Homes are a sacred place for the family and an enormous financial commitment. No wonder people take out insurance policies in case the home faces a disaster! However, don’t think that just because you took out home insurance you’ll automatically be fully compensated.
Insurance companies use different tricks to reduce their payouts. Here are 4 tips you can use to help you get the payout you deserve.
1. Contact Them ASAP
Do not let much time elapse after you notice the damage. After a fire, flood, or other disaster strikes your home, and you have ensured your family is safe and have contacted police, contact the insurance company to report the damage and begin a claim.
You may have to report the disaster within a set number of days for the policy to take effect, depending on the company. Either way, don’t let it go by the wayside.
2. Pictures as Evidence
The onus is on you to prove to the insurance company that you owned the property you’re claiming was damaged. The more ironclad this proof, the less space they have to wriggle out. Make it hard on them! For example, if you lose everything you own in a house fire, the insurer will need proof that you owned the items you claim to have had before they will consider paying out their value. Be cautious and remember, insurance companies are always looking for ways to minimize what they pay out on claims. Without evidence of the item after they are destroyed in a fire, the support you gather to support your claim becomes all the more important.
Submit pictures, receipts and/or bank statements to show the damaged belongings, like electronics, appliances, or other big-ticket items.
3. Schedule of Loss
You will need to submit a document outlining everything damaged or destroyed in the disaster known as a schedule of loss. It describes every item and lists the price or value, too. Anything you can do to support the claims here is advised, such as including receipts for expensive belongings.
It’s understandable for anybody to feel anxious, upset, or sad after a disaster occurs their home, but it’s important to stay organized and diligent in its aftermath and document the loss properly, or getting back on your feet will take longer and be more expensive. It is better to be more prepared in the event of a loss, rather than suffer the consequences after the fact if you are not.
It helps to keep a document or folder containing descriptions of all your expensive belongings so that if there’s ever a disaster, a schedule of loss will be much easier to produce.
4. Insurance Lawyers
Hiring legal professionals helps to make sure your insurance settlement is fair, but that’s not the only way insurance lawyers help. They are also by your side to ensure all the paperwork is submitted correctly and on time, and can pursue a legal claim against your insurer if necessary or supported by the facts of your particular claim.
They know the details of home insurance policies and are familiar with the tricks insurance companies use to reduce their payments. For example, they often offer a small, lump sum payment they hope claimants take because they need money badly after a disaster.
Insurance lawyers know the tricks and the traps. They’ll help you steer clear of them altogether. When the insurance company sees you have an insurance lawyer by your side, they may not even try getting away with it. To help get a larger settlement and make the claims process more streamlined and less irritating, hire an insurance lawyer.
Home insurance should provide homeowners with peace of mind, but often homeowners are left without appropriate funds to recover based on the difficulties insurance companies put them through. Remember the above tips, and your home insurance will protect the roof over your head in the event of a loss.
