Claims are filed usually by reporting the damage to your insurance companies claim call center. Filing a claim usually takes less than 10 minutes. You will provide a few details on the damage, these questions vary but usually are:
* Your policy number, confirmation of your address and contact information so they can reach you later What is the date the damage happened or was first noticed?
* How old is the damaged item?
* What happened? They assign a claim number which is used to track the claim.
The professional hired by the insurance company that is licensed to determine the cause of the damage to your property is the insurance adjuster. There are outside adjusters, called field adjusters, who actually inspect the property damage themselves. There are also Inside adjusters, they handle the claims paperwork and estimates, usually are responsible for final approval of the claim. depending on the insurance company, the same adjuster may handle both roles.
Insurance companies either have there own in house field adjusters, these are actual employees for the insurance company, and only handle claims for that one insurance company. Smaller insurance companies, or those that just don’t have enough policies in your area to justify hiring there own dedicated field adjusters, use Independent adjusters (IA) . These are adjusters that work for an independent adjusting companies that perform the field inspections for several insurance companies. If your insurance company used Independent adjusters, they process for approving a claim may tae a little longer as the paperwork has an added step of going between the two companies.
The insurance adjuster Will contact you in 1 to 2 days to set up an appointment for the inspection.
Property damage inspection
This inspection usually tales between 20 min and an hour to complete and this inspection is to determine cause of the image and what is required to fix it.
The cause of the damage is called “ cause of loss” Insurance covers several causes of loss, if your damage is determined to be caused by a covered cause of loss then its the insurance company’s responsibility to repair the damage.
Insurance Covered losses
Causes of loss that your insurance policy covers are refered to as “Covered perils” Policies vary, but the most common type of Home owners policy, HO3 covers the following named perils: (damage caused by)
1. Fire or Lightning
2. Windstorm or hail. This peril does not include loss to property contained in a building, unless
the direct force of wind or hail damages the building first. 3. Explosion
4. Riot or civil commotion
7. Smoke, meaning sudden and accidental damage from smoke. 8. Vandalism or Malicious Mischief
Insurance estimates and payments:
After the inspection the insurance company will decide if the damage is covered. If covered they will provide an estimate for the covered work. This is the itemized detail breakdown the insurance company sends that specifies what, how much is covered for your claim.
Replacement Cost Value (RCV)
This is the total amount for the work and materials in your claim settlement. It is the amount that the work has been determined to cost when done by a licensed insured contractor in the area.
Insurance payments are made in 2 parts.
Actual Cash Value ( ACV) 1st initial payment
1st payment made is called Actual Cash Value payment ( ACV) it is the value of the claim settlement after the insurance company settlement after the insurance company did the depreciation, which is based on the condition of the items that are being replaced. The older and more worn the item is the more depreciation is taken out.
Final payment after work
this is the amount that insurance company docs from the initial payment for the condition of the items for work for the insurance company only makes appreciation payment if the work in the claim has been heated as specified in The claims estimate paperwork. Insurance companies require that the work and cost of the war be verified through photos, contracts, itemized invoice, and proof of payment for initial payment hey Stevie and the deductible.
this is the amount that you have specified and agreed with your insurance company that is to be your responsibility to pay. Homeowners insurance companies are very particular about this amount being paid by the homeowner because it ensures that the amount of total claims insurance Company receives is lower then if deductibles were not enforced. Smaller claims cost insurance companies a lot of money to handle because of the amount of time and paperwork can’t be almost as much as larger claims. can’t be almost as much as larger claims. Insurance companies know what homeowners have to pay their deductible and are much less likely to file smaller claims. Insurance companies require proof that that that that the ball has been paid before they make the final payment for depreciation. Your deductible is paid to the contractor performing the work. The insurance company the ducks that the doctor bowl from their initial payment acv. Your deductible is paid to the contractor performing the work. The insurance company the ducks that the doctor bowl from their initial payment hey CV Therefore the total of the payments that you receive will be short the amount of your deductible and therefore owed to the contractor doing the work Supplemental work. Your claim estimate paperwork is based on inspection done by the adjuster is not always possible to see the full extent of the damage or know what lies underneath walls shingles and floors. So it is not common for it additional work and materials to be needed for your claims work. This additional cover work is billed to the insurance company after work is complete. additional work and materials he needed form lanes work. This additional cover work is built insurance company after work has been completed. Insurance companies require very detailed and specific documentation of now only the work that had to be done off of the situation that was not visible during the initial inspection that requires this extra work. Yes the documentation of the supplement the work is not complete then the insurance company will not pay for it. That requires this extra work. Yes the documentation of the supplement the work is not complete then the insurance company will not pay for it if you don’t work.