Handling property insurance claims can either be a relatively straightforward process or a very complex one. How quickly and smoothly the process advances depends a great deal upon both the policy owner and the insurance company. In order to help expedite the claims process, policy owners should consider doing the following.
Before A Loss
- When a policy owner purchases insurance, they need to understand the insurance coverage they are buying, and what to do to before a loss. Many people buy a minimal amount of property insurance coverage and later regret their decision. Buy insurance in case the property burns down to the ground.
- Keep receipts for personal property purchased and which will be covered under the insurance policy.
- Take pictures or video, at least once per year, of both personal and real property they own so that the insurance company has proof of what was damaged. For instance, if a policy owner can’t prove he owned an expensive entertainment system, which was completely destroyed during their house fire, the insurance company probably won’t pay him for it.
- Take pictures of everything you own including product serial numbers. Add and subtract from the list as you buy, sell, or dispose of items. Keep copies of the list in a safe place, such as online, where they cannot be easily lost or destroyed.
After a loss has occurred, it’s important that the policy owner get representation since the insurance company has adjusters on their behalf.
Insurance Claims Handling Process
- Contact your insurance company: At the earliest possible time, you need to contact your insurance company or agent to file an insurance claim. The insurance company will ask how the accident occurred. Be prepared to answer those questions to the best of your ability.
- Don’t admit liability: Tell the insurance company what you know and only what you know. Don’t assume.
- Consider hiring an attorney: If your loss is large, you may wish to consider hiring an attorney. Right after you suffer a property loss the insurance company assigns an adjuster to handle your claim. Their job is to minimize the property loss and pay as little as possible to the policy owner.
- Evaluating your losses: The insurance company will consult their experts, and decide how much to pay you for your losses if any. Just remember that you don’t have to accept the insurance company estimates. You may wish to hire an attorney to assist to properly assess your actual losses. Remember, the job of the insurance company is to pay you as little as possible.
Insurance companies don’t always play fair, and it may be necessary to hire an attorney to help you sort through the legal process in order to make an insurance company pay you what they owe based on the policy coverage. Hiring an attorney who specializes in insurance claims may be in your best interest. The Smythe Law Group, Inc. is here to help you get fair payment for your losses.