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When Disaster Strikes - Time to File a Homeowners Insurance Claim

Need to file a homeowners insurance claim? Or maybe you just want to be prepared should the need arise. Either way, the information below will walk you through the process of filing a home insurance claim.

If you have a home insurance claim, whether from a disaster or just a small accident, it's best to be as prepared as possible ahead of time. To avoid delays and discrepancies when it comes to receiving your homeowners insurance claim settlement, make sure you have a comprehensive home inventoryand that you have documented everything. This should be stored in a fireproof box. Consider storing a second copy at a friend's home or a safety deposit box.

If you have a claim, the insurance company must start investigating it within 15 days of receiving written notice. Your insurance company may ask you for additional information, and once you have sent this information, the company has 15 business days within which to accept or reject your claim. If the insurance company does agree to pay for a claim, it must do so within five business days. On the other hand, if your insurance company rejects your claim, it must explain the reasons why in writing.

Settling Your Home Insurance Claim: An Overview

• Your insurance company will inspect your damaged property.
• The adjuster will take photos, if needed, and discuss the cause of the damage, property value, your coverages, and how your claim will be handled.
• You will get a contractor of your choice to provide an estimate of the repairs needed.
• Once estimates are ready, the adjuster and contractor will discuss how repairs will be made, what materials will be used, and costs of repairs.
• The adjuster will explain the total estimated repairs, including the deductible.
• You will be asked to submit an inventory of your damaged and destroyed items.
• For large claims, if you have a mortgage payment, payment will be made to you and the mortgage company. If you have assigned your insurance claim to a contractor, the contractor will also be named on the settlement check.

Filing A Home Insurance Claim: The First Steps

When distaster strikes, contact your agent or company immediately. Then you need to find out the following:

• Is the damage covered by your policy?
• How long do you have to file the claim?
• Does the claim exceed your deductible?
• Will you need estimates for repairs?
• How long will it take to process the claim?

Filing a Home Insurance Claim: What your Insurance Company will Do

• Provide you with the name of a contact person who will monitor your claim.
• Send a company representative, or adjuster to your home to view the damage. If the damage was caused by a natural disaster or other catastrophic event, it may be some time before the adjuster gets to your home.
• Notify you in writing whether the damaged is covered under your policy. They will provide an estimate of damage.
• If the damage is covered, the insurance company will pay you the necessary costs to repair or replaced the damaged property, up to your policy's dollar limits and subject to any provisions in your policy.

Filing a Home Insurance Claim: Tips for Making it go Smoothly

Most importantly, know your insurance coverage!

• Make sure you know what losses are covered under your insurance policy. Your policy's dollar limits and benefits appear on your policy's Declaration page.

• If you need help or you are not sure what is covered, ask your agent or company representative.

• If you have a loss, notify your agent or insurance company immediately. If the loss involves theft or crime, also report this to the police.
• Have your policy number available when you contact your insurance company and be ready to answer extensive questions on how serious the damage or loss is.
• Make a list of your damaged property. If you can, photograph or videotape the damage before making any repairs.
• Make only temporary, reasonable repairs to protect your house and belongings. The insurance company could deny your claim if you make permanent repairs before the company has a chance to inspect the damage. If you are not sure what constitutes a permanent repair, contact your insurance company before beginning the repairs.
• Don't throw away removed or damaged materials until the insurance adjuster has had an opportunity to view them.
• Keep receipts and keep an accurate of all repair expenses. Payments for temporary repairs are part of the total settlement. For personal property claims, you must provide evidence that you bought the replacement items. Receipts will help you get reimbursed quickly.
• Keep an activity log that includes all contacts with your insurance company. Keep copies of letters and other documents sent between you and your insurance company.
• Your insurance company will likely provide you with information about how it processes claims and it will let you know what your responsibilities are under the policy.
• Be there when the insurance adjuster inspects your home. It is a good idea to have your contractor or builder with you so they can discuss estimates or technical specifications with the adjuster.