Month: January 2018

Tips For Filing Insurance Claims

Whether it is a flood, fire, or weather-related event, when a disaster strikes, knowing that you have a property insurance policy to cover repairs needed can be a real stress reliever. It’s important to know, however, that there is much more involved than making a phone call to the insurance company. Knowing what to expect can make the claims process less demanding.

  • Clear, well-rehearsed steps. Just like many families have a fire emergency exit plan in place, have a plan in place if you have to file an insurance claim.  Know where your actual policy is kept – whether it’s a paper or digital copy and know the insurance policy number.
  • Adjust your expectations.  Many times, people believe that the actual disaster is the most distressing part of the situation. While most often the case, the aftereffects, like navigating the red tape and paperwork, are also distressing.  Expect delays, additional questions, and challenging situations. There is always more paperwork involved than most people would like or expect.
  • Document. With smartphones being so commonplace, use this resource and document everything.  Take pictures of the damage immediately.  Now is the time to use a spreadsheet.  Google Docs and DropBox are your best friends, helping you share the information with public adjusters and the insurance company.   In addition to taking pictures, saving receipts, contracts, and appraisals, document phone calls by writing down who you spoke to and when. Hard copies belong in a safe or digitally in the cloud.
  • Don’t wait.  Know the time limits to report a claim, and hold to that deadline. If you wait too long, you may not be eligible for benefits – especially if waiting has made the problem worse. One example is a property owner that had water damage. The property owner waited a month before reporting the problem, enabling mold to set inside their house.  When he finally called, he learned he was outside the 14-day window required for reporting the problem.  Not acting immediately, he not only exacerbated the water problem with mold, but also was denied coverage.
  •  Don’t forget the deductible.  Just like health insurance, property owner insurance has a deductible.  Depending on your policy, property owner insurance generally requires you to pay a deductible any time you file a claim, which may be anywhere from $500 to $2,000.  This money is deducted from the final settlement amount, so don’t be caught off guard if the check is less than what you originally expected.

Guardian Public Adjusters serves commercial and residential clients throughout the state of Illinois. If you have questions about working with us, call our team at (309) 267-4490 to learn more.

Sources:

https://www.publicadjuster.com/resources/blog
http://www.sweetandbaker.com/blog/5-tips-for-filing-a-property-damage-insurance-claim.aspx

http://www.foxbusiness.com/features/2013/08/14/11-tips-every-home-owner-needs-to-know-about-insurance.html

 

https://smartasset.com/mortgage/how-to-file-a-homeowners-insurance-claim

When to Hire a Public Adjuster

As Midwesterners, we know the drill when it comes to seasonal weather challenges.  We’ve grown up with it.  If you’re too young to remember the Plainfield tornado of 1990, then you might remember the Snowstorm of 1999, a storm total of 21.3 inches fell making it the second biggest snowstorm ever in Chicago.

We’ve inherited an expectation of weather-related property damage (or any kind).  That said, when we do encounter property damage, it is only natural to be taken back. This is a time to consider how to make the best type of informed decision and to consider hiring a public adjuster.

When it comes to insurance claims, there are three types of adjusters a person might meet.  Staff adjusters work for the insurance company.  Working for the insurance company, it’s their job to keep the costs down.

There is also an independent adjuster who fills a similar role by working as a subcontractor for the insurance firm.  A Public Adjuster, on the other hand, works directly for you to ensure you get the maximum value from your claim and policy.

If you’re filing a property insurance claim, think about hiring a public adjuster, especially if the claim is for a high amount.  If you are a policyholder, you have nothing to lose.  Most public adjustment firms offer to visit a property loss free of charge to help a policyholder determine the severity of damage and whether they should file an insurance claim.

Even if you are confident in the dollar value of your property loss, it is still a good practice to get a second opinion.

Public adjusters frequently visit a home or business, finding that their loss estimate is far below what it should be.  Since public adjusters are independent and have third-party relationships to the policyholder and company, they are unlikely to leave out costs in their calculations, costs that a policyholder might forget or not know about. Here’s an example:  If part of your roof is destroyed by fierce winds, a homeowner may calculate the cost of a new roof…however, there is also the cost of removing the damaged roof.  A homeowner may risk miscalculating the complete cost of the project. A public adjuster will see that it is included.

Submitting an accurate, detailed claim is crucial to getting the right amount of money from an insurance company.  A public adjuster has accuracy and comprehensive experience that is not always seen with the insurance company adjuster.

Guardian Public Adjusters serves commercial and residential clients throughout the state of Illinois. If you have questions about working with us, call our team at (309) 267-4490 to learn more.

Sources:

https://www.valuepenguin.com/public-insurance-adjusters

https://www.weather.gov/lot/top20events_1900to1999