After a storm or fire, a property owner now has to think about what to do with their property and how to handle their insurance. After checking on the safety of all, the first thing to thing is what to do to minimize the loss. What can a person do to protect and prevent further damage to the property? This may involve covering damage with plastic sheets or tarps or plywood to protect the property from additional damage either from the weather or to prevent access from a 3rd party, primarily for vandalism or theft. The insurance company will most likely reimburse the owner for all reasonable costs taken and materials used. This does not mean to engage and start the repairs before an adjuster inspects the property. If possible, also take photos of damage and keep all receipts.
The next step is to turn the claim into the insurance company. Usually within 24 hours, an adjuster is assigned to you claim. The adjuster will want to inspect and appraise your damage as soon as reasonably possible. A property owner will want to find out a few important items from the adjuster.
- All contact information for the adjuster and whoever else will be working with the claim.
- Schedule of the process and time frames of estimates and claim payments.
- Any deductibles required
- What approvals will be needed from the insurance company prior to starting repairs?
We would advise also having a contractor or repair professional with you to meet with the adjuster. The adjuster will also want the property owner to help in some of the valuations such as contents or belongings in the structure.
Once the adjuster responds back to the owner with an estimate, you need to determine what steps can be started for repairs and when payments will be received. Most likely the insurance company check will be made out to the property owner and any applicable mortgage company. The owner will need to have the mortgage company to sign the check over to them for repairs. The mortgage company will wants some details on what the next repairs steps will be.
For more details and insurance questions on this subject, contact Ramey King Insurance at 800-453-9691, or online here.