Process of Filing a Homeowners Insurance Claim
If you ever face loss or damage, you have to file your homeowners insurance claim so that you can
get compensation for your loss. The process of filing a claim can be straightforward if you
understand its steps beforehand.
Time and Importance of Filing a Claim
It is important to notify the insurance company as soon as you face any loss in your home or
belongings. Delay in filing a claim can cause you issues and your claim may be rejected.
Immediate Steps When Damage Occurs
Assess Damage: First, you should make a comprehensive assessment of the damage and note what has been damaged and how severe it is.
Take Photos and Videos: Take photos and videos for documentation so you have evidence of the damage. This helps in the claim process.
Contact the Insurance Company: Immediately contact your insurance company’s customer service or claims department and brief them on the situation.
Required Documentation for Claim Filing
Homeowners have to submit certain important documents during the insurance claim process that verify the claim and make the process run smoothly.
Key Documents That Are Required
Proof of Loss Form: Insurance companies require a proof of loss form that verifies your damage and provides details about how severe the damage was.
Repair Estimates: You should have repair or replacement estimates that show how much it will cost to repair the damage.
Receipts and Invoices: If you have original receipts for any damaged items, submit these to the company so that the valuation is accurate.
Additional Documents That Are Helpful
Police Report (in Theft or Vandalism Cases): If the damage is due to theft or vandalism, it is important to submit a police report as well.
Contractor’s Report: The contractor’s report also helps in assessing and repairing the damage, and gives a professional view.
Role and Expectations of the Claim Adjuster
The claim adjuster is a professional who comes to your home on behalf of the insurance company to assess the damage.
Guiding the Claim Adjuster
Do a detailed walkthrough with the claim adjuster and highlight the damage points. Provide whatever documentation you have to them so that they can accurately assess your claim.
Things to keep in mind during Adjuster visit
Explain damage points clearly: Whatever things are damaged, show them clearly to the adjuster.
Ask questions: If you have any questions in your mind about the claim process or compensation, then definitely ask the adjuster.
Claim Settlement Process
Claim settlement is the step in which the insurance company provides you compensation or repair/replacement cost which is calculated according to your damage.
Settlement options that insurance companies offer
Lump Sum Payment: This is a one-time payment which you get according to the loss. This is beneficial for homeowners who want to repair their home or belongings directly.
Reimbursement of Expenses: Many insurance companies reimburse expenses when you get the damage repaired and submit receipts.
Partial vs. Full Settlement
Partial Settlement: Sometimes after the initial investigation, the company provides you a partial settlement and pays the remaining amount after a full investigation.
Full Settlement: If the damage is simple and straightforward, you may get a full settlement.