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May 30, 2013

Learn How Insurance Companies Handle Claims

Raleigh home insuranceWhen you need to file a claim on your homeowner’s insurance, it is important to realize that you are not going to get a check from the company right away. Many people do not understand how insurance claims are actually handled and thus get frustrated or discouraged when they have to make a claim. Below is some information that may help you better understand how insurance companies handle claims.

Burglary or Theft Claims

If someone breaks into your home and steals property, you can make a claim with your insurance company for the items that were damaged or stolen. The company may require you to submit a copy of the police report, as well as pictures of any damage that was caused during the unfortunate incident. If you have pictures of the stolen property and/or serial numbers, you should submit them to your company as well. The company will then assess the value of the property that was taken and submit a settlement amount to you. The amount will more than likely be based on the current value of the property, rather than the amount you paid for it.

Natural Disaster Claims

Natural disaster claims often require an insurance adjuster to come to your property. He or she will have to assess the damage and then do some research to determine the cost of repair. The company could send a few contractors to your home to give estimates on the repair work. You may be able to choose the contractor that does the repairs, so ask your agent about the option.

Total Loss Claims

If you lose your home to a fire, a total loss claim will be filed. This is by far the lengthiest claim there is because there are so many different factors that the company has to take into consideration. The company cannot establish a settlement amount until they know the cause of the fire. Some companies do not cover damage that was done intentionally by a homeowner. That means that if you or your spouse intentionally set the house on fire, there will be no settlement coming your way. The company also needs to establish a value not only for your home, but also everything that was contained inside of it. It is often recommended that you tour your home with a video camera to ensure that you have everything inside of your home properly documented for insurance purposes. The video should then be stored somewhere safe away from the home.

If you have any questions about how Raleigh home insurance claims are handled, please give ACF Insurance Services Inc a call at 919-878-7786.

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