Speeding Up Home Insurance Claims
IF YOUR HOME’S damaged or destroyed, will you have what your insurer needs to pay your claim promptly? Take these steps now:
Document your property. Videotape or photograph the contents of each room. "The more information you have, the easier it will be to get your claim paid," says Stephen Batkin, a White Plains, N.Y., insurance agent.
Log the details. A record of the style, model number and manufacturer of each item will speed up replacement, says Jeanne Salvatore of the Insurance Information Institute.
Round up the receipts. Insurers prefer store receipts because they instantly prove ownership and value. If receipts are missing, flag purchases in old credit-card statements. Or ask your card company to send copies.
Banish your records. Store videos or photos of your property, a written asset log and receipts outside your home. A safe-deposit box is ideal.
Locate an adjuster now. When property is damaged or destroyed, your insurer’s adjuster decides how much you are due. If you disagree with the amount, hire a public adjuster to negotiate the sum. Public adjusters charge a fee based on a percentage of the claim. It’s smart to have an adjuster’s number just in case.
Smart Idea – Keep an Inventory of Your Valuables
Try closing your eyes and listing your ling room furnishings or the contents of your jewelry box. If you have trouble coming up with a complete tally, imagine how hard it would be after the stress of a fire or burglary. Making a written inventory of your household valuables can be one of the best money-saving steps you can take. Property insurers are less likely to question claims based on such inventories, particularly if you submit photographs, videotape, receipts, or an appraisers statement for valuable items. Your insurance company may even be able to give you a useful inventory form to fill out. Make sure to keep a copy of your inventory of household valuables with your insurance agent or in your safe deposit box.
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What is uninsured motorist coverage?
A lot of people still question what this is in an auto policy.
Uninsured motorist coverage: This coverage helps pay for damages or medical expenses (exceeding the limits of medical payments coverage) in an accident caused by an uninsured motorist. Because some states do not require automobile insurance, or some "risk takers" illegally drive an uninsured vehicle in a state where automobile coverage is mandatory, there is always the chance you could be in an accident and the other party involved is uninsured. If the other party is at fault, you’ll be hard-pressed to recover damages. For this reason, uninsured motorist coverage is often a valuable addition to a policy, at a reasonable cost.
If you would like additional information regarding a current policy or have questions about what type of coverage you should have, contact us.
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