Have you ever had to make an insurance claim? It can be a difficult and confusing situation, but with this blog as your guide, you’ll know the steps and what to expect. We will discuss how to prepare for the process, the best way to file an insurance claim after something unexpected happens, and what to expect after filling your claim.
How do insurance claims work?
You, the client, file an insurance claim into your insurance carrier or provider requesting financial compensation for a covered loss. There are different types of insurance policies, business owners, auto, property, and so on, but regardless of the policy type submitting a claim should be similar across the board.
If your organization has experienced an unexpected event that caused damage to the property, vehicles, or a personal injury, it may be covered by your insurance policy. If you are unsure if something is covered, you can contact your agent to review your policy coverages.
How to file an insurance claim?
Step 1: Call the police if necessary – you always want to notify the authorities and obtain a police report if needed.
Step 2: Document everything – save all your documents, appraisals, receipts, and photos from the damages done.
Step 3: Call Agent -You will want to contact your agent or insurance carrier as soon as possible regardless of if you will turn in a claim or not communicating with your agent will open that line of communication.
Step 4: File Claim – Once you have spoken with your agent, you can decide to submit a claim on your insurance or pay for the damages out of pocket.
What to expect after filing your insurance claim?
Once the claim has been submitted to the insurance carrier, an adjuster will contact you within 24 to 48 hours. The adjuster works for the insurance company and, depending on the type of claim, may come to do a field assessment of the damages to report back to the carrier to decide on a settlement for the loss you have sustained. Once the adjuster has reviewed everything, they will determine if the loss will be covered or denied; if it is approved, they will issue payment.
How do insurance companies pay out claims?
The complexity of a claim and when the claim was submitted can determine when the payout will be made. Once the adjuster has approved your claim, payment should be issued to you, the insured, minus the policy deductible. Payments are made at Actual Cash Value or Replacement cost, whichever you have chosen for your policy. If you are unsure, you should contact your agent.
How making a claim impacts your insurance premium?
Whenever you submit a claim, there is always a risk of your premium increasing at the next renewal. Every insurance company has different rates and depending on if you were at fault or not for a loss, there is a chance your premium can increase by a certain percentage. That’s why having an emergency fund to help with minor unexpected damages prevents submitting unnecessary claims that can be repaired in-house.
Of course, your policy is there to protect and provide coverage when needed; talking with your agent about preventable losses is always a great way to avoid an increase each year.
When it comes to making an insurance claim, many variables can make the process difficult. Our experts are ready to help with any type of property or casualty loss at the time of a disaster. In addition, we provide personalized service so we can be sure that our clients get their needs met and feel well cared for in this challenging time in their lives.
So, if you have questions about how to file a claim or want more information on what happens when one has been filed, call us today! One quick phone call could save hours of frustration and worry as we walk through every step from beginning to end with you, making sure everything gets done.