Documenting Your Homeowners Insurance Claim
It might take a lot of time, effort, and attention to detail to submit a home insurance claim. However, the sooner you’re likely to receive a settlement, the more thorough you are.
As you move through the process, starting with the incident that led to the claim, keep notes on every phone call and chat you have. The names of the individuals you speak with, including police officers, insurance company representatives, and contractors who provide quotes, as well as the date of the discussions should be noted in this record.
Take pictures or films of the damage, paying close attention to every detail and, if necessary, moving from room to room. If you have a household inventory with images of the damaged objects and an estimate of their value, now is the time to get it out. To help your insurance more easily determine what has been lost, give them this information in addition to any pictures or videos that show the damage. You should still make a visual record of the damage and an itemized list of the lost or damaged things even if you don’t have one from before the incident.
Include a copy of the police record and the names of the officers you spoke with if the claim stems from a break-in, vandalism, or other criminal behavior. Be prepared to provide information and bills for medical expenses or other out-of-pocket charges if someone is hurt on your property.
Include any information explicitly requested by your insurance provider, and provide any additional supporting evidence or receipts that may be required. In the end, you’ll do better if you give more information.
Finally, retain any receipts for lodging, meals, and other costs in case your home is damaged to the point where it is unsafe or uninhabitable so that you can be compensated. Loss-of-use coverage for these expenses is generally included in homeowner insurance plans.
Making Quick Fixes
If you need emergency repairs done to your property right away and waiting will cause worse damage, don’t wait for an insurance adjuster to come. Although you shouldn’t make repairs that are beyond your capabilities or pose a risk to your safety, you shouldn’t be afraid to, for instance, cover a broken roof with a plastic tarp to keep the rain out.
These temporary fixes will safeguard your house and improve its habitability until the specialists can fix it, and your insurance company might even demand that you take them. According to Feinman, policies often ask for the policyholder to undertake repairs in order to stop additional harm. “It’s in both of your and their best interests.”
Keep copies of all receipts for the hardware, timber, and tarps you buy to make emergency repairs. When you submit a claim for payment to your insurance company, include the receipts with the supporting documentation. Take pictures or videos of the damage before you begin making repairs so you have a record of how it appeared right away. You should include those with the claim.
Keep in mind that not all damage warrants reporting, and involving the insurance provider may result in a rate rise. This is particularly true if the damage seems to be modest and you can hire a contractor for a price that is less than or comparable to your deductible, repair the damage yourself, or both.
Unfortunately, determining that without assistance from a specialist is not always simple. If so, you might think about getting a quote from a nearby contractor or informing your insurance provider or agent. The only way to find out if and how much of your loss will be covered is to have your insurance carrier do an appraisal. In doing so, you might also find concealed damage. It’s critical to document any harm because what may appear to be insignificant today could eventually cause bigger issues.
As required by law, your insurance provider will provide you with claim forms to complete and submit. Again, it is in your best interest to complete these documents in order to keep the process rolling, but they must be done as soon as possible. Don’t hesitate to ask questions, and spend the time necessary to fill them out completely and precisely.
When Should I Make a Claim on My Homeowners Insurance?
If you’re intending to make a claim on your homes insurance, you should do so as quickly as you can. When you’re ready to hire contractors and begin making repairs or reconstructing the property, an insurance adjuster will typically have inspected the property and made a report, if necessary. The majority of policies demand that claims be made within a year following the incident, although state laws differ.
You must first decide whether you even want to submit a claim. You might wish to either do the repairs yourself or hire a contractor out of pocket if the cost of fixing the damage is going to be less than or about equal to your deductible. Even if the cost of repairs is a tiny bit higher than your deductible, this can still be the case.
This is because filing a claim could lead to a rate increase or perhaps the cancellation of your coverage. Furthermore, even if you switch to a different homes insurance provider, that record can still follow you. Information about previous claims, including names, ages, and residences of claimants, as well as the types of claims and settlement amounts, is shared across insurance companies.
The database, known as the Comprehensive Loss Underwriting Exchange, or CLUE, is periodically updated by insurers who use it as a tool for rate setting. CLUE will be aware of any claims you make at any time. Your CLUE profile might be updated by simply calling your insurer to ask about a claim; the information could be kept for up to seven years.
In general, contacting your insurer or even filing a significant claim could not result in a premium hike. The amount of claims in your region, the length of time you’ve been with the same insurance provider, and your credit standing are just a few of the additional criteria that go into determining or increasing prices. However, you might want to think twice before adding to the list for small damage if you have a history of making frequent claims.
Making an insurance claim will assist in ensuring that repairs are carried out as quickly and expertly as possible, that objects that have been damaged or destroyed are replaced, and that life starts to get back to normal as soon as feasible. By replacing outdated objects, doing so could ultimately lead to less upkeep and repair and help maintain and even increase the value of your property.
