Insurance Tips to Make Sure You Get the Most Coverage After a Loss
Knowing how to accurately file a property insurance claim can impact your payment timeframe, claim payment amount, and waking life, dramatically. Additionally, understanding the steps that you can take to get the most coverage after a loss beforehand can save you stress, motivation, and money in the long run. Apart from understanding your policy and having proper documentation on hand, there are a few things you can do to get the coverage that you’re entitled to.
Facing Your Insurance Company
When you’ve experienced a loss or damage to your property, the last thing you need is a battle with your insurance company. If you end up with an aggressive employee or overly ambitious claims adjustor, you might end up having your case handled unfairly. Our tips listed below will help you get the most out of your claim.
Knowing the Lingo is the First Step
Speaking fluent legal insurance jargon is one of our extremely helpful insurance tips. This will allow you to better understand what your representative is saying, and explain your status properly. Here are a few common terms that you’ll need to know. Additionally, here is a link to our in-depth Insurance Term Glossary.
Types of Settlements
Knowing which type of settlement you may receive is important. Your insurance company should be ready to fairly replace and fix damaged property and items. If you have been making your payments, you are entitled to the coverage that your insurance plan has promised. The settlement that you receive can vary based on how you report your claim. If possible, never accept a settlement that is less than what is promised in your policy.
• Replacement Cost Settlements
These settlements are one of the more reasonable options. These settlements cover the cost that it will take to replace damaged items. If you have enough coverage, these settlements can help you get your life back on track. The catch is that the payout time may be slow. Every company is different so specify the settlement payment process with your representative before anything is set in stone.
• Actual Cash Value Settlements
Actual cash value basis claims are structured around the depreciated value of items. This means that you will not get the money that you need to replace actual items. Keep this in mind when your insurance company makes you a coverage offer that uses this term.
Words to Avoid
When filing your homeowners claim, there are a few things that you definitely do not want to say. We are not in any way urging deception, but what is a simple conversation to you may be held against you unfairly later. Speak carefully as you file your claim. Unfortunate as it may be, that first phone call can turn what would be a painless process into a drawn-out battle.
• Sorry
Habitually, you may apologize out of embarrassment, frustration, or common courtesy. When it comes to filing a claim, don’t. There is no need to assign blame to yourself, especially in the case of a disaster or property damage. This may go against your responsible nature, but accepting assistance is an absolute must when filing any homeowners claim.
• Renovated or Customized
You may have just finished remodeling your and/or kitchen bathroom. The insurance claim adjuster probably won’t want to hear any speculative figures or recent renovation stories. Instead of explaining your renovations, have the actual material receipts, construction costs, and contractor fees printed and ready. ReBLDing logs many of these expenses on our platform so you’ll be able to access them quickly. Having these concrete numbers on hand can be a great way to hold your own against an aggressive adjuster.
Additionally
Never mention damages that your property already had unless you absolutely have to, even in passing or humorously. If you suspect mold or termites, that’s none of the business of the claim’s adjuster. Don’t give them excuses to cut your claim.
ReBLDing is here to help you get your life back on track after you experience a loss. We offer quotes, contractor services, secure communication, and insurance tips for all of our customers. At ReBLDing, we know that disaster damages can be stressful. When it’s time to hire a contractor and fix your home, we want to make your renovation process as safe, painless, and simple as possible. We can track your costs, contractor communications, and real estimates so that they’re easily accessible. Using our services allows you quick access to all of the contractor costs and some of those key financial figures that you may need when filing a claim.