When it comes to your insurance claim, obviously you want it assessed, processed and paid out as quickly as possible, so that you can get back to normality.
Unfortunately, sometimes if you rush it, you can easily miss crucial elements which may affect the final settlement, or slow down the entire insurance claim process.
Here are some tips of what NOT TO DO, if you don’t want to delay the insurance claim process, or jeopardise your settlement
- Notify your insurer promptly. Take photos and make a list of the damage before you clean up or throw anything out. Do what is needed to stop further damage, such as emergency repairs, and keep the receipts. Keep damaged items until your insurer or its loss adjuster has seen them.
- Remember this is all evidence, and without it, it is much harder to show what the items were worth.
- Get quotes for everything and only then decide what should be dumped when approval has been gained from your insurance company.
- Make informed decisions and don’t agree to anything you do not understand. Ask for the basis of any offer in writing, and get independent advice if you want it.
“If you’re not properly managing your insurance claim, then your claim is managing you.”
How to manage your insurance claim process the right way
- Understand what your insurance policy covers. You are personally responsible for some costs, and they can add up very quickly. If you are under-insured at the time of loss, you can be significantly out of pocket following a loss without recourse.
- Get professional help. Talk to a professional loss assessor who is experienced in handling these types of claims. You can contact Insurance Claim Solutions to talk through your claim.
- Understand the costs. Please familiarise yourself with the cost of professional services and what it covers.
- Make an itemised inventory. Don’t touch anything until a comprehensive list of damaged items has been made.
- You have a responsibility to mitigate and protect your property but know your limitations. Follow each step carefully, but don’t put your business “on hold” for too long.
- Once the initial paperwork, checklists and inventory are completed, do not start demolition or disposal until your insurer has agreed the scope of works.
- Recognise loss that is beyond economical repair (BER). Unfortunately, there are times when a property or contents are beyond economical repair, and demolition/disposal is the only practical solution. Remember you still need to protect your interests in this case, and demolition or disposal should not be carried out until approval has been given.
Don’t let your claim spiral out of control. Keep the claim moving at a steady pace, so that you can return to your business or your home within a reasonable time frame. By understanding the process and all related costs, you are better placed to prepare your claim.