Your valuable property, for example, your home, cars, and other assets, can all be insured. If these items are damaged, as well as insured, you are eligible for compensation. Firstly, you will want to file a property insurance claim with your insurance company. Different assets have different insurances, which is why it is important to do your research. Some examples of property insurances you can invest in include:
- Homeowners insurance
- Renters insurance
- Property insurance
- Flood insurance
- Auto Insurance
- Earthquake insurance
How Do Property Damage Claims Work
Whether-related damages to your property such as fire, smoke, wind, hail, hurricane, and water damage are all occasions that call for filing a property damage claim. Insurances can also protect against theft and vandalism when it comes to coverage for the structure and its contents. Furthermore, there is property insurance coverage that provides liability coverage. For example, if someone other than the property owner or renter is injured on the property, you have coverage if they decide to sue.
Once the accident or damage has occurred, if needed contact the police to file a report, or contact your insurance company to file your claim. Take photos of damages as long as you are not putting yourself in danger. Your insurance company will send out an adjuster to assess the damage and begin an investigation. At this time you can choose to continue with only your insurance company making the calls or hire a public adjuster.
Oftentimes, insurance companies will try and deny the claim or only compensate you for what “they” believe you deserve. Public adjusters fight for your best interest, do their own investigation, as well as work to get you all of the compensation you deserve. Understanding what your property insurance covers before choosing coverage is essential. Many property insurance policies do not cover damages that are caused by tsunamis, floods, drain and sewer backups, seeping groundwater, and standing water. This would be the first thing many insurance companies try to prove to deny your damage claim.
Are Insurance Claims Negotiable
Yes, many components of the insurance claim are negotiable. Some examples of the different parts of the claims process you should negotiate include:
- Repair costs
- Depreciation amounts
- Cost or value of goods
What’s the Downside of Allowing the Insurance Company to Handle the Claim Process
As we touched on above, the insurance adjuster sent out to investigate your claim represents the insurance company. Meaning, they have the best interest of the insurance company in mind, not yours. Additionally, these insurance adjusters will not do as thorough a damage assessment to avoid reporting non-obvious damages. Thus, resulting in lower compensation. This is why individuals filing a property insurance claim will hire a public adjuster who will fight for your best interest.
Why Hire a Public Adjuster
A public adjuster knows the ins and outs of the claims process, from inspecting and investigating the damage, the legal jargon, and fighting until they believe you are getting a fair settlement. They know how to navigate and create strategies to reverse claim denials or low settlement offers. When hiring a public adjuster payment usually comes after the claims process is complete. A percentage is taken out of the settlement to pay your adjuster.
Hiring a highly motivated public adjuster, like Exodus Public Adjuster, makes the claims process hassle-free and efficient.
Will My Insurance Company Discourage me from Hiring a Public Adjuster
Insurance companies don’t usually tell you flat out to not hire a public adjuster. However, they try to avoid the situation as much as they possibly can. This is because the insurance company is often inclined to minimize the claim settlement. Whereas a public adjuster will exhaust every detail of the claim and ensure each part of the claim is given as much attention as needed. This can result in more work for the insurance company which is why they will try to avoid mentioning a public adjuster or try and discourage you from hiring one.
Will My Insurance Company Cancel My Insurance or “Drop Me” if I Hire a Public Adjuster
No. The only reason an insurance company can cancel or drop your claim is for fraud, as well as misrepresented material involved in your claim.
What’s the Property Insurance Claim Process
The steps of the property insurance claim vary from situation to situation, as well as from state to state. However, you can expect to take these basic steps during your claim:
- Notify your insurance company
- Take photos of damages yourself
- Meetings with your insurance company and claims adjuster
- A claims adjuster will document damages (photos, receipts, expert opinion reports, etc)
- Estimate of damages
- Revision and negotiation process
- Daily/ weekly claim communication
- Finding a qualified/ licensed contractor to make repairs
- Submit the claim package
- Submit a sworn statement and proof of loss form
- Settlement negotiation process
What are the 3 Types of Property Insurance Coverages
- Replacement cost
- Actual cash value
- Extended replacement costs
16 thoughts on “Property Insurance Claim FAQs”
This is going to help so many people. Insurance claims of any sort can be confusing, but property insurance claims are especially confusing at times.
Thank you for breaking down the different types of insurance to better ensure your assets.
I’m not very good at analyzing claims. I let my husband decide on these. 🙂
Ohh this is such good information to share. I’m a new homeowner and I feel like this should be given out to more people who just bought a home!
I don’t know much about property insurance, so this is incredibly helpful information for me. Thank you!
As a homeowner, I find this really helpful and important to know. It’s always good to feel insured with your properties
Hhhhmmmm….the language of insurance is still cumbersome for me to fully grasp. I will get there. This article breaks one side of it down, in the easiest of English language words. Thanks for that.
Great information! As a homeowner I didn’t know a great deal of this. I’ll hopefully not need it in the future but thank you for sharing.
I have only ever had a property insurance claim on one occasion: When my kitchen flooded from my dishwasher! I didn’t know there was such a thing as a public adjuster. This is good to know for the future
Great guide about property insurance and will help people to understand more about it. Thank you for sharing!
We have never had to do this but this is super helpful if we did!
glad to know this kind of information. at some point, I need to know the basic and not fully rely on lawyers,
What an interesting and informative post, thanks for sharing this with us. Definitely learned something new today.
I’ve never known about this until now. Thank you for sharing such a detailed and informative post!
Those are all great points to keep in mind and definitely learned a lot from this. Thanks for sharing this informative post with us.
bookmarked!!, I really like your website!