What to Do If You Have A Property Claim

How to maximize your recovery and ensure a smooth claim process:

  1. Take photos of the damage
  2. Protect your property from further damage – this may entail some temporary repairs
  3. Do not allow the disposal of any damaged property until the claim is settled
  4. You, the insured, control who can do temp repairs or mitigate cleaning. You have the right to approve anyone who works on your property
  5. Can you still occupy the premises? If not make arrangements for temporary accommodations
  6. List and inventory the damaged items – remember it is your responsibility to prove your claim
  7. Identify items damaged by Make or Model # if available – if possible use an Excel spreadsheet
  8. Pricing of the items can be found on the internet – remember we want the current replacement cost value of the item
  9. Remember you are paid on the replacement cost value only if you replace the item, otherwise you only receive the depreciated actual cash value
  10. Document every phone call, email or contact with the insurance company and adjuster
  11. Do not sign any documents that state it is final payment of the claim
  12. Consider hiring a public adjuster if the claim is too large or complicated. The public adjuster represents your interests
  13. You have the right to request a new adjuster or any expert the insurance carrier sends out if you are not comfortable with the level of expertise
  14. Always be in attendance when the adjuster visits
  15. Always get permissions granted by the insurance adjuster in writing
  16. Request a copy of the adjuster’s report to the insurance company
  17. Always insist on the level of quality and tradesmen who built the house or certain parts of it. You are not required to accept lesser quality.
  18. If you feel you are getting the runaround, seek out the department of insurance and or local attorney who specializes in property insurance claims

 

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Decision Making and Buying Insurance

Did you know that if a person knew the date of their death, it drives up the possibility that they would buy life insurance by over 60%? If people knew there was a disaster coming of some sort, they all want to run out and buy insurance.  Why is that? Maybe not as simple as so they can cash in on the event.

Most individuals who don’t buy insurance or put it off, just do not believe an unfortunate event is going to happen to them. The problem with unfortunate events, we never know when they are going to occur. Most people are terrible planners when it comes to events which have a low probability of causing a loss. They just don’t think it will happen to them.

There have been studies that show insurance buyers will most likely look to insure against common perils or risks which usually cause small losses, instead of large catastrophic risks which have a very low chance of occurring. In essence, people buy based on the chance they can cash in on the insurance, rather than the principle of protecting against catastrophic loss.

If a consumer considers buying insurance, the same way they consider gambling, there is a good chance they will not purchase the insurance. These individuals are looking to invest a small amount of money with the hopes of a large payout.  We have all heard the buyer state “I paid in thousands of dollars over so many years and never collected a dime because I had no claims.” In retrospect that is a good thing, since you did not suffer the direct and indirect losses a claim can cause.