When something happens to your home it is very unsettling but thankfully you’ve got homeowners insurance. I’ve highlighted important claims notes here to help:
- As soon as damage to your home occurs notify your homeowners insurance company. If its not reported to the insurance company within a short period of time it may look questionable. Once contacted they will let you know what needs to be done in completing the claim. Document or keep a journal of all contact you have with the insurance company.
- Survey the damage that has been done to your home and make an account of what has been damaged or has been lost. If you’ve compiled an inventory list (highly recommended as it will help immensely in a situation) prior use it to help with this task. Supplement your written account of damage with video and photographs to further capture details.
- Make any small fixes that are possible to damaged parts of the house in order to prevent worsening damage. For instance use ply wood and or duct tape over broken windows to prevent the elements from coming in to cause further destruction.
- If you’re really worried about getting a fair payment by your homeowners insurance company then consider hiring a public claims adjuster. They are the advocate of the policy holder and are there to make the process easier and the payment amount fair. Its important to hire one early in the claims process and to understand they get a percentage of the settlement.
- Be aware that your homeowners insurance company may try to get out of paying you in full with asking you to sign off on a release form early or sending you a check that indicates “final payment” on it. If you feel entitled to more than what you’ve received then do not sign either one.
- When you finally receive the claim check don’t be surprised to see your mortgage company’s name (if you have a mortgage) on the payable line with yours. If this happens the check will have to be sent to the mortgage company and will be refunded back as repairs are made.
- Too many homeowner insurance claims in a short period time could throw up a red flag to the insurance company and could have them thinking “lets drop this policy holder. “ Other insurance companies can look up this information making it very difficult to get a policy for your property with another company.