How to Optimize Insurance Claim Recovery
Homeowners insurance covers your home and belongings in case of fire, flood or other disaster. Paying an insurance premium each year guarantees you will not be in financial ruin if you lose your property in an unforeseen accidental occurrence. Certain conditions apply to homeowners insurance. The biggest obstacle to getting paid for your losses when you file a claim is proof. You must prove you own the items covered and that they were in your home or at a location covered by the policy at the time of the accident. These records determine the amount of your claim check.
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Instructions
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Keep receipts for everything. Ownership of major purchases must be proved through third-party corroboration that is offered by a physical receipt from the supplier. Keep a hard copy of all bank statements and credit card statements to back up the receipts, making this information irrefutable.
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Take an inventory of all your assets. Make a list of everything that you own from the smallest drinking cup to the most expensive television. Write down serial numbers for each appliance and piece of electronics. Make notes on your list that cross references each item with your collection of receipts.
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Take pictures of all your assets. Photograph everything as it is normally stored in your home. Take close-up pictures of expensive items. Cross reference your photos with your inventory list for easy reference.
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Make a copy of every receipt, photo and inventory listing for your insurance company. Review your documentation with your insurance agent when you purchase your insurance to be sure you are completely covered for the loss of all your belongings in case of disaster. Keep the original photos and documents in a safe deposit box at your bank.
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Take pictures of any damage in the event of a disaster. Fire, hurricane, flood or other covered mishaps will require you to prove your losses to the insurance company. Do not wait for the insurance company's adjuster to come to the house. Review your inventory list on site, and inform your claims adjuster of the loss.
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Stay in touch with your claims representative. Give him all the information he requests, and work with him to speed up the claims process.
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Tips & Warnings
Record-keeping can mean the difference between being reimbursed and being denied in an insurance claim. Always maintain accurate records in a safe, neutral location.
Insurance fraud is a felony. Be honest and have records to back up everything you add to your claim.
