you can file a claim for the remaining amount. In most of the property
insurance policies, you need to get the claim filed with
the insurance company within a year of the disaster.
The
claim process: At a glance
·
You
can contact the insurance company by email, fax, phone or contact the agent, in
case you want to file a claim
·
The
reputed home insurance companies acknowledge the claim in a short time. A
surveyor is sent to inspect the site within two working days of filing the
claim
·
The
company may enquire in writing or call about any important queries about
processing the claim after your property is inspected
·
Accordingly,
the claim will be settled at the earliest by the company
What
to do during the home insurance claiming process?
According to the
contract signed between the insurer and the policyholder, you need to report
the damage immediately to claim the money. If the stated time limit expires,
the claim may be denied. Even if you evacuate the premises in case of a
disaster, it is advisable to get in touch with the insurance company at the
earliest. These days, you can file the claim online from your smartphone, through
the websites or apps. You should have the contact details of the property insurance company all the time, so that you can
reach out to them even after evacuating the house.
The claim process
begins once you inform the damage to the insurance company. This is a detailed
and extensive process, that calls for a good amount of attention and time. The
process involves contacting the insurance company initially, assessment of the
damage, negotiations and resolution. Usually, the insurance company needs the
following details from the policyholder when they file a claim:
·
Name
of the policyholder
·
Policy
details (number)
·
Address
·
Type
of damage (Fire, flood, earthquake, vandalism)
·
Information
about damage caused to your home
Keep
your premise and property secure after the damage
If you have a home
insurance policy, make sure to keep the premise secure after the disaster, so
that no additional damage is caused. On securing the site, you can ensure that
no third party suffers an injury. The policyholder shoulders a contractual
responsibility of minimize the additional damages after a disaster. Remember,
the insurer may not cover the damage that has been caused due to your
reluctance to keep the premise secure. For instance, if your house is on fire,
do not let your family members of others get inside to recover valuables, even
after the fire has been doused off. The person may suffer injuries due to
collapse of walls or ceilings.
Don’t
commence with the repairs immediately
Unless any approval
comes from the home insurance company, you should not start any repairing
process. The surveyor needs to examine the extent of damage. It is advisable to
keep the property as it is, until the company approves the claim. After the
negotiation takes place and you get the agreement documented, you should
proceed with the repairs.
One of the common
mistakes people tend to make after a damage to their home is that, they throw
away things. These may include the damaged items, receipts and personal
belongings. These items are important, as you need to prove the damage when you
file the claim. Until the damage is documented properly and you get the claim
processed, do not throw the items away.
A
few other guidelines
While filing the claim, do not assume that you need to use the vendors of the insurance company.
You are free to hire experts like public adjusters, contractors and engineers
on your own. It is in your interest to hire a professional who can provide an
accurate estimate of the losses you have incurred.
Initially, the
insurance company will calculate the cash value of the belongings. You need to
make a list of all the belongings that have been damaged and submit the same to
the house insurance company. You might be having the policy of replacement
value. However, the first check is generally based on the cash value and this
is the depreciated amount, calculated on the basis of duration you are using
them. In case you decide not to get them replaced, the company will pay the
depreciated amount to you in cash.
It is wise to have a
property insurance policy in place, so that you need not suffer a financial
crunch in case of disasters. The future is unpredictable and you should keep
your finances secure against the damage caused by the possible perils. Get
across to a reputed home insurance company and buy a
policy that can keep your property and belongings covered.
