If a disaster affected your home, would you know what to do? There are many people who have questions about the steps to a claim for a home insurance. What are your role and the role of the claims adjuster in this process? What amount will be refunded? How long is this going to take? And the franchise in all of this? Let us enlighten you.
Even though each type of claim is a process claim, the mechanics remain quite similar. Here it is!
What you need to do in the wake of a disaster
In the progress of your claim for a home insurance policy, you need to respond as quickly as possible following a disaster to open your case and be compensated in accordance with your contract, as soon as possible.
- Promptly notify your insurer or broker, if possible, in hand the number of your contract of insurance: to describe the circumstances of the loss as best as you can, explain what happened, give him the context of the accident or event, and be as specific as possible.
- Limit the damage: you have a responsibility to limit the damage or deterioration. You cannot engage in any permanent repairs until you have spoken to your insurance company! For example, if it is water damage and you are able to remove the water to combat mold, do so.
- List all property damaged or destroyed during the disaster (furniture, appliances, etc).
- Write a detailed list of all the pieces of furniture or objects damaged or destroyed. Please be aware that the insurance adjuster handling your claim you will be asked to do so. Don’t forget to include proof of purchase such as invoices, warranties, user manuals, and packaging. You can even add to your folder of pictures and videos.
Tip – Do not wait for a disaster to make an inventory of your property! Make this inventory and keep it up to date. This will greatly simplify life in the event of a claim.
This claims adjuster for you to help
You have done your duty; now, let the expert do his job. This is the specialist appointed by your insurer. It will guide you through all the steps of your claim. What is it exactly?
- Investigate: it is he who will investigate the circumstances of the claim, determine if the loss is admissible in whole or in part, analyze the documents you have provided, and will explain to you the procedure to follow.
- Assess the damage: for any damaged property, you have three options: repair, replacement, or refund. If the property is unrepairable, it will be repaired. Otherwise, the insurer will replace or reimburse you according to its value on the day of the disaster, taking into account the type of regulation that is defined in your contract.
- Pay the fee: if applicable.
Good to know about a claim for home insurance!
- Settlement for your damages: it will be equal to the value of the goods or to their replacement cost, subject to the conditions and limitations of your contract.
- Example of limitations that may be included in the contract: in the event of theft, solely to the extent of the coverage is provided, including for jewelry, furs, manuscripts, stamps, coins, objects in gold or silver, bicycles, audio and video, video games, cards, sports and arts, objects of art, and collections.
- For other types of claims: there may be limitations to the boats, precious metals and tickets, software, garden tractors, snow throwers, values, property professionals, wines, and spirits.
- Time of settlement of a claim for a home insurance policy: 60 days of the receipt of relevant information and supporting documents required by the insurer.
And the franchise?
A single equation to remember: the amount paid by your insurer = the amount of eligible compensation (as a function of the damage and the specifics of your contract) – the amount of deductible included in your home insurance policy.
A small useful reminder: the deductible is the amount you agree to pay in the event of a disaster. It is indicated in your contract. In general, the deductible for home insurance ranges from $ 300 to $ 1,000. In addition, your claim may be subject to a deletion of the franchise, according to the magnitude of your loss.
We hope this article helped you to regain peace of mind. The prospect of living in a disaster and having to make a claim for home insurance is certainly not pleasant, but no one is immune to an incident. Be well-informed, Do not hesitate to contact an officer of Promutuel Insurance to ask your questions and receive the best protection for you.
The information in this text is provided only as a convenience, subject to the terms of your contract.