Steps to a Property Insurance Claim
No matter how well you operate your business, every now and then something is going to happen, potentially resulting in a property insurance claim. Many times these events are no fault of yours. They may be an act of nature, or the result of the action of a third party.
Now what do you do?
- First see to any emergency needs to alleviate or limit the claim. Also take care of any injured parties. Try to minimize any potential claim or further damage. Most of the time, your insurance may actually cover these costs.
- Make contact with your insurance agent to discuss the details.
- If the claim is the fault of a third party, your insurance agent can help direct the claim to the other insurance company. It is best to start the claim there first. Keep a record of the transaction showing the other party at fault.
- If the claim is your claim to handle, discuss your coverage options and deductible options with your insurance agent or carrier. This may involve having a contractor or repair company evaluate your damage to determine if the claim is under a deductible.
- If the claim is close to or under a deductible, it is better to retain the claim without actually turning it in to your insurance carrier. This will keep any claims activity off of your claim experience record. This will help your insurance rates now and in the future.
- If the claim is higher then your deductible, turn it into your carrier as soon as reasonably possible.
- Start to gather any invoices or bills of expense for the claim. Also seek advise for repairs from a contractor so you will be knowledgeable of values to discuss with your insurance adjuster.
- Your claim will be assigned to an adjuster who will make contact with you to determine the cost of the damage. The adjuster may also assign an inspector or appraiser to actually value the claim.
- Keep contact information of all the personnel from the carrier. These are the parties that will be paying your claim.
- Within a reasonable time, the adjuster will provide you an estimate of the damage. This is where your own contractor’s estimate will help to determine the value of the two estimates. Most adjusters are very willing to work with a 3rd party to determine the value of the claim.
- Once the value is agreed to, your carrier will ask you to sign a proof of loss form to obtain the payment.
- On most property claims, the carrier will pay Actual Cash Value (ACV) of the claims until the repairs are made to the property. If this is the case, when the property has been repaired, advise your insurance adjuster. They will pay a supplemental check to bring the total claim payment to the replacement value less any deductible.
While most property claims follow this pattern, sometimes a claim won’t. It is good to seek the advice of your agent should there be any questions or concerns. To learn more about Ramey King, what we do and how our services can be of benefit to you, give us a call today. You can reach a Ramey King Insurance agent at 800-453-9691, by emailing firstname.lastname@example.org or by filling out the quick and easy form on this page. We look forward to hearing from you!