Basic Finance Care Finance tips
Has your property recently been struck by a disaster?
Do you plan on filing a property damage claim? There are some important factors you may want to put into consideration before you can go through with your claim.
Here are the four important aspects to have in mind when filing a property damage claim.
Call Your Insurers Asap
When your property is damaged by an accident or a disaster, you need to remember that all policies have deadlines by which you can raise a formal claim. When you notify your insurers, you give them an opportunity to assess the situation, take photos of the damaged sections of your asset, and conduct their own investigations. However, when notifying your insurance company, do not offer an opinion of how you think or believe the damage was caused because whatever you say could be recorded and used against you. Leave the ‘why’ issues to the public adjusters and attorney if the insurance company does not accept your claim.
Record Everything
Take a lot of photos of the damages caused on your property. You can even decide to take videos to offer a better sense of the damage. For instance, if it was a calamity that destroyed your home, you may also take numerous photos of the surrounding areas to show just how severe the devastation were in your neighborhood. Make a list of the stuff or items destroyed in order to help evaluate the amount of damage caused. There are some free programs out there that can help you with this kind of documentation.
Prevent Further Destruction
Insurance companies always want to know what steps you took to mitigate the effects of the accident or disaster that led to the destruction of your property. Just because a half of your home was destroyed by a calamity, it does not mean you can sit idly and watch how the rains continue to destroy your property. You must take reasonable steps to ensure further destruction do not occur. Failure to do so, the insurance company may refuse to compensate you for the post-event damages.
Seek Professional Guidance
In a post-disaster environment, you as the policyholder are always disadvantaged. Insurers are often conversant with the claims process while you are not. Fortunately, there is a myriad of professionals out there who are ready to help with property damage claims. One of these is the public adjuster. These individuals often level the playing field by putting an expert in the corner of the policyholder. Public adjusters help in compiling a meaningful claim, presenting the claim to the insurance company, and serving as the advocate. The earlier you bring this professional to the restoration process, the more your chances of obtaining a favorable settlement for your damaged property.
Final Word
Property damage claims often vary depending on many variables per incident. It is important to follow the steps above to ensure you get a fair compensation for the damage of your property. However, the most important of all is ensuring you work with a professional from the start because they are more familiar with the claims process.
