What is the Property Damage Insurance Claim Process Like?

What is the Property Damage Insurance Claim Process Like?

Have you just suffered property damage and don’t know what to do? Do you need help making sure that your home, car or rental property is restored to its former condition?

For more information about a property damage insurance claim, check out this simple guide!

Property Damage Insurance Claim Process

To get the claims process started, you have to call your insurance company to report the damage. Once you have a claim number, your company will send an insurance adjuster to examine the property and determine the amount of money you will receive. The amount you get from the insurance company depends on your level of coverage and the extent of the damage.

If the property damage claim involves a vehicle collision, there will have to be a determination of who is at fault. Depending on the state where the accident takes place, there are several factors in determining who is legally responsible for the accident.

Regardless of who is found to be responsible for the property damage liability, you will have to pay your insurance deductible. This is usually between $250 and $500.

In the event of a burst pipe or fire, your insurance company will usually tell you to contact a damage mitigation specialist. This will prevent further destruction from happening. Depending on your policy, your insurance will likely cover any emergency repair costs.

Unless your policy covers your possessions, you may need to get further coverage to make sure everything is paid for. You will also need to provide a detailed list of any damaged items so the insurance company can provide you with a check for their cash value. You should know that luxury items like jewelry or family heirlooms will likely need extra policies if their value exceeds your level of coverage.

Repairs and Recovery

Once the damage to your home or property has been assessed, you will need to contact contractors to get quotes for any needed repair work. You should also make sure to get at least three quotes from different contractors to get the best possible deal. 

Depending on how your insurance company wants to proceed, you will either receive a single check for all the repair work or pay the contractor directly. Before signing any paperwork, you should always check with your insurance provider first. If you sign a “direction to pay,” you are effectively giving control over the project to your contractor.

If you receive a check to cover the costs of repairs, you should make sure that all work is done to your satisfaction before paying. If your insurance company ends up signing off on shoddy work, you may be left holding the bag.

If your home or rental property is damaged to the point where it is unliveable, you will also receive additional living expenses or an ALE check. This money will help pay for things like meals and hotel rooms while your property is being fixed.

Happy Home and Happy Wallet

Property damage claims can seem scary and overwhelming, but there are simple solutions. All you need to do is read your policy, know your coverage level and follow your company’s process.

If you need help getting coverage or dealing with a property damage insurance claim, check out Global Claim Advisors today!

What Does a Claims Adjuster Do?

What Does a Claims Adjuster Do?

Insurance is the backbone of your business. Every entrepreneur and business owner needs to know that their livelihood is secure in the event of a disaster or accident.

Insurance companies know this too, which is why they paid out a record-breaking $135 billion to home and business owners in 2017, following a particularly severe year for natural disasters.

Contrary to what some people might believe, insurers want you to be appropriately covered in the event of an accident, which is why they routinely send out claims adjusters to assess the damage.

But what do insurance adjusters do? Essentially, they’re the people who will figure out how much insurance money you’ll get and what it is you’ll need to get back on your feet.

If you’re wondering “What does a claims adjuster do?”, read on to find out. 

What Does a Claims Adjuster Do: The Basics 

So what does an insurance claims adjuster do? Put simply, they will come to your damaged property and assess whether or not the insurance company needs to pay a claim to you and if so, how much. 

They have a number of duties which are wide-ranging. They will determine whether your policy actually covers the loss you’ve suffered. Then they’ll have to assess whether the case is fraudulent or not, before calculating how much needs to be paid. 

After this, it’s their job to contact people close to the claimant, such as doctors and employees, to gather more relevant information. Then they are tasked with negotiating the settlement and processing the payments. 

Different Kinds of Claims Adjusters 

Before you can confidently know what does an insurance adjuster do, you should be aware that there are three different types of claims adjusters.

The first and most common type is the so-called ‘company adjuster’. These are, naturally, people who work on behalf of your insurance company to assess claimant’s cases and calculate settlements. The vast majority of claimants will deal with this kind of claims adjuster. 

Another type is what is known as an ‘independent adjuster’. These are from independent companies and agencies but will be hired by insurance companies on a case-by-case basis. They report back to the insurance company and essentially work for them throughout the case. 

Some people prefer to use a truly independent adjuster, as they may not trust one working for the insurance company. This is where ‘public adjusters’ come in. These are hired by the actual policyholder, often out-of-pocket, to assess the claim on their behalf. 

It’s worth noting that the first two types of claims adjuster won’t cost a claimant any money, as they just bill the insurance company for their work. A public adjuster, however, will cost you. 

More Than Just Money

Those wondering what does an adjuster do might be surprised to find out that it’s not just about the money. Their main goal is to calculate the material loss your business has experienced, but that’s not the whole picture.

They will also assess any physical, mental, or emotional injury you may have suffered, which will also factor into the claim.

They will examine police records and work with authorities if it is believed a crime has been committed. They basically cover all angles. 

Learn More 

Now when someone asks you “What does a claims adjuster do?”, you’ll be able to answer with confidence. If you have a claim to make and want to know more about how an adjuster can help you, don’t hesitate to get in touch with us today for all of the expert advice you’ll ever need.