Tips on Managing an Insurance Claim from JF Public Adjusters

Insurance is often purchased with the hope that we’ll never need to use it. We secure policies to safeguard our homes, belongings, and well-being, trusting that they will act as safety nets in times of crisis. However, the reality is that unexpected events can and do occur. From natural disasters like fires and storms to unforeseen accidents that result in property damage, the need to file an insurance claim can arise when we least expect it.

Ironically, while insurance is designed to offer peace of mind, the process of filing a claim can sometimes become a source of stress and confusion. Many policyholders purchase insurance coverage almost reflexively, driven by the understanding that it’s a responsible thing to do. Yet, when the time comes to leverage the benefits of that coverage, a lack of understanding about policy details and claims procedures can create obstacles.

Picture this: you return home to find your basement flooded due to a burst pipe. Panic sets in as you wade through water-damaged belongings, knowing that your cherished possessions and living space have been compromised. Amid the emotional turmoil, you’re faced with the daunting task of navigating the complex world of insurance claims.

This is precisely why knowing as much as you can about the claims process is crucial. After all, it’s about more than just having a policy; it’s about understanding what that policy provides and being able to compel your insurer to pay fair compensation for your loss. Too often, policyholders realize the gaps in their knowledge when they’re knee-deep in the claims process, potentially jeopardizing their ability to receive fair compensation for their losses.

In this article, we’ll delve into some important tips on managing an insurance claim. By shedding light on these often-overlooked details, we aim to empower you with the knowledge needed to navigate the claims process with confidence and make informed decisions that can significantly impact the outcome of your claim.

1. Document the damage. Take photos, take videos, take notes. Keep spreadsheets of damaged items. You can never be too thorough.

2. Read and understand your insurance policy. You need to know what you can claim for. For example, in a claim you might have three parts to it, damage to the building, damage to contents, and additional living expenses if you have to rent elsewhere temporarily. You can’t depend on your insurer to tell you. You must know it for yourself.

3. Notify your insurance company. Do not delay in reporting the claim as this could cause serious issues to you.

4. Keep a record of all your interactions – dates, who you’ve spoken to, or emailed and so on and what was discussed. This could be important later on, especially if your insurer suddenly becomes unresponsive.

5. Mitigate further damage. It is your duty as the insured to minimize further damage to your property. For example, if a pipe broke in your home you must enlist a mitigation company as soon as possible to dry out your home and avoid damage from getting worse or spreading to other parts of the house.

6. Obtain multiple estimates. I cannot stress enough the importance of estimates except to say your settlement will be based on estimates so pay extra attention to them. Unless you are an expert in building and construction, you cannot rely on a single estimate as other important items may have been missed and relying on that one estimate will have caused you to lose in the settlement.

7. Keep receipts and invoices. Two things to remember:

– Insurance claims rely largely on documentation, and

– Claims can drag on for months.

So make sure to save all claim -related receipts and invoices safely. It’s also helpful to take note of what the invoices and receipts are for.

8. Be patient and persistent. If you have an appointment with an adjuster for an inspection, make sure to confirm the appointment to ensure they are coming. Consistently follow up the insurance company on the status of your claim. This is where you can use the record you’ve kept of all previous interactions.

9. Review settlement offers carefully. A study has shown that some insurance companies make offers as low as 10% of the actual cost of the claim. Yes, it is quite a shocking statistic so I urge you to be really mindful of that before accepting anything.

10. Know your rights. This is the most difficult of the tips I have given you because

– it entails you knowing your policy so well you can argue it out with the insurer,

– it entails you knowing building and construction so well you can defend your estimate/s from the insurer’s arguments, and

– it entails you knowing other avenues you can pursue such as invoking appraisal and going legal, and knowing the process and timings for such avenues.

This is why our last and most important tip is this:

11. Seek professional help. Public Adjusters are the only professionals outside of the legal system that can represent you and advocate for your interests in an insurance claim. Public adjusters NEVER ever work for the insurer, their license allows them to only ever represent the insured. Public adjusters are trained in policy interpretation, the claims process, building, construction and use they will use their experience to achieve the best possible settlement for you.