Insurance Claim -Insurance Claim Process- Understanding the insurance claim process, step by step Guide for claim.

 

Insurance Claim Process- Understanding the insurance claim process, step by step Guide for claim.

After a disaster, accident or any mis happening, you want to get back in your normal life as soon as possible, Your insurance provider company wants same too. The Insurance company get multiple checks before send you claim. As you need some permanent and temporary repairs and replace something belonging. Here we are guide you for claiming your insurance.

 

Know the total settlement:

When your home is damaged due to disaster then you claim to insurance company. The insurance company get some checks before sending claims. If you found some more problem in your house after first payment you can re-open the claim. The Insurance company bound to pay the claims as they have mentioned for settlement amount. So, the initial amount is not the final amount. Most company offers the claim duration within the one year of disaster or any accident. So kindly check the terms and condition of your insurance provider company.

 

You may Receive Multiple Checks for claim:

Insurance company conduct several different checks before finalize the claim amount. There are two types of checks one is external or other is internal means your home is ready for living or not (checks for the additional living expenses). So, there may be two checks for claim process. Category wise insurance company conduct different checks.

There will be two separate checks if you have two condition in your insurance policy one is for damaged and other is for flood insurance.

 

Your lander or mortgage company might have control over your payment of claim:

There are some conditions to know before claim

You have loan or mortgage on your house then the check for repairs will generally be made for both, you and your loan or mortgage provider.

The lander and mortgage company also have some responsibility for repairs. And landers should register as an insurance party.

Depending on circumstances your lender my take amount of claims in there bank account and release it when repairs will complete. A very first you need to submit estimate of your repairs with all the supported documents provided by the contactor. Your lander company checks that how much amount contractor need to start the work. After some check’s lender company release the payment and may check time to time for work progress. You will receive the payment after complete the repair work. So, lander company inspect at all the steps and before providing final payment to the contractor.

If Your insured house has been destroyed then there may some conditions according to mortgage and according your policy for your claims. It depends on your decision that who will receive the settlement amount. In most cases the insurance policy pays the remaining amount of mortgage. It also depends on your decision that you want to rebuilt the same house or you want to built at other location or you don’t want to rebuilt at all. This is also depending on the state of the law.

The Insurance May pay directly to your contractor:

Some big and professional contractor may ask to sign a “ direction to pay” from that your insurance provider company to pay the amount directly to contractor account or a firm account from which contractor belongs. This is a legal document providing you by the insurance company. Before singing this document read it carefully. Read it carefully to be sure that you are not assigning your full or entire claim to the contractor. If you do that you will become third party and contractor have the complete control over the claim and amount. So read it carefully and when you have doubt then consult with your insurance provider company.

However, all the payments made after your permission. So, check your property and complete job by contractor according to your satisfaction. After work is completed according to your satisfaction let your insurer to make the final payment to the contractor.

 

Your ALE Checks (ALE: Additional Living Expense)

ALE not covers under repairs, it covers your hotel expense, meals, car rental when you are out from the house due to fixed your house. These checks are made by you alone and not by your lander company.

 

A very First, your personal Belongings will be calculated on current cash value:

When some disaster or accident happen with your house, some personal belongings also damaged. You will have to submit the list of your damaged belongings to your insurance company. And your insurance company pay you according to terms and condition. If you want to replace all the things then insurance company will pay you according the depreciated value of your belongings. That is current market price minus current value of your belongings and the balance will credit to you. And if you don’t want to replace or change your belongings then you will receive the actual current value of your belongings. In some cases, insurance provider company ask about the bill of belongings.

To take maximum benefits for all your damage it may be for repairs, it may be for ALE, additional leaving cost or it may be for damaged belongings you should ask to advise from insurance agent.

 

 Why you should consult with consultant or agent of your insurance provider company:

There are many benefits to connect with insurance agent.

Minimum Efforts

Less time

Maximum claim

Clarity about all your doubts

Step by Step Procedure

He /she Guide about the claim receiving and many other things that different company have different terms and conditions.  

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